Startup valuations — especially at the later stages — have come down drastically over the last year and a half of the ongoing market correction. Companies that once boasted sky-high valuations like Klarna and Getir have seen their valuations slashed in their latest funding rounds.

Outside of Klarna and Getir, though, very few late-stage companies have raised new primary rounds since the booming 2021 market. This means secondary data is one of the few sources where the market can turn to get a feeling of what investors think these companies are really worth today. Spoiler: Nobody thinks they are still worth their 2021 price tag.

For example, neobank Chime, a 2021 IPO hopeful, was valued at $6.5 billion in a secondary deal that closed on Monday, according to data from Caplight. This is a noticeable haircut from the $25 billion valuation it garnered in 2021. Crypto exchange Kraken was valued at $1.4 billion in a recent secondary sale, well below its last primary round valuation of $10 billion.

That got me wondering: Are late-stage valuations as low as they are going to go? Market signals would imply that may be the case; the IPO window seems to be on track to open back up in 2024, and the public markets are starting to regain ground.

A recent survey of venture secondaries investors found that for those who focus on the industry, many think prices may still have room to drop.

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