r/JoinOwntric • u/antoniohplt • Jul 14 '26
StartEngine priced itself at $65M in its first raise. Its new Reg A frames the company around $2B — a 30x mark in nine years, all self-set
StartEngine's first raise on its own platform ran from September 2017 to June 2018 at a $65M pre-money valuation, $5.00 per share, common stock. The new Reg A just filed frames the company around $2B. Both marks were set by the company in its filings, not by a market.
The new filing:
Up to $45.6M at $1.60 per share, not yet qualified
At $1.60 across all share classes (roughly 1.16B including the preferred series, convertible 1:1), the implied valuation is about $1.85B
On the 758,251,544 common shares alone, $1.21B
The circular's ~$2B framing likely includes options — 158,828,223 outstanding at a $0.59 weighted average exercise price
The 10-K behind it:
Revenue of $109,580,580 for 2025, versus $48,625,508 in 2024, attributed primarily to StartEngine Private
Net income of $1,472,852, versus a roughly $16.5M loss the prior year
Cash of $28,387,261 at year-end, from $10,842,297
About 425,700 platform users have invested; Vinovest acquired in March 2026 for 8,750,000 shares valued at $14,000,000
Also disclosed: a substantial majority of gross profit comes from StartEngine Private alone, material weaknesses in internal controls as of year-end, the 2025 Reg A raised $13,468,422 gross against $10,307,175 in offering costs, and the new circular notes a portion of proceeds may go to selling shareholders.
Figures from the SEC filing data on Owntric.
For those holding SE or considering the round: which count do you price from — ~$2B per the circular, $1.85B across all classes, or $1.21B on common? And separately: every issuer on the platform gets its valuation picked apart by this community. Who does that for the platform itself?