Venture Capital
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AI startups use split valuations to hit $1B headlines
Serval was valued at $235M in August 2025. In December it announced a $75M round at a $1B valuation led by Sequoia. According to WSJ, Sequoia actually invested at a $400M valuation.
The tactic: offer the lead investor a lower valuation, then close additional capital days later at a higher one. In Serval’s case, Sequoia came in at $400M, while the headline round priced the company at $1B. On paper, the lead’s stake immediately marked up.
WSJ cites another case, Aaru, where part of the round was done at $450M and part at $1B. Carta data shows around 20 similar deals in the past year, with activity rising in late 2025.
As the AI funding market cools, valuation engineering is becoming part of the playbook.
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Serval was valued at $235M in August 2025. In December it announced a $75M round at a $1B valuation led by Sequoia. According to WSJ, Sequoia actually invested at a $400M valuation.
The tactic: offer the lead investor a lower valuation, then close additional capital days later at a higher one. In Serval’s case, Sequoia came in at $400M, while the headline round priced the company at $1B. On paper, the lead’s stake immediately marked up.
WSJ cites another case, Aaru, where part of the round was done at $450M and part at $1B. Carta data shows around 20 similar deals in the past year, with activity rising in late 2025.
As the AI funding market cools, valuation engineering is becoming part of the playbook.
Subscribe on @venture
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