# Affirm — Capital Time Machine

Explore 7 documented funding stages and their hypothetical value at the IPO offer price.

Canonical citation: https://capitaltimemachine.com/private/affirm

Dataset revision: ctm-research-2026-10-01; evidence register reviewed: 2026-09-19. Each observation retains its own check date.

Publisher: CapitalTimeMachine. Methodology: https://capitaltimemachine.com/methodology



## What this supports

Original issuance prices retain the precision in the September 2020 financial notes, rather than the rounded related-party summary. Preferred converts 1:1 to common; each common share is reclassified into one-half Class A and one-half Class B. Since Class B converts 1:1 to Class A, the combined listed-share equivalent remains one. Series G-1, issued for converted debt and accrued interest, is excluded. A snapshot date is not a purchase date. No additional split or holder-specific conversion adjustment is applied. IPO offering-price mark only, not realized proceeds or proof of investment access.

## Limitations

- Historical research and hypothetical arithmetic, not live quotes, investment advice or an offer to invest.

- Company valuation changes are not shareholder returns. Financing, dilution, security rights and exit access matter.

- IPO offer-price marks are not realized sale proceeds; minimum investments and access are not established.

- User-entered prices and valuations are assumptions, not sourced observations. Fee and carry treatment is stated by each method; taxes and distributions are excluded.

- Selected surviving companies are not representative of private-market outcomes; investments may lose all value.

## Sourced observations

### AFRM-A — Series A

Value: 0.35 USD; scope: per_share_issuance_price

Date: 2020-09-30; precision: day; role: historical_table_snapshot; actual investment date: not established

Security: Series A preferred; share basis: as_reported_reviewed_no_additional_split

Verification: primary_verified; checked: 2026-09-17

Original issuance prices retain the precision in the September 2020 financial notes, rather than the rounded related-party summary. Preferred converts 1:1 to common; each common share is reclassified into one-half Class A and one-half Class B. Since Class B converts 1:1 to Class A, the combined listed-share equivalent remains one. Series G-1, issued for converted debt and accrued interest, is excluded. A snapshot date is not a purchase date. Reference date is not an assumed purchase date.

Source: [SEC · Affirm filing — IPO prospectus (Form 424B4)](https://www.sec.gov/Archives/edgar/data/1820953/000110465921004276/tm2026663-21_s1a.htm)

Source location: Interim Note 13: original issuance prices and Conversion; interim pro forma disclosure: 1:1 preferred conversion; prospectus cover: common-share classes

Citation: https://capitaltimemachine.com/private/affirm#AFRM-A

### AFRM-B — Series B

Value: 1.3139 USD; scope: per_share_issuance_price

Date: 2020-09-30; precision: day; role: historical_table_snapshot; actual investment date: not established

Security: Series B preferred; share basis: as_reported_reviewed_no_additional_split

Verification: primary_verified; checked: 2026-09-17

Original issuance prices retain the precision in the September 2020 financial notes, rather than the rounded related-party summary. Preferred converts 1:1 to common; each common share is reclassified into one-half Class A and one-half Class B. Since Class B converts 1:1 to Class A, the combined listed-share equivalent remains one. Series G-1, issued for converted debt and accrued interest, is excluded. A snapshot date is not a purchase date. Reference date is not an assumed purchase date.

Source: [SEC · Affirm filing — IPO prospectus (Form 424B4)](https://www.sec.gov/Archives/edgar/data/1820953/000110465921004276/tm2026663-21_s1a.htm)

Source location: Interim Note 13: original issuance prices and Conversion; interim pro forma disclosure: 1:1 preferred conversion; prospectus cover: common-share classes

Citation: https://capitaltimemachine.com/private/affirm#AFRM-B

### AFRM-C — Series C

Value: 5.2766 USD; scope: per_share_issuance_price

Date: 2020-09-30; precision: day; role: historical_table_snapshot; actual investment date: not established

Security: Series C preferred; share basis: as_reported_reviewed_no_additional_split

Verification: primary_verified; checked: 2026-09-17

Original issuance prices retain the precision in the September 2020 financial notes, rather than the rounded related-party summary. Preferred converts 1:1 to common; each common share is reclassified into one-half Class A and one-half Class B. Since Class B converts 1:1 to Class A, the combined listed-share equivalent remains one. Series G-1, issued for converted debt and accrued interest, is excluded. A snapshot date is not a purchase date. Reference date is not an assumed purchase date.

