I’ve spent a lot of time breaking down how VCs can approach fair value using OPM, PWERM, and CVM. Each methodology has its own logic, assumptions, and ideal use cases. But despite their differences, they all share a single foundational dependency that determines whether the output is meaningful or misleading: If your cap table isn’t accurate, your valuation isn’t accurate. This is the part of valuation work that often gets underestimated. It’s easy to focus on the modeling te