Did we call it?

Every week we diff disclosed valuations across 1,900+ tracked private companies. Every markdown and down round we find lands here — graded against the Markdown Watch list as published beforehand, never a recomputed score. Misses get the same billing as hits, and the hit rate stays hidden until the sample is real.

The Down-Round Ledger records markdowns detectable in disclosed data, on the date disclosure reached our dataset — not when a repricing privately occurred. It is an accountability record for our own published watchlist; it is NOT a complete census of private-market markdowns, a statement about any company's finances, or investment advice.