{"schema_version":"ctm-public-research-1.0","id":"duolingo","name":"Duolingo","ticker":"DUOL","sector":"Language learning","description":"Explore 8 documented funding stages and their hypothetical value at the IPO offer price.","coverage_note":"The filing table rounds issuance prices to cents; results are approximate. The table date does not establish an investment date. Preferred converts 1:1 into Class B; each Class B is convertible to one Class A share. Secondary employee share sales are excluded. No additional split or holder-specific conversion adjustment is applied. IPO offering-price mark only, not realized proceeds or proof of investment access.","url":"https://capitaltimemachine.com/private/duolingo","publisher":"CapitalTimeMachine","dataset_revision":"ctm-research-2026-10-01","dataset_reviewed_on":"2026-09-19","feed_released_on":"2026-10-01","methodology_url":"https://capitaltimemachine.com/methodology","terms_url":"https://capitaltimemachine.com/terms","corrections":"mailto:capitaltimemachine@gmail.com","observations":[{"id":"DUOL-A","title":"Series A","note":"The filing table rounds issuance prices to cents; results are approximate. The table date does not establish an investment date. Preferred converts 1:1 into Class B; each Class B is convertible to one Class A share. Secondary employee share sales are excluded. Reference date is not an assumed purchase date.","observation_date":"2020-12-31","date_precision":"day","date_role":"historical_table_snapshot","actual_entry_date":null,"value":"0.85","value_qualifier":"","currency":"USD","value_scope":"per_share_issuance_price","share_class":"Series A preferred","share_basis":"as_reported_reviewed_no_additional_split","confidence_class":"B","verification_status":"primary_verified","checked_on":"2026-09-17","source":{"url":"https://www.sec.gov/Archives/edgar/data/1562088/000162828021014753/duolingo424b4.htm","publisher":"SEC · Duolingo filing","title":"IPO prospectus (Form 424B4)","locator":"Note 8: December 31, 2020 per-share price at issuance table and conversion terms; The Offering: Preferred Stock Conversion; prospectus cover: Class B rights"},"supporting_sources":[],"citation_url":"https://capitaltimemachine.com/private/duolingo#DUOL-A"},{"id":"DUOL-B","title":"Series B","note":"The filing table rounds issuance prices to cents; results are approximate. The table date does not establish an investment date. Preferred converts 1:1 into Class B; each Class B is convertible to one Class A share. Secondary employee share sales are excluded. Reference date is not an assumed purchase date.","observation_date":"2020-12-31","date_precision":"day","date_role":"historical_table_snapshot","actual_entry_date":null,"value":"2.38","value_qualifier":"","currency":"USD","value_scope":"per_share_issuance_price","share_class":"Series B preferred","share_basis":"as_reported_reviewed_no_additional_split","confidence_class":"B","verification_status":"primary_verified","checked_on":"2026-09-17","source":{"url":"https://www.sec.gov/Archives/edgar/data/1562088/000162828021014753/duolingo424b4.htm","publisher":"SEC · Duolingo filing","title":"IPO prospectus (Form 424B4)","locator":"Note 8: December 31, 2020 per-share price at issuance table and conversion terms; The Offering: Preferred Stock Conversion; prospectus cover: Class B rights"},"supporting_sources":[],"citation_url":"https://capitaltimemachine.com/private/duolingo#DUOL-B"},{"id":"DUOL-C","title":"Series C","note":"The filing table rounds issuance prices to cents; results are approximate. The table date does not establish an investment date. Preferred converts 1:1 into Class B; each Class B is convertible to one Class A share. Secondary employee share sales are excluded. Reference date is not an assumed purchase date.","observation_date":"2020-12-31","date_precision":"day","date_role":"historical_table_snapshot","actual_entry_date":null,"value":"6.78","value_qualifier":"","currency":"USD","value_scope":"per_share_issuance_price","share_class":"Series C preferred","share_basis":"as_reported_reviewed_no_additional_split","confidence_class":"B","verification_status":"primary_verified","checked_on":"2026-09-17","source":{"url":"https://www.sec.gov/Archives/edgar/data/1562088/000162828021014753/duolingo424b4.htm","publisher":"SEC · Duolingo filing","title":"IPO prospectus (Form 424B4)","locator":"Note 8: December 31, 2020 per-share price at issuance table and conversion terms; The Offering: Preferred Stock Conversion; prospectus cover: Class B rights"},"supporting_sources":[],"citation_url":"https://capitaltimemachine.com/private/duolingo#DUOL-C"},{"id":"DUOL-D","title":"Series D","note":"The filing table rounds issuance prices to cents; results are approximate. The table date does not establish an investment date. Preferred converts 1:1 into Class B; each Class B is convertible to one Class A share. Secondary employee share sales are excluded. Reference date is not an assumed purchase date.","observation_date":"2020-12-31","date_precision":"day","date_role":"historical_table_snapshot","actual_entry_date":null,"value":"14.27","value_qualifier":"","currency":"USD","value_scope":"per_share_issuance_price","share_class":"Series D preferred","share_basis":"as_reported_reviewed_no_additional_split","confidence_class":"B","verification_status":"primary_verified","checked_on":"2026-09-17","source":{"url":"https://www.sec.gov/Archives/edgar/data/1562088/000162828021014753/duolingo424b4.htm","publisher":"SEC · Duolingo filing","title":"IPO prospectus (Form 424B4)","locator":"Note 8: December 31, 2020 per-share price at issuance table and conversion terms; The Offering: Preferred Stock Conversion; prospectus cover: Class B rights"},"supporting_sources":[],"citation_url":"https://capitaltimemachine.com/private/duolingo#DUOL-D"},{"id":"DUOL-E","title":"Series E","note":"The filing table rounds issuance prices to cents; results are approximate. The table date does not establish an investment date. Preferred converts 1:1 into Class B; each Class B is convertible to one Class A share. Secondary employee share sales are excluded. Reference date is not an assumed purchase date.","observation_date":"2020-12-31","date_precision":"day","date_role":"historical_table_snapshot","actual_entry_date":null,"value":"20.43","value_qualifier":"","currency":"USD","value_scope":"per_share_issuance_price","share_class":"Series E preferred","share_basis":"as_reported_reviewed_no_additional_split","confidence_class":"B","verification_status":"primary_verified","checked_on":"2026-09-17","source":{"url":"https://www.sec.gov/Archives/edgar/data/1562088/000162828021014753/duolingo424b4.htm","publisher":"SEC · Duolingo filing","title":"IPO prospectus (Form 424B4)","locator":"Note 8: December 31, 2020 per-share price at issuance table and conversion terms; The Offering: Preferred Stock Conversion; prospectus cover: Class B rights"},"supporting_sources":[],"citation_url":"https://capitaltimemachine.com/private/duolingo#DUOL-E"},{"id":"DUOL-F","title":"Series F","note":"The filing table rounds issuance prices to cents; results are approximate. The table date does not establish an investment date. Preferred converts 1:1 into Class B; each Class B is convertible to one Class A share. Secondary employee share sales are excluded. Reference date is not an assumed purchase date.","observation_date":"2020-12-31","date_precision":"day","date_role":"historical_table_snapshot","actual_entry_date":null,"value":"39.57","value_qualifier":"","currency":"USD","value_scope":"per_share_issuance_price","share_class":"Series F preferred","share_basis":"as_reported_reviewed_no_additional_split","confidence_class":"B","verification_status":"primary_verified","checked_on":"2026-09-17","source":{"url":"https://www.sec.gov/Archives/edgar/data/1562088/000162828021014753/duolingo424b4.htm","publisher":"SEC · Duolingo filing","title":"IPO prospectus (Form 424B4)","locator":"Note 8: December 31, 2020 per-share price at issuance table and conversion terms; The Offering: Preferred Stock Conversion; prospectus cover: Class B rights"},"supporting_sources":[],"citation_url":"https://capitaltimemachine.com/private/duolingo#DUOL-F"},{"id":"DUOL-G","title":"Series G","note":"The filing table rounds issuance prices to cents; results are approximate. The table date does not establish an investment date. Preferred converts 1:1 into Class B; each Class B is convertible to one Class A share. Secondary employee share sales are excluded. Reference date is not an assumed purchase date.","observation_date":"2020-12-31","date_precision":"day","date_role":"historical_table_snapshot","actual_entry_date":null,"value":"41.38","value_qualifier":"","currency":"USD","value_scope":"per_share_issuance_price","share_class":"Series G preferred","share_basis":"as_reported_reviewed_no_additional_split","confidence_class":"B","verification_status":"primary_verified","checked_on":"2026-09-17","source":{"url":"https://www.sec.gov/Archives/edgar/data/1562088/000162828021014753/duolingo424b4.htm","publisher":"SEC · Duolingo filing","title":"IPO prospectus (Form 424B4)","locator":"Note 8: December 31, 2020 per-share price at issuance table and conversion terms; The Offering: Preferred Stock Conversion; prospectus cover: Class B rights"},"supporting_sources":[],"citation_url":"https://capitaltimemachine.com/private/duolingo#DUOL-G"},{"id":"DUOL-H","title":"Series H","note":"The filing table rounds issuance prices to cents; results are approximate. The table date does not establish an investment date. Preferred converts 1:1 into Class B; each Class B is convertible to one Class A share. Secondary employee share sales are excluded. Reference date is not an assumed purchase date.","observation_date":"2020-12-31","date_precision":"day","date_role":"historical_table_snapshot","actual_entry_date":null,"value":"59.77","value_qualifier":"","currency":"USD","value_scope":"per_share_issuance_price","share_class":"Series H preferred","share_basis":"as_reported_reviewed_no_additional_split","confidence_class":"B","verification_status":"primary_verified","checked_on":"2026-09-17","source":{"url":"https://www.sec.gov/Archives/edgar/data/1562088/000162828021014753/duolingo424b4.htm","publisher":"SEC · Duolingo filing","title":"IPO prospectus (Form 424B4)","locator":"Note 8: December 31, 2020 per-share price at issuance table and conversion terms; The Offering: Preferred Stock Conversion; prospectus cover: Class B rights"},"supporting_sources":[],"citation_url":"https://capitaltimemachine.com/private/duolingo#DUOL-H"},{"id":"DUOL-OFFER","title":"IPO offer","note":"Prospectus pricing date, not first trading close or an executable sale.","observation_date":"2021-07-27","date_precision":"day","date_role":"offering_pricing","actual_entry_date":null,"value":"102.00","value_qualifier":"","currency":"USD","value_scope":"public_offer_price_per_share","share_class":"Class A common","confidence_class":"A","verification_status":"primary_verified","checked_on":"2026-09-17","source":{"url":"https://www.sec.gov/Archives/edgar/data/1562088/000162828021014753/duolingo424b4.htm","publisher":"SEC · Duolingo filing","title":"IPO prospectus (Form 424B4)","locator":"Prospectus cover: offering price and prospectus date"},"supporting_sources":[],"citation_url":"https://capitaltimemachine.com/private/duolingo#DUOL-OFFER"}],"calculation_options":{"early_stage_assumptions":null,"ipo_offer_models":[{"id":"DUOL-A-IPO","company":"duolingo","start":"DUOL-A","end":"DUOL-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":"The filing table rounds issuance prices to cents; results are approximate. The table date does not establish an investment date. Preferred converts 1:1 into Class B; each Class B is convertible to one Class A share. Secondary employee share sales are excluded. 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/1562088/000162828021014753/duolingo424b4.htm","source_locators":["Note 8: December 31, 2020 per-share price at issuance table and conversion terms; The Offering: Preferred Stock Conversion; prospectus cover: Class B rights","Prospectus cover: IPO offering price and pricing date"]},{"id":"DUOL-B-IPO","company":"duolingo","start":"DUOL-B","end":"DUOL-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":"The filing table rounds issuance prices to cents; results are approximate. The table date does not establish an investment date. Preferred converts 1:1 into Class B; each Class B is convertible to one Class A share. Secondary employee share sales are excluded. 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/1562088/000162828021014753/duolingo424b4.htm","source_locators":["Note 8: December 31, 2020 per-share price at issuance table and conversion terms; The Offering: Preferred Stock Conversion; prospectus cover: Class B rights","Prospectus cover: IPO offering price and pricing date"]},{"id":"DUOL-C-IPO","company":"duolingo","start":"DUOL-C","end":"DUOL-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":"The filing table rounds issuance prices to cents; results are approximate. The table date does not establish an investment date. Preferred converts 1:1 into Class B; each Class B is convertible to one Class A share. Secondary employee share sales are excluded. 