A wave of late-stage startups quietly marked down their valuations in Q3

Many startups are overvalued. But because they are also well-stocked with cash, they haven’t had to raise new funding at a lower or flat valuation — yet. However, new data from Carta found that cracks are starting to show.
Startup equity infrastructure platform Carta found that a record number of startup employee stock grants — which are stock option packages offered to individual employees — were repriced in Q3. The total of 18,629 repricings was up 260% from the 7,165 that were repriced in Q2. The only prior quarter that comes close is Q2 2020, with 12,570, when the pandemic started to

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