Valuation Reset

Extracted Attributes

• Down Round Frequency

  1 in 5 venture rounds since 2023

• Macroeconomic Driver

  High interest rates and global geopolitical instability

• IPO Market Bellwether

  Stripe (offering seen as a crucial indicator for recovery)

• Systemic Risk Factors

  Unrealized losses in banking and ocean warming impacting reinsurance

• SET Market Capitalization

  $380.19 billion (69% of Thailand's GDP as of April 2025)

• Primary Driver (Venture Capital)

  Shift from growth-at-all-costs to profitability

Timeline

• Establishment of the Stock Exchange of Thailand (SET), which later undergoes a valuation reset. (Source: Wikipedia)

  1975-04-30

• Peak of the startup valuation boom, leading to an inevitable market correction. (Source: Web Search: Eric Ashman)

  2021-01-01

• Start of a persistent trend where 20% of venture rounds are classified as down rounds. (Source: Web Search: Eric Ashman)

  2023-01-01

• All-In Podcast Episode 151 discusses the broader valuation reset and its impact on Silicon Valley and the IPO market. (Source: e56e229d-0037-4cf0-acf6-e8b3670587e1)

  2023-10-27

• SET market capitalization reaches $380.19 billion, representing 69% of Thailand's GDP. (Source: Wikipedia)

  2025-04-08

• Valuation reset noted for major pharmaceutical entities like Novo Nordisk due to pricing and policy risks. (Source: Web Search: Simply Wall St)

  2025-08-01

• Projected start of a healthier market phase for Indian equities following a year of consolidation and reset. (Source: Web Search: Economic Times)

  2026-01-01

Stock Exchange of Thailand

The Stock Exchange of Thailand (Thai: ตลาดหลักทรัพย์แห่งประเทศไทย, RTGS: Talard Lagsap Haeng Prathet Thai [ta.làːt.làk.sáp.hɛ̀ŋ.pra.tʰêt.tʰāj]; abbr. SET) has been the sole stock exchange operator in Thailand since its establishment on 30 April 1975. As of 8 April 2025, with a market capitalization of US$380.19 billion (excluding mai) at an exchange rate of 1 USD = 34.94 THB, it ranks as the 25th largest in the world and the 3rd largest in ASEAN, following the Indonesia Stock Exchange and the Singapore Exchange. In comparison, Thailand ranks 20th in the world and 4th in ASEAN in terms of population. Its market capitalization is about 69% of Thailand's GDP as of 8 April 2025. In comparison, the market cap of the S&P 500 is roughly 1.5 to 1.7 times the size of the US GDP. Its market capitalization represents about 0.3% of the total market capitalization of all publicly traded stocks worldwide. The Thai stock market experienced a surge of domestic capital inflows from late 2000s to early 2020s despite signs of sluggish economy. It has undergone a valuation reset.

Web Search Results

• Navigating the 2025 Startup Valuation Reset

  ### 📉 The Great Valuation Reset After the boom of 2021 and early 2022, a valuation reset was inevitable. Startups that raised at peak valuations are now returning to a market that demands stronger fundamentals and clearer paths to profitability. The result is a persistent uptick in down rounds. Your startup isn't being singled out. You are operating in a market that has fundamentally changed. The key is not to let the sticker shock of a lower valuation cloud your judgment. ### 🐦‍🔥 Survival is the Only Metric That Matters It’s tempting to let pride get in the way. No founder wants to accept a lower valuation than their previous round. But pride doesn’t extend your runway or pay your team. And it won’t help you find product-market fit. [...] Mastodon Funding · · 2 min read # Navigating the 2025 Startup Valuation Reset 1 in 5 venture rounds since 2023 has been a down round. A down round isn't failure. It's a strategic reset, reflecting a market that has fundamentally changed and now demands stronger fundamentals. Eric Ashman Facing a down round can feel like a step backward. It's easy to see it as a failure—a hit to your confidence and team morale. But most startup journeys aren’t rocket ships. That hockey-stick growth chart from your last deck? A great aspiration, not a guarantee. Since 2023, roughly one in five venture rounds has been a down round. This isn’t a blip; it’s a market correction playing out in real time. ### 📉 The Great Valuation Reset [...] A down round is not a failure. It’s a strategic move to ensure your company’s survival and long-term success. Think about what a down round allows you to do: ➡️ Reset expectations. Realign your valuation with the market, making future raises more achievable. ➡️ Extend your runway. Buy time to hit milestones and grow into your next valuation. ➡️ Keep your vision alive. The alternative to a down round is often running out of money. Accepting new terms means you get to keep building. The startup journey isn't about avoiding the inevitable pivots, challenges, and course corrections. It’s how you handle the resets and tough calls that give you and your team a chance to realize your vision and achieve your goals. Share Share Share Share Share Email ## Read next Funding ·

• Valuation reset lays the ground for a healthier market phase in 2026

  ### Live Events [...] As the third-quarter earnings season begins to unfold, market participants are increasingly focused on whether this phase could mark an inflection point after what many have described as a year of reset for equities. In a detailed interaction with ET Now, Mihir Vora, CIO, Trust MF shared his perspective on why 2025 has largely been a year of consolidation and what could shape market performance as India heads into 2026. [...] Taken together, Vora’s outlook suggests that while risks remain, particularly around global trade and geopolitics, India enters 2026 with more balanced valuations, improving earnings visibility and multiple structural tailwinds that could support a healthier phase for equities.

