QL Secondary Tape · Observed prints, with receipts
What private shares actually traded for — with the source attached.
Every other private-market number is a model, a filing, or a two-year-old round. This tape carries events: a tender offer at a stated price, a reported block sale, a marketplace-published indication — each one dated, classified by how it is known (disclosed · reported · indicative), and carrying the URL that backs it. No event, no row. This surface never models.
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The tape
| Company | Last event | Kind | How known | Implied valuation | vs QL anchor | Events | Date |
|---|---|---|---|---|---|---|---|
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How this is built — and what it cannot tell you
- What counts as an event
- A company-run tender offer, a reported secondary sale or block trade, a company-authorized employee sale at a stated valuation, or a marketplace-published price indication. Primary funding rounds are not events on this tape — they live on the company profile — except where a round explicitly included a secondary component.
- How each event is known
- disclosed — the company, the SEC, or an official statement said it. reported — a named major outlet reported it. indicative — a marketplace aggregate (Forge, Hiive, Caplight, EquityZen published data): real, but a temperature, not a transaction. A company's headline numbers come from its highest class first, freshest within the class — yesterday's aggregate never outranks last month's disclosed tender.
- vs QL anchor
- The event's implied valuation against the company's current roster mark (overlay-fresh). A missing anchor renders as no comparison, never as flat — those are opposite statements. Events implying a move outside 0.1×–10× of the anchor are flagged and excluded from the aggregate median: at that distance the likeliest explanation is a units mismatch, not a real repricing.
- What this tape is not
- Not a quote, not a bid-ask, not investment advice, and not complete — it carries only events with a public source. A company with no rows is a company whose secondary activity is not publicly known, which is most of them. For the model's view of every company, see QL Private Marks; for what fiduciaries filed, see QL Mark Tape; for our own graded record, see QL Private Price.
- Rejections are counted, never hidden
- Every candidate event clears the same validation gate (date, price, source URL, sanity bands) whether it comes from the curated seed or a collector run. What fails is counted by reason on the payload — a source that starts failing shows up as numbers, not as a tape that quietly stops moving.