Source: [SEC · Affirm filing — IPO prospectus (Form 424B4)](https://www.sec.gov/Archives/edgar/data/1820953/000110465921004276/tm2026663-21_s1a.htm)

Source location: Interim Note 13: original issuance prices and Conversion; interim pro forma disclosure: 1:1 preferred conversion; prospectus cover: common-share classes

Citation: https://capitaltimemachine.com/private/affirm#AFRM-C

### AFRM-D — Series D

Value: 6.1659 USD; scope: per_share_issuance_price

Date: 2020-09-30; precision: day; role: historical_table_snapshot; actual investment date: not established

Security: Series D preferred; share basis: as_reported_reviewed_no_additional_split

Verification: primary_verified; checked: 2026-09-17

Original issuance prices retain the precision in the September 2020 financial notes, rather than the rounded related-party summary. Preferred converts 1:1 to common; each common share is reclassified into one-half Class A and one-half Class B. Since Class B converts 1:1 to Class A, the combined listed-share equivalent remains one. Series G-1, issued for converted debt and accrued interest, is excluded. A snapshot date is not a purchase date. Reference date is not an assumed purchase date.

Source: [SEC · Affirm filing — IPO prospectus (Form 424B4)](https://www.sec.gov/Archives/edgar/data/1820953/000110465921004276/tm2026663-21_s1a.htm)

Source location: Interim Note 13: original issuance prices and Conversion; interim pro forma disclosure: 1:1 preferred conversion; prospectus cover: common-share classes

Citation: https://capitaltimemachine.com/private/affirm#AFRM-D

### AFRM-E — Series E

Value: 11.3406 USD; scope: per_share_issuance_price

Date: 2020-09-30; precision: day; role: historical_table_snapshot; actual investment date: not established

Security: Series E preferred; share basis: as_reported_reviewed_no_additional_split

Verification: primary_verified; checked: 2026-09-17

Original issuance prices retain the precision in the September 2020 financial notes, rather than the rounded related-party summary. Preferred converts 1:1 to common; each common share is reclassified into one-half Class A and one-half Class B. Since Class B converts 1:1 to Class A, the combined listed-share equivalent remains one. Series G-1, issued for converted debt and accrued interest, is excluded. A snapshot date is not a purchase date. Reference date is not an assumed purchase date.

Source: [SEC · Affirm filing — IPO prospectus (Form 424B4)](https://www.sec.gov/Archives/edgar/data/1820953/000110465921004276/tm2026663-21_s1a.htm)

Source location: Interim Note 13: original issuance prices and Conversion; interim pro forma disclosure: 1:1 preferred conversion; prospectus cover: common-share classes

Citation: https://capitaltimemachine.com/private/affirm#AFRM-E

### AFRM-F — Series F

Value: 13.1831 USD; scope: per_share_issuance_price

Date: 2020-09-30; precision: day; role: historical_table_snapshot; actual investment date: not established

Security: Series F preferred; share basis: as_reported_reviewed_no_additional_split

Verification: primary_verified; checked: 2026-09-17

Original issuance prices retain the precision in the September 2020 financial notes, rather than the rounded related-party summary. Preferred converts 1:1 to common; each common share is reclassified into one-half Class A and one-half Class B. Since Class B converts 1:1 to Class A, the combined listed-share equivalent remains one. Series G-1, issued for converted debt and accrued interest, is excluded. A snapshot date is not a purchase date. Reference date is not an assumed purchase date.

Source: [SEC · Affirm filing — IPO prospectus (Form 424B4)](https://www.sec.gov/Archives/edgar/data/1820953/000110465921004276/tm2026663-21_s1a.htm)

Source location: Interim Note 13: original issuance prices and Conversion; interim pro forma disclosure: 1:1 preferred conversion; prospectus cover: common-share classes

Citation: https://capitaltimemachine.com/private/affirm#AFRM-F

### AFRM-G — Series G

Value: 19.9263 USD; scope: per_share_issuance_price

Date: 2020-09-30; precision: day; role: historical_table_snapshot; actual investment date: not established

Security: Series G preferred; share basis: as_reported_reviewed_no_additional_split

Verification: primary_verified; checked: 2026-09-17

Original issuance prices retain the precision in the September 2020 financial notes, rather than the rounded related-party summary. Preferred converts 1:1 to common; each common share is reclassified into one-half Class A and one-half Class B. Since Class B converts 1:1 to Class A, the combined listed-share equivalent remains one. Series G-1, issued for converted debt and accrued interest, is excluded. A snapshot date is not a purchase date. Reference date is not an assumed purchase date.

