# Netflix — Capital Time Machine

Netflix’s preferred funding history includes a pre-IPO reverse split and anti-dilution adjustments. Different series therefore convert into different numbers of IPO shares.

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

Ticker: NFLX
Sector: Streaming & entertainment
Public-market route: IPO
Evidence reviewed: 2026-09-24

## How to use this research

Selected historical funding and listing evidence, not a complete private cap table or live quote. Funding totals, company valuations and per-share prices are different measures. A hypothetical value is not actual sale proceeds; investor access is not established.

## Funding and listing history

### AB — Early Series A and B terms

Date: 2002-03-31
Event type: Preferred terms snapshot

A issue price $0.50; B $1.08. The May 2002 reverse split leaves one IPO common share per three preferred shares.

Source: [Netflix final 2002 IPO prospectus](https://www.sec.gov/Archives/edgar/data/1065280/000101287002002475/d424b4.htm)
Source location: Cover; preferred financing and conversion notes; 2001 amendments and May 2002 one-for-three reverse split.

### C — Series C financing

Date: 1999-02–1999-06
Event type: Private preferred financing

4,650,269 preferred shares at $3.27. After later anti-dilution changes and the reverse split, the filing reports 0.4395 common shares per preferred.

Reported price: $3.27

Source: [Netflix final 2002 IPO prospectus](https://www.sec.gov/Archives/edgar/data/1065280/000101287002002475/d424b4.htm)
Source location: Cover; preferred financing and conversion notes; 2001 amendments and May 2002 one-for-three reverse split.

### D — Series D financing

Date: 1999-06–1999-10
Event type: Private preferred financing

4,649,927 preferred shares at $6.52. The adjusted conversion ratio is 0.4735 IPO common shares per preferred.

Reported price: $6.52

Source: [Netflix final 2002 IPO prospectus](https://www.sec.gov/Archives/edgar/data/1065280/000101287002002475/d424b4.htm)
Source location: Cover; preferred financing and conversion notes; 2001 amendments and May 2002 one-for-three reverse split.

### E — Series E financing

Date: 2000-04
Event type: Private preferred financing

5,332,689 preferred shares at $9.38. July 2001 restructuring changed conversion rights; retained Series E converts at the filing’s 0.6812 ratio.

Reported price: $9.38

Source: [Netflix final 2002 IPO prospectus](https://www.sec.gov/Archives/edgar/data/1065280/000101287002002475/d424b4.htm)
Source location: Cover; preferred financing and conversion notes; 2001 amendments and May 2002 one-for-three reverse split.

### restructure — Preferred-stock restructuring

Date: 2001-07
Event type: Conversion adjustment

Certain E holders were reclassified into E-1, while C/D/E received anti-dilution adjustments. E-1 is a variant of existing financing, not an additional cash raise.

Source: [Netflix final 2002 IPO prospectus](https://www.sec.gov/Archives/edgar/data/1065280/000101287002002475/d424b4.htm)
Source location: Cover; preferred financing and conversion notes; 2001 amendments and May 2002 one-for-three reverse split.

### ipo — Netflix public offering

Date: 2002-05-23
Event type: IPO

The final offer price was $15 after a one-for-three pre-IPO reverse split.

Reported price: $15

Source: [Netflix final 2002 IPO prospectus](https://www.sec.gov/Archives/edgar/data/1065280/000101287002002475/d424b4.htm)
Source location: Cover; preferred financing and conversion notes; 2001 amendments and May 2002 one-for-three reverse split.

### splits — Later public stock splits

Date: 2004–2025
Event type: Share basis

Public splits of 2, 7 and 10 multiply to 140 shares per IPO-basis common share.

Source: [Netflix second-quarter 2004 Form 10-Q](https://www.sec.gov/Archives/edgar/data/1065280/000119312504128377/d10q.htm)
Source location: Two-for-one stock split in February 2004.

Source: [Netflix announces seven-for-one split](https://www.sec.gov/Archives/edgar/data/1065280/000106528015000027/a991pressreleaseforstocksp.htm)
Source location: July 15, 2015 split-adjusted trading.

