# Duolingo — Capital Time Machine Explore 8 documented funding stages and their hypothetical value at the IPO offer price. Canonical citation: https://capitaltimemachine.com/private/duolingo 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 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. ## 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 ### DUOL-A — Series A Value: 0.85 USD; scope: per_share_issuance_price Date: 2020-12-31; 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 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. Source: [SEC · Duolingo filing — IPO prospectus (Form 424B4)](https://www.sec.gov/Archives/edgar/data/1562088/000162828021014753/duolingo424b4.htm) Source location: Note 8: December 31, 2020 per-share price at issuance table and conversion terms; The Offering: Preferred Stock Conversion; prospectus cover: Class B rights Citation: https://capitaltimemachine.com/private/duolingo#DUOL-A ### DUOL-B — Series B Value: 2.38 USD; scope: per_share_issuance_price Date: 2020-12-31; 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 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. Source: [SEC · Duolingo filing — IPO prospectus (Form 424B4)](https://www.sec.gov/Archives/edgar/data/1562088/000162828021014753/duolingo424b4.htm) Source location: Note 8: December 31, 2020 per-share price at issuance table and conversion terms; The Offering: Preferred Stock Conversion; prospectus cover: Class B rights Citation: https://capitaltimemachine.com/private/duolingo#DUOL-B ### DUOL-C — Series C Value: 6.78 USD; scope: per_share_issuance_price Date: 2020-12-31; 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 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. Source: [SEC · Duolingo filing — IPO prospectus (Form 424B4)](https://www.sec.gov/Archives/edgar/data/1562088/000162828021014753/duolingo424b4.htm) Source location: Note 8: December 31, 2020 per-share price at issuance table and conversion terms; The Offering: Preferred Stock Conversion; prospectus cover: Class B rights Citation: https://capitaltimemachine.com/private/duolingo#DUOL-C ### DUOL-D — Series D Value: 14.27 USD; scope: per_share_issuance_price Date: 2020-12-31; 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 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. Source: [SEC · Duolingo filing — IPO prospectus (Form 424B4)](https://www.sec.gov/Archives/edgar/data/1562088/000162828021014753/duolingo424b4.htm) Source location: Note 8: December 31, 2020 per-share price at issuance table and conversion terms; The Offering: Preferred Stock Conversion; prospectus cover: Class B rights Citation: https://capitaltimemachine.com/private/duolingo#DUOL-D ### DUOL-E — Series E Value: 20.43 USD; scope: per_share_issuance_price Date: 2020-12-31; 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 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. Source: [SEC · Duolingo filing — IPO prospectus (Form 424B4)](https://www.sec.gov/Archives/edgar/data/1562088/000162828021014753/duolingo424b4.htm) Source location: Note 8: December 31, 2020 per-share price at issuance table and conversion terms; The Offering: Preferred Stock Conversion; prospectus cover: Class B rights Citation: https://capitaltimemachine.com/private/duolingo#DUOL-E ### DUOL-F — Series F Value: 39.57 USD; scope: per_share_issuance_price Date: 2020-12-31; 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 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. Source: [SEC · Duolingo filing — IPO prospectus (Form 424B4)](https://www.sec.gov/Archives/edgar/data/1562088/000162828021014753/duolingo424b4.htm) Source location: Note 8: December 31, 2020 per-share price at issuance table and conversion terms; The Offering: Preferred Stock Conversion; prospectus cover: Class B rights Citation: https://capitaltimemachine.com/private/duolingo#DUOL-F ### DUOL-G — Series G Value: 41.38 USD; scope: per_share_issuance_price Date: 2020-12-31; 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 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. Source: [SEC · Duolingo filing — IPO prospectus (Form 424B4)](https://www.sec.gov/Archives/edgar/data/1562088/000162828021014753/duolingo424b4.htm) Source location: Note 8: December 31, 2020 per-share price at issuance table and conversion terms; The Offering: Preferred Stock Conversion; prospectus cover: Class B rights Citation: https://capitaltimemachine.com/private/duolingo#DUOL-G ### DUOL-H — Series H Value: 59.77 USD; scope: per_share_issuance_price Date: 2020-12-31; precision: day; role: historical_table_snapshot; actual investment date: not established Security: Series H preferred; share basis: as_reported_reviewed_no_additional_split Verification: primary_verified; checked: 2026-09-17 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. Source: [SEC · Duolingo filing — IPO prospectus (Form 424B4)](https://www.sec.gov/Archives/edgar/data/1562088/000162828021014753/duolingo424b4.htm) Source location: Note 8: December 31, 2020 per-share price at issuance table and conversion terms; The Offering: Preferred Stock Conversion; prospectus cover: Class B rights Citation: https://capitaltimemachine.com/private/duolingo#DUOL-H ### DUOL-OFFER — IPO offer Value: 102.00 USD; scope: public_offer_price_per_share Date: 2021-07-27; 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 · Duolingo filing — IPO prospectus (Form 424B4)](https://www.sec.gov/Archives/edgar/data/1562088/000162828021014753/duolingo424b4.htm) Source location: Prospectus cover: offering price and prospectus date Citation: 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 } ## 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