Source: [SEC · Affirm filing — IPO prospectus (Form 424B4)](https://www.sec.gov/Archives/edgar/data/1820953/000110465921004276/tm2026663-21_s1a.htm)

Source location: Interim Note 13: original issuance prices and Conversion; interim pro forma disclosure: 1:1 preferred conversion; prospectus cover: common-share classes

Citation: https://capitaltimemachine.com/private/affirm#AFRM-G

### AFRM-OFFER — IPO offer

Value: 49.00 USD; scope: public_offer_price_per_share

Date: 2021-01-12; precision: day; role: offering_pricing; actual investment date: not established

Security: Class A common; share basis: undefined

Verification: primary_verified; checked: 2026-09-17

Prospectus pricing date, not first trading close or an executable sale.

Source: [SEC · Affirm filing — IPO prospectus (Form 424B4)](https://www.sec.gov/Archives/edgar/data/1820953/000110465921004276/tm2026663-21_s1a.htm)

Source location: Prospectus cover: offering price and prospectus date

Citation: https://capitaltimemachine.com/private/affirm#AFRM-OFFER

## Calculation options

{
  "early_stage_assumptions": null,
  "ipo_offer_models": [
    {
      "id": "AFRM-A-IPO",
      "company": "affirm",
      "start": "AFRM-A",
      "end": "AFRM-OFFER",
      "label": "Series A → IPO offer-price mark",
      "conversion_factor": "1",
      "split_adjustment": "already_reflected_do_not_apply_again",
      "reviewed_on": "2026-09-17",
      "basis_note": "Original issuance prices retain the precision in the September 2020 financial notes, rather than the rounded related-party summary. Preferred converts 1:1 to common; each common share is reclassified into one-half Class A and one-half Class B. Since Class B converts 1:1 to Class A, the combined listed-share equivalent remains one. Series G-1, issued for converted debt and accrued interest, is excluded. A snapshot date is not a purchase date. No additional split or holder-specific conversion adjustment is applied. IPO offering-price mark only, not realized proceeds or proof of investment access.",
      "source_url": "https://www.sec.gov/Archives/edgar/data/1820953/000110465921004276/tm2026663-21_s1a.htm",
      "source_locators": [
        "Interim Note 13: original issuance prices and Conversion; interim pro forma disclosure: 1:1 preferred conversion; prospectus cover: common-share classes",
        "Prospectus cover: IPO offering price and pricing date"
      ]
    },
    {
      "id": "AFRM-B-IPO",
      "company": "affirm",
      "start": "AFRM-B",
      "end": "AFRM-OFFER",
      "label": "Series B → IPO offer-price mark",
      "conversion_factor": "1",
      "split_adjustment": "already_reflected_do_not_apply_again",
      "reviewed_on": "2026-09-17",
      "basis_note": "Original issuance prices retain the precision in the September 2020 financial notes, rather than the rounded related-party summary. Preferred converts 1:1 to common; each common share is reclassified into one-half Class A and one-half Class B. Since Class B converts 1:1 to Class A, the combined listed-share equivalent remains one. Series G-1, issued for converted debt and accrued interest, is excluded. A snapshot date is not a purchase date. No additional split or holder-specific conversion adjustment is applied. IPO offering-price mark only, not realized proceeds or proof of investment access.",
      "source_url": "https://www.sec.gov/Archives/edgar/data/1820953/000110465921004276/tm2026663-21_s1a.htm",
      "source_locators": [
        "Interim Note 13: original issuance prices and Conversion; interim pro forma disclosure: 1:1 preferred conversion; prospectus cover: common-share classes",
        "Prospectus cover: IPO offering price and pricing date"
      ]
    },
    {
      "id": "AFRM-C-IPO",
      "company": "affirm",
      "start": "AFRM-C",
      "end": "AFRM-OFFER",
      "label": "Series C → IPO offer-price mark",
      "conversion_factor": "1",
      "split_adjustment": "already_reflected_do_not_apply_again",
      "reviewed_on": "2026-09-17",