Source: [Netflix November 2025 Form 8-K](https://www.sec.gov/Archives/edgar/data/1065280/000106528025000450/nflx-20251114.htm)
Source location: Completed ten-for-one split and adjusted trading November 17, 2025.

## Documented share calculations

### A — Series A · $0.50

Starting price: 0.50 USD per starting share
Starting date or context: Preferred terms at Mar 31, 2002 · not a round date

Base conversion: 1 ÷ 3 common-share equivalents per starting share, before dated public splits

Conversion includes the pre-IPO reverse split and applicable 2001 adjustments. Exact one-third conversion; later public splits are separate.

Public trading begins: 2002-05-23
Supported ending dates begin: 2002-05-23
Share basis reviewed through: 2025-11-17

Documented endpoint: IPO offer price · $15; 15 USD per share on 2002-05-23.

Formula: amount ÷ 0.50 × (1 ÷ 3) × applicable dated public splits × ending share price. 

Source: [Netflix final 2002 IPO prospectus](https://www.sec.gov/Archives/edgar/data/1065280/000101287002002475/d424b4.htm)
Source location: Cover; preferred financing and conversion notes; 2001 amendments and May 2002 one-for-three reverse split.

### B — Series B · $1.08

Starting price: 1.08 USD per starting share
Starting date or context: Preferred terms at Mar 31, 2002 · not a round date

Base conversion: 1 ÷ 3 common-share equivalents per starting share, before dated public splits

Conversion includes the pre-IPO reverse split and applicable 2001 adjustments. Exact one-third conversion; later public splits are separate.

Public trading begins: 2002-05-23
Supported ending dates begin: 2002-05-23
Share basis reviewed through: 2025-11-17

Documented endpoint: IPO offer price · $15; 15 USD per share on 2002-05-23.

Formula: amount ÷ 1.08 × (1 ÷ 3) × applicable dated public splits × ending share price. 

Source: [Netflix final 2002 IPO prospectus](https://www.sec.gov/Archives/edgar/data/1065280/000101287002002475/d424b4.htm)
Source location: Cover; preferred financing and conversion notes; 2001 amendments and May 2002 one-for-three reverse split.

### C — Series C · $3.27

Starting price: 3.27 USD per starting share
Starting date or context: Preferred terms at Mar 31, 2002 · not a round date

Base conversion: 0.4395 common-share equivalents per starting share, before dated public splits

Conversion includes the pre-IPO reverse split and applicable 2001 adjustments. Uses the prospectus’s rounded four-decimal conversion ratio; results are approximate.

Public trading begins: 2002-05-23
Supported ending dates begin: 2002-05-23
Share basis reviewed through: 2025-11-17

Documented endpoint: IPO offer price · $15; 15 USD per share on 2002-05-23.

Formula: amount ÷ 3.27 × (0.4395) × applicable dated public splits × ending share price. 

Source: [Netflix final 2002 IPO prospectus](https://www.sec.gov/Archives/edgar/data/1065280/000101287002002475/d424b4.htm)
Source location: Cover; preferred financing and conversion notes; 2001 amendments and May 2002 one-for-three reverse split.

### D — Series D · $6.52

Starting price: 6.52 USD per starting share
Starting date or context: Preferred terms at Mar 31, 2002 · not a round date

Base conversion: 0.4735 common-share equivalents per starting share, before dated public splits

Conversion includes the pre-IPO reverse split and applicable 2001 adjustments. Uses the prospectus’s rounded four-decimal conversion ratio; results are approximate.

Public trading begins: 2002-05-23
Supported ending dates begin: 2002-05-23
Share basis reviewed through: 2025-11-17

Documented endpoint: IPO offer price · $15; 15 USD per share on 2002-05-23.

Formula: amount ÷ 6.52 × (0.4735) × applicable dated public splits × ending share price. 

Source: [Netflix final 2002 IPO prospectus](https://www.sec.gov/Archives/edgar/data/1065280/000101287002002475/d424b4.htm)
Source location: Cover; preferred financing and conversion notes; 2001 amendments and May 2002 one-for-three reverse split.

