Research / Baseten
Baseten Pre-IPO Research
Last updated: October 18, 2026. Valuation data as of October 12, 2026 (AG Dillon weekly pre-IPO valuations report).
Baseten is a private company, so its shares do not trade on a public stock exchange. AG Dillon's weekly pre-IPO valuations report lists Baseten's current implied valuation at $26.0 billion as of October 12, 2026, equal to its last primary round valuation of $26.0 billion (September 2026). Qualified investors can gain pre-IPO exposure through the private secondary market, including pre-IPO funds offered through financial advisors. AG Dillon has no relationship with any pre-IPO company.
How to invest in Baseten before an IPO
Until Baseten lists on a public exchange, its shares can only be bought in private transactions. The main routes are:
- Private secondary market. Existing shareholders, such as employees and early investors, sell shares to new buyers, either directly on the company's capitalization table or through a special purpose vehicle (SPV). Limited partners of single-stock special purpose vehicles (SPVs) also sell their exposure to pre-IPO stocks in the secondary market. Some private companies require company approval for transfers.
- Pre-IPO funds offered through financial advisors. AG Dillon offers single-company pre-IPO funds to qualified clients through financial advisors, and directly to qualified clients. The minimum investment is $2,500. AG Dillon solicits offers from institutional broker and VC firm counterparties on each trade and completes counterparty due diligence on the best offer. AG Dillon has no relationship with any pre-IPO company.
- Talk to your financial advisor. Your advisor can review whether pre-IPO stock fits your portfolio, verify your qualified-client status and work with AG Dillon on allocation.
Ask about current Baseten availability before you invest.
AG Dillon has no relationship with any pre-IPO company.
* NOTE: AG Dillon ("AGD") is not affiliated with any pre-IPO company in its funds. AG Dillon has no relationship with any pre-IPO company. Some pre-IPO companies require company approval for purchases (aka transfers). AGD has not been pre-approved by any pre-IPO company to purchase their stock. AGD purchases pre-IPO stocks in the secondary market and may gain exposure by directly purchasing the stock (on the company's capitalization table) and/or through a third party fund (aka special purpose vehicle, or SPV). When AGD purchases through a SPV the SPV general partner is responsible for obtaining the pre-IPO stock company approval, not AGD. This section is for informational purposes only and is not an offer to sell or a solicitation of an offer to buy any security.
Baseten valuation history
From AG Dillon's weekly pre-IPO valuations report (agdillon.com/reports). Valuations in US$ billions.
| Report date | Current implied valuation | Last primary round valuation | Last round date | Secondary since last round |
|---|---|---|---|---|
| October 12, 2026 | $26.0 | $26.0 | September 2026 | Primary |
| October 5, 2026 | $26.0 | $26.0 | September 2026 | Primary |
* Current Implied Valuation = Last Primary Round Valuation x ( 1 + ( ( Current 2ndary Price / Last Primary Round Price or 2ndary Price at Last Primary Round if Last Primary Round Price is not available ) - 1 ) ) "Primary" means the latest valuation reflects the last primary round.
Baseten in our Weekly Pre-IPO Market Insights
Our view on Baseten
The views below are the opinions of AG Dillon, summarized from our Weekly Pre-IPO Stock Secondary Market Updates, May to October 2026. They are not statements of fact or investment advice.
We see Baseten as a particularly interesting name at the center of inference workload routing: it sits on top of 18 or more data center providers and routes inference workloads to whichever provider has the lowest cost and highest idle capacity, which directly converts utilization gaps into revenue. In our view, each new AI workload going into production is additive to Baseten's revenue base, and the volume of workloads is still in its early innings. We would rather express the open-source trend through inference providers such as Baseten, which host open models and have a clearer revenue model than the model developers themselves.
- Customers: Baseten's customers include Cursor.
- Open models: commercial users typically serve open-weight models through third-party inference providers such as Baseten rather than paying the lab directly, and DeepSeek's open-source models can run on US inference platforms such as Baseten with no data flowing back to China.
- Portfolio construction: we favor diversified exposure across infrastructure names, including Lambda, Together AI, Crusoe, Baseten, Fireworks AI and Positron, rather than concentration in any single position.
Editions of the Weekly Pre-IPO Stock Secondary Market Update that cover Baseten:
- October 13, 2026Lambda, micro1, Reflection AI & Ghost | Compute, Data or Models: Where Does AI Value Land?
- October 7, 2026DeepSeek’s China Discount, Hark AI Personal Assistant Launches, Anduril Goes to Sea, and the Inference Chip Race (Etched, Fractile, Positron)
- September 29, 2026Higgsfield at $1B, the Inference Platform Repricing (Together AI, Baseten, Fireworks AI, Modal, Fal), and AMD Moves Toward Robots
- September 10, 2026Uber’s Founder Is Back + Thinking Machines Valuation, Moonshot IPO, and Glean's Efficiency Dream
- July 24, 2026Defense tech startup landscape/prospects; Open-source AI models impact on Anthropic IPO; OpenAI's new personal hardware product
- July 1, 2026OpenAI's New AI Chip | Groq2.0 | The Inference Compute Arms Race
- June 3, 2026Anthropic's confidential S-1 filing to IPO, Basetens valuation jump, and moats from Forward Deployed Engineers
- May 27, 2026SpaceX is now an AI data center hyperscaler; GPU optimization; Importance of memory for AI model usefulness
- May 13, 2026Lambda Labs new financing; What is a Forward Deployed Engineer (FDE)?; Anthropic and OpenAI FDE efforts; AI infrastructure companies for 2H 2026
- May 6, 2026Access to AI data center compute is as important as AI model quality, SpaceX is a hyperscaler?!, AI compute is the new oil, AI infrastructure for the win
Baseten pre-IPO FAQ
Is Baseten a public company?
No. Baseten is a private company and its shares do not trade on a public stock exchange. Baseten is listed in AG Dillon's weekly pre-IPO valuations report as of October 12, 2026.
How can I buy Baseten shares before an IPO?
Because Baseten is private, shares change hands only in private transactions, such as secondary market sales by existing shareholders, often through special purpose vehicles (SPVs). Some private companies require company approval for transfers. AG Dillon offers single-company pre-IPO funds through financial advisors to qualified clients, with a $2,500 minimum. Contact AG Dillon to ask about current Baseten availability. AG Dillon has no relationship with any pre-IPO company.
What is Baseten's valuation?
AG Dillon's weekly pre-IPO valuations report lists Baseten's current implied valuation at $26.0 billion as of October 12, 2026, equal to its last primary round valuation of $26.0 billion (September 2026). Implied valuation is an estimate based on secondary market prices, not a public market price.
Who can invest in AG Dillon's pre-IPO funds?
AG Dillon funds accept qualified clients only: individuals or entities with a net worth of $2.7 million or more, excluding the value of their primary residence. Funds are offered under Rule 506(c), so qualified-client status is verified before investing. Financial advisors can work with AG Dillon on behalf of their clients.
What are the risks of investing in pre-IPO stocks?
Pre-IPO stocks are speculative and illiquid. A company may never go public or be acquired, may raise money at a lower valuation, or may fail, and you could lose your entire investment. Fund interests cannot be freely transferred, and secondary market prices are not public and may differ from primary round prices.