      "basis_note": "Original issuance prices retain the precision in the September 2020 financial notes, rather than the rounded related-party summary. Preferred converts 1:1 to common; each common share is reclassified into one-half Class A and one-half Class B. Since Class B converts 1:1 to Class A, the combined listed-share equivalent remains one. Series G-1, issued for converted debt and accrued interest, is excluded. A snapshot date is not a purchase date. No additional split or holder-specific conversion adjustment is applied. IPO offering-price mark only, not realized proceeds or proof of investment access.",
      "source_url": "https://www.sec.gov/Archives/edgar/data/1820953/000110465921004276/tm2026663-21_s1a.htm",
      "source_locators": [
        "Interim Note 13: original issuance prices and Conversion; interim pro forma disclosure: 1:1 preferred conversion; prospectus cover: common-share classes",
        "Prospectus cover: IPO offering price and pricing date"
      ]
    },
    {
      "id": "AFRM-D-IPO",
      "company": "affirm",
      "start": "AFRM-D",
      "end": "AFRM-OFFER",
      "label": "Series D → IPO offer-price mark",
      "conversion_factor": "1",
      "split_adjustment": "already_reflected_do_not_apply_again",
      "reviewed_on": "2026-09-17",
      "basis_note": "Original issuance prices retain the precision in the September 2020 financial notes, rather than the rounded related-party summary. Preferred converts 1:1 to common; each common share is reclassified into one-half Class A and one-half Class B. Since Class B converts 1:1 to Class A, the combined listed-share equivalent remains one. Series G-1, issued for converted debt and accrued interest, is excluded. A snapshot date is not a purchase date. No additional split or holder-specific conversion adjustment is applied. IPO offering-price mark only, not realized proceeds or proof of investment access.",
      "source_url": "https://www.sec.gov/Archives/edgar/data/1820953/000110465921004276/tm2026663-21_s1a.htm",
      "source_locators": [
        "Interim Note 13: original issuance prices and Conversion; interim pro forma disclosure: 1:1 preferred conversion; prospectus cover: common-share classes",
        "Prospectus cover: IPO offering price and pricing date"
      ]
    },
    {
      "id": "AFRM-E-IPO",
      "company": "affirm",
      "start": "AFRM-E",
      "end": "AFRM-OFFER",
      "label": "Series E → IPO offer-price mark",
      "conversion_factor": "1",
      "split_adjustment": "already_reflected_do_not_apply_again",
      "reviewed_on": "2026-09-17",
      "basis_note": "Original issuance prices retain the precision in the September 2020 financial notes, rather than the rounded related-party summary. Preferred converts 1:1 to common; each common share is reclassified into one-half Class A and one-half Class B. Since Class B converts 1:1 to Class A, the combined listed-share equivalent remains one. Series G-1, issued for converted debt and accrued interest, is excluded. A snapshot date is not a purchase date. No additional split or holder-specific conversion adjustment is applied. IPO offering-price mark only, not realized proceeds or proof of investment access.",
      "source_url": "https://www.sec.gov/Archives/edgar/data/1820953/000110465921004276/tm2026663-21_s1a.htm",
      "source_locators": [
        "Interim Note 13: original issuance prices and Conversion; interim pro forma disclosure: 1:1 preferred conversion; prospectus cover: common-share classes",
        "Prospectus cover: IPO offering price and pricing date"
      ]
    },
    {
      "id": "AFRM-F-IPO",
      "company": "affirm",
      "start": "AFRM-F",
      "end": "AFRM-OFFER",
      "label": "Series F → IPO offer-price mark",
      "conversion_factor": "1",
      "split_adjustment": "already_reflected_do_not_apply_again",
      "reviewed_on": "2026-09-17",
      "basis_note": "Original issuance prices retain the precision in the September 2020 financial notes, rather than the rounded related-party summary. Preferred converts 1:1 to common; each common share is reclassified into one-half Class A and one-half Class B. Since Class B converts 1:1 to Class A, the combined listed-share equivalent remains one. Series G-1, issued for converted debt and accrued interest, is excluded. A snapshot date is not a purchase date. No additional split or holder-specific conversion adjustment is applied. IPO offering-price mark only, not realized proceeds or proof of investment access.",
