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On June 6, 2024, TechCrunch reported that Carta was working with Jefferies on a proposed secondary sale that would value the private company at $2 billion. The report said Carta had initially hoped to attract buyers at $4 billion and that even $2 billion might be difficult to achieve. The deal’s completion and final price were not established in that report, so the $6.5 billion figure is a comparison between reported valuations—not a confirmed loss or a current valuation.
What the $6.5 billion figure means
The arithmetic compares the reported $8.5 billion valuation associated with a late-2022 secondary sale and the $2 billion valuation proposed for the 2024 sale: $8.5 billion minus $2 billion equals $6.5 billion. TechCrunch reported the earlier figure after Carta CEO Henry Ward discussed it with Axios; the report said Ward did not disclose the number of shares sold or who bought them. The 2024 figure was a proposed transaction valuation, not a confirmed completed sale.
Because these are reported figures tied to separate transactions at different times, the comparison does not establish that Carta realized a $6.5 billion loss. Nor does it establish Carta’s present-day value. TechCrunch reported on June 6, 2024 that the proposed sale might not reach even $2 billion, and that report did not confirm whether the transaction closed or at what price. TechCrunch’s June 6, 2024 report
How Carta’s reported valuation changed over time
| When | Reported valuation or transaction | What the report establishes |
|---|---|---|
| 2019 | $1.7 billion | TechCrunch reported this valuation. |
| 2020 | $3.1 billion | TechCrunch reported this valuation. |
| Summer 2021 | $7.4 billion | Carta announced this valuation after first selling $100 million worth of its own shares at a $6.9 billion valuation on its platform, according to TechCrunch. |
| Late 2022 | $8.5 billion | Ward told Axios Carta was worth this amount after a separate secondary sale; TechCrunch said the share count and buyers were not disclosed. |
| June 2024 | $2 billion proposed valuation | TechCrunch reported the proposed secondary sale and said Carta had initially hoped for demand at $4 billion. The article said even $2 billion might be ambitious; it did not confirm completion or a final price. |
These figures describe reported valuations, not a continuous series of identical measurements. The 2024 proposal was a secondary-sale valuation; the available reporting does not provide enough transaction detail to treat every figure as directly comparable.
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What a private secondary sale is
A private secondary sale transfers existing shares from one shareholder to another. The seller receives the proceeds; the company does not receive new capital from that transfer, and the transaction does not create new shares. Carta describes a direct secondary sale as a trade between a seller and buyer that is not initiated or sponsored by the company. Carta’s secondary-sale explainer
Direct sales and tender offers differ
- Direct secondary sale: A seller and buyer negotiate a trade. These sales commonly still require company approval and may be subject to transfer restrictions and a right of first refusal.
- Tender offer: A structured, generally company-sponsored event with a set price and defined eligible participants.
The June 2024 report described a proposed secondary sale but did not establish all of its terms, including the share class, amount offered, participants, or whether it was structured as a tender offer.
Why a secondary price is not automatically Carta’s definitive value
A private share price can indicate what particular buyers and sellers are willing to accept in a specific transaction. It does not necessarily represent a universally accepted value for the whole company: private trades can be negotiated and opaque, and separate trades may imply different valuations.
Carta’s valuations team says, “The price of a recent secondary transaction is one way to assess a company’s worth.” The article explains that appraisers may consider secondary transactions among other inputs, weighing factors such as transaction size and frequency, the number of participants, access to information, and whether the company sponsored the sale. Carta’s article on 409A and ASC 718 valuation methods
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A 409A fair-market-value appraisal and an ASC 718 stock-compensation valuation are distinct from a secondary transaction price. A reported secondary valuation by itself does not establish either appraisal value.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What the proposal says—and does not say—about Carta
The reported $2 billion figure signaled a potential repricing relative to the late-2022 $8.5 billion figure, but the proposal alone cannot establish the value of every share or the company’s final market value. Relevant details for evaluating the comparison include the transaction date and type, whether it closed, the share class and amount sold, the number and type of buyers and sellers, their access to financial information, and whether the company sponsored the transaction. The June 2024 report did not supply all of those details.
The broader secondary market was active: Carta’s educational page estimated $61.1 billion in VC secondary transaction value during the 12 months ending June 2025, compared with $58.8 billion in VC-backed IPO value over that period. Those are market-wide figures, not evidence that Carta’s proposed transaction closed. Carta’s secondary-sale explainer
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Separately, TechCrunch quoted Ward on Carta’s earlier decision to exit secondary trading after a customer-data controversy: “Because we have the data, if we are trading secondaries, people will always worry that we are using the data, even if we are not.” That remark concerned the trading business and customer-data concerns; it was not a comment on the later reported $2 billion proposal.
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