David Rakusan ·
How to Value a Pre-Revenue Startup (2026)
A pre-revenue startup has no sales to multiply, so no formula sets its value. This guide explains the methods investors actually use, the Berkus, Scorecard, Risk Factor Summation, and Venture Capital methods, how each one really prices risk, why your number is usually a SAFE cap rather than a calculated price, and the three forces that decide it: your team, the market cycle, and the proof you bring before the conversation starts.