      "source_url": "https://www.sec.gov/Archives/edgar/data/1820953/000110465921004276/tm2026663-21_s1a.htm",
      "source_locators": [
        "Interim Note 13: original issuance prices and Conversion; interim pro forma disclosure: 1:1 preferred conversion; prospectus cover: common-share classes",
        "Prospectus cover: IPO offering price and pricing date"
      ]
    },
    {
      "id": "AFRM-G-IPO",
      "company": "affirm",
      "start": "AFRM-G",
      "end": "AFRM-OFFER",
      "label": "Series G → IPO offer-price mark",
      "conversion_factor": "1",
      "split_adjustment": "already_reflected_do_not_apply_again",
      "reviewed_on": "2026-09-17",
      "basis_note": "Original issuance prices retain the precision in the September 2020 financial notes, rather than the rounded related-party summary. Preferred converts 1:1 to common; each common share is reclassified into one-half Class A and one-half Class B. Since Class B converts 1:1 to Class A, the combined listed-share equivalent remains one. Series G-1, issued for converted debt and accrued interest, is excluded. A snapshot date is not a purchase date. No additional split or holder-specific conversion adjustment is applied. IPO offering-price mark only, not realized proceeds or proof of investment access.",
      "source_url": "https://www.sec.gov/Archives/edgar/data/1820953/000110465921004276/tm2026663-21_s1a.htm",
      "source_locators": [
        "Interim Note 13: original issuance prices and Conversion; interim pro forma disclosure: 1:1 preferred conversion; prospectus cover: common-share classes",
        "Prospectus cover: IPO offering price and pricing date"
      ]
    }
  ],
  "valuation_comparisons": [],
  "user_entered_private_prices": false,
  "entered_public_price_review": {
    "company": "affirm",
    "ticker": "AFRM",
    "issuer_cik": "1820953",
    "model_ids": [
      "AFRM-A-IPO",
      "AFRM-B-IPO",
      "AFRM-C-IPO",
      "AFRM-D-IPO",
      "AFRM-E-IPO",
      "AFRM-F-IPO",
      "AFRM-G-IPO"
    ],
    "from_date": "2024-06-10",
    "through_date": "2026-09-19",
    "reviewed_on": "2026-09-19",
    "status": "reviewed_user_price_scenario",
    "historical_only": false,
    "limitation": "Entered price is unverified. Use the actual common-share price on its dated basis, not a dividend-adjusted or retrospectively split-adjusted history.",
    "listed_equivalent_factor": "1",
    "splits": [],
    "sources": [
      {
        "url": "https://www.sec.gov/Archives/edgar/data/1820953/000110465921004276/tm2026663-21_s1a.htm",
        "title": "Original IPO share basis",
        "locator": "Prospectus / offering and capital-stock terms; the existing private-to-IPO model supplies the entry conversion."
      },
      {
        "url": "https://www.sec.gov/Archives/edgar/data/1820953/000162828026059279/afrm-20260630.htm",
        "title": "Issuer 10-K · 2026-08-27",
        "locator": "Common-stock presentation and corporate-action screening. A missing split keyword alone is not evidence of a complete history."
      },
      {
        "url": "https://www.stocksplithistory.com/?symbol=AFRM",
        "title": "Supplemental split-history screen",
        "locator": "Dated post-IPO corporate actions only. Ticker reuse can introduce unrelated pre-IPO events; those are excluded. No market quote was copied."
      }
    ],
    "review_note": "Entry-to-IPO conversion reuses the approved company-specific model. The post-IPO corporate-action screen matches the issuer CIK and excludes reused ticker history predating its IPO. This is a bounded price-only scenario, not a licensed quote or a certified corporate-action feed."
  },
  "public_ipo": null
}

## Reuse and corrections

Link to the company page and original evidence, retain dates, units and limitations. Third-party source terms remain applicable; no new license to third-party material is granted. https://capitaltimemachine.com/terms

Corrections: mailto:capitaltimemachine@gmail.com