• Valuation reset, but the GLP-1 franchise (and optionality) remains ...

  You can edit this narrative untilJan 7 1:35 PM. Then, changes will post as Updates. Community / United States / Pharmaceuticals & Biotech / Novo Nordisk Back to narrative # Valuation reset, but the GLP-1 franchise (and optionality) remains intact ## A Quality Compounder Marked Down on Overblown Fears NVOInvested Published01 Aug 2025 Update shared on 06 Jan 2026 Fair value Decreased 21% n/a n/a bactrian's Fair Value n/a 1Y -31.8% 7D 12.3% Loading 1Y -31.8% 7D 12.3% [...] We view the likely industry end-state as an oligopoly (with Novo and Eli Lilly as the primary beneficiaries), where competition is intense but sustained value-destructive price wars are not the base case. Importantly, today’s valuation appears to underweight the “embedded options” in GLP-1s beyond weight loss — including broader cardio-metabolic indications — even as policy risk becomes more concrete (Novo has accepted Medicare drug price negotiation for semaglutide products effective 2027). Valuation: We estimate fair value at ~$95 per ADR (base-case range $90–$100), reflecting a more competitive, more price-sensitive regime than the peak GLP-1 narrative, but also acknowledging the durability of the franchise and the expanding product/indication set. [...] While sentiment is weak and valuation has compressed to roughly mid-teens forward earnings, Novo has added an important de-risking catalyst: oral Wegovy (a GLP-1 obesity pill) has been FDA-approved and launched in the US, which could expand access and improve adherence as the market matures. At the same time, Novo is using affordability levers in the cash channel, which may support volume but increases the risk of ongoing net-price/margin pressure.

• 4.4 Valuation approaches, techniques, and methods - Viewpoint

  techniques improve, or market conditions change. Revised valuations resulting from a change in the valuation technique or its application are accounted for as a change in accounting estimate, with the change impacting the current and future periods, if applicable. [...] As discussed in ASC 820-10-35-25 through ASC 820-10-35-26, reporting entities should consistently apply the valuation techniques used to measure fair value for a particular type of asset or liability. However, it is appropriate to change a valuation technique or an adjustment that is applied to a valuation technique if the change will result in a measurement that better represents fair value; for instance, a change in a particular technique’s weighting when multiple valuation techniques are used may be appropriate based on changes in facts and circumstances. A change in valuation technique may also be warranted as new markets develop, new information becomes available, information previously used is no longer available, valuation techniques improve, or market conditions change. Revised [...] ASC 820-10-35-24A and ASC 820-10-50-2(bbb) clarify meaning of the terms “valuation technique” and “valuation approach.” At times, the literature uses these terms interchangeably; however, they were designed to have different meanings. While “valuation technique” is not a defined term, the guidance provides examples of valuation techniques, indicating that valuation techniques are more granular than valuation approaches. In certain instances, a valuation of a single instrument or a class of instruments may include multiple approaches and/or techniques. The technical correction also clarified the disclosure requirement relating to changes in valuation approaches and techniques. See FSP 20 for discussion of the disclosure requirement. #### 4.4.1 Market approach

• What Is Valuation? How It Works and Methods Used - Investopedia

  ## What Is Valuation? Valuation is a process in which an analyst uses a company's latest financial statements to determine its current or projected value. Many techniques are used during a valuation. Among other metrics, an analyst placing a value on a company looks at the business's management, the composition of its capital structure, the prospect of future earnings, and the market value of its assets. Fundamental analysis is often employed in valuation although several other methods may be employed such as the capital asset pricing model (CAPM) or the dividend discount model (DDM). ### Key Takeaways [...] ### Key Takeaways Valuation is a quantitative process of determining the fair value of an asset, investment, or firm. A company can generally be valued on its own on an absolute basis or a relative basis compared to other similar companies or assets. Several methods and techniques can be used to arrive at a valuation, each of which may produce a different value. Valuations can be quickly impacted by corporate earnings or economic events that force analysts to retool their valuation models. Valuation is quantitative in nature but it often involves some degree of subjective input or assumptions. ## Understanding Valuation [...] ## What Is an Example of Valuation? A common example of valuation is a company's market capitalization. This takes the share price of a company and multiplies it by the total shares outstanding. A company's market capitalization would be $20 million if its share price is $10 and the company has two million shares outstanding. ## How Do You Calculate Valuation? You can calculate valuation in many ways. They'll differ based on what's being valued and when. A common calculation in valuing a business involves determining the fair value of all of its assets minus all of its liabilities. This is an asset-based calculation. ## What Is the Purpose of Valuation?