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/1562088/000162828021014753/duolingo424b4.htm","source_locators":["Note 8: December 31, 2020 per-share price at issuance table and conversion terms; The Offering: Preferred Stock Conversion; prospectus cover: Class B rights","Prospectus cover: IPO offering price and pricing date"]},{"id":"DUOL-D-IPO","company":"duolingo","start":"DUOL-D","end":"DUOL-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":"The filing table rounds issuance prices to cents; results are approximate. The table date does not establish an investment date. Preferred converts 1:1 into Class B; each Class B is convertible to one Class A share. Secondary employee share sales are excluded. 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/1562088/000162828021014753/duolingo424b4.htm","source_locators":["Note 8: December 31, 2020 per-share price at issuance table and conversion terms; The Offering: Preferred Stock Conversion; prospectus cover: Class B rights","Prospectus cover: IPO offering price and pricing date"]},{"id":"DUOL-E-IPO","company":"duolingo","start":"DUOL-E","end":"DUOL-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":"The filing table rounds issuance prices to cents; results are approximate. The table date does not establish an investment date. Preferred converts 1:1 into Class B; each Class B is convertible to one Class A share. Secondary employee share sales are excluded. 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/1562088/000162828021014753/duolingo424b4.htm","source_locators":["Note 8: December 31, 2020 per-share price at issuance table and conversion terms; The Offering: Preferred Stock Conversion; prospectus cover: Class B rights","Prospectus cover: IPO offering price and pricing date"]},{"id":"DUOL-F-IPO","company":"duolingo","start":"DUOL-F","end":"DUOL-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":"The filing table rounds issuance prices to cents; results are approximate. The table date does not establish an investment date. Preferred converts 1:1 into Class B; each Class B is convertible to one Class A share. Secondary employee share sales are excluded. 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/1562088/000162828021014753/duolingo424b4.htm","source_locators":["Note 8: December 31, 2020 per-share price at issuance table and conversion terms; The Offering: Preferred Stock Conversion; prospectus cover: Class B rights","Prospectus cover: IPO offering price and pricing date"]},{"id":"DUOL-G-IPO","company":"duolingo","start":"DUOL-G","end":"DUOL-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":"The filing table rounds issuance prices to cents; results are approximate. The table date does not establish an investment date. Preferred converts 1:1 into Class B; each Class B is convertible to one Class A share. Secondary employee share sales are excluded. 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/1562088/000162828021014753/duolingo424b4.htm","source_locators":["Note 8: December 31, 2020 per-share price at issuance table and conversion terms; The Offering: Preferred Stock Conversion; prospectus cover: Class B rights","Prospectus cover: IPO offering price and pricing date"]},{"id":"DUOL-H-IPO","company":"duolingo","start":"DUOL-H","end":"DUOL-OFFER","label":"Series H → IPO offer-price mark","conversion_factor":"1","split_adjustment":"already_reflected_do_not_apply_again","reviewed_on":"2026-09-17","basis_note":"The filing table rounds issuance prices to cents; results are approximate. The table date does not establish an investment date. Preferred converts 1:1 into Class B; each Class B is convertible to one Class A share. Secondary employee share sales are excluded. 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/1562088/000162828021014753/duolingo424b4.htm","source_locators":["Note 8: December 31, 2020 per-share price at issuance table and conversion terms; The Offering: Preferred Stock Conversion; prospectus cover: Class B rights","Prospectus cover: IPO offering price and pricing date"]}],"valuation_comparisons":[],"user_entered_private_prices":false,"entered_public_price_review":{"company":"duolingo","ticker":"DUOL","issuer_cik":"1562088","model_ids":["DUOL-A-IPO","DUOL-B-IPO","DUOL-C-IPO","DUOL-D-IPO","DUOL-E-IPO","DUOL-F-IPO","DUOL-G-IPO","DUOL-H-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/1562088/000162828021014753/duolingo424b4.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/1562088/000162828026053603/duol-20260630.htm","title":"Issuer 10-Q · 2026-08-06","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=DUOL","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},"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."]}