Wall Street already told the SEC what your private companies are worth.

Every mutual fund that owns a private company must file its own fair-value mark — share count and dollars — with the SEC every quarter. Divide one by the other and you get a price per share for a private company that a fiduciary signed off on. Not a last round negotiated two years ago. Not an indicative bid. A carrying value, restated every quarter, that moves before the next round is ever announced. This is that tape.

Loading the tape…