Every headline private-market number prices preferred stock. What employees and secondary buyers actually hold is common — behind the entire liquidation-preference stack — and nobody publishes what that is worth. This does: the graded QL price, minus a scenario-weighted preference haircut, reconciled against real secondary prints, published as a dated series and graded forward-only against S-1 filings. One company at a time is free to cite; the cross-company board is Institutional.
The divergence between the preferred mark and the common share IS the information — a heavy stack over a soft mark is where employees and secondaries get surprised.
| Company | Sector | QL price (preferred basis) | Common discount | QL Common Price | Structural | Observed print | Tape verdict |
|---|---|---|---|---|---|---|---|
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QL Common Price is a modeled estimate on stated assumptions (1x non-participating preferences totalling capital raised), not a broker quote, an appraisal, or a 409A valuation. Free to cite with attribution: “QL Common Price — quantlogix.ai/common-price”. Not investment advice.