It is foie gras season in unicorn land • TechCrunch

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elcome to the TechCrunch Change, a weekly startups-and-markets publication. It’s impressed by the each day TechCrunch+ column the place it will get its identify. Need it in your inbox each Saturday? Join right here.

With most startups getting repriced behind closed doorways, we love getting knowledge that offers us a glimpse of what’s occurring. This week, our new data comes from EquityZen, which shared insights on secondary inventory gross sales. EquityZen additionally put up a number of IPO predictions that gave us meals for thought. Let’s discover. — Anna

A glimpse of repricing

How are you aware when a unicorn has misplaced its billion-dollar valuation? Normally you solely discover out lengthy after the very fact, when — and if — the corporate raises a down spherical that makes it clear that its fairness valuation is not within the unicorn realm.

The factor is, not many founders need to promote that they’ve raised capital at a decrease valuation than their earlier spherical; typically, they only gained’t disclose their new valuation.

As market observers, this leaves us with little knowledge on a subject that our readers do care about: What sort of repricing they might anticipate. This is the reason we have been grateful for Instacart, which made it public that it decreased its valuation via a 409A worth change. This wasn’t excellent news, but it surely was a useful knowledge level for everybody concerned. Nevertheless, that was again in March.