### E — Series E · $9.38

Starting price: 9.38 USD per starting share
Starting date or context: Preferred terms at Mar 31, 2002 · not a round date

Base conversion: 0.6812 common-share equivalents per starting share, before dated public splits

Conversion includes the pre-IPO reverse split and applicable 2001 adjustments. Uses the prospectus’s rounded four-decimal conversion ratio; results are approximate.

Public trading begins: 2002-05-23
Supported ending dates begin: 2002-05-23
Share basis reviewed through: 2025-11-17

Documented endpoint: IPO offer price · $15; 15 USD per share on 2002-05-23.

Formula: amount ÷ 9.38 × (0.6812) × applicable dated public splits × ending share price. 

Source: [Netflix final 2002 IPO prospectus](https://www.sec.gov/Archives/edgar/data/1065280/000101287002002475/d424b4.htm)
Source location: Cover; preferred financing and conversion notes; 2001 amendments and May 2002 one-for-three reverse split.

### E-1 — Series E-1 · $9.38

Starting price: 9.38 USD per starting share
Starting date or context: Preferred terms at Mar 31, 2002 · not a round date

Base conversion: 1 ÷ 3 common-share equivalents per starting share, before dated public splits

Conversion includes the pre-IPO reverse split and applicable 2001 adjustments. Exact one-third conversion; later public splits are separate.

Public trading begins: 2002-05-23
Supported ending dates begin: 2002-05-23
Share basis reviewed through: 2025-11-17

Documented endpoint: IPO offer price · $15; 15 USD per share on 2002-05-23.

Formula: amount ÷ 9.38 × (1 ÷ 3) × applicable dated public splits × ending share price. 

Source: [Netflix final 2002 IPO prospectus](https://www.sec.gov/Archives/edgar/data/1065280/000101287002002475/d424b4.htm)
Source location: Cover; preferred financing and conversion notes; 2001 amendments and May 2002 one-for-three reverse split.

### ipo — IPO offer price · $15

Starting price: 15 USD per starting share
Starting date or context: IPO · 2002-05-23

Base conversion: 1 common-share equivalents per starting share, before dated public splits

Starts at the public offering, not a private funding round. Uses the original offer price and the share adjustments documented below.

Public trading begins: 2002-05-23
Supported ending dates begin: 2002-05-23
Share basis reviewed through: 2025-11-17

The ending share price and its date must be supplied by the user.

Formula: amount ÷ 15 × (1) × applicable dated public splits × ending share price. 

Source: [Netflix final 2002 IPO prospectus](https://www.sec.gov/Archives/edgar/data/1065280/000101287002002475/d424b4.htm)
Source location: Cover; preferred financing and conversion notes; 2001 amendments and May 2002 one-for-three reverse split.

## Later share adjustments

2004-02-12: multiply share units by 2.
Source: [Netflix second-quarter 2004 Form 10-Q](https://www.sec.gov/Archives/edgar/data/1065280/000119312504128377/d10q.htm)
Source location: Two-for-one stock split in February 2004.
Source: [Netflix announces seven-for-one split](https://www.sec.gov/Archives/edgar/data/1065280/000106528015000027/a991pressreleaseforstocksp.htm)
Source location: July 15, 2015 split-adjusted trading.
Source: [Netflix November 2025 Form 8-K](https://www.sec.gov/Archives/edgar/data/1065280/000106528025000450/nflx-20251114.htm)
Source location: Completed ten-for-one split and adjusted trading November 17, 2025.

2015-07-15: multiply share units by 7.
Source: [Netflix second-quarter 2004 Form 10-Q](https://www.sec.gov/Archives/edgar/data/1065280/000119312504128377/d10q.htm)
Source location: Two-for-one stock split in February 2004.
Source: [Netflix announces seven-for-one split](https://www.sec.gov/Archives/edgar/data/1065280/000106528015000027/a991pressreleaseforstocksp.htm)
Source location: July 15, 2015 split-adjusted trading.
Source: [Netflix November 2025 Form 8-K](https://www.sec.gov/Archives/edgar/data/1065280/000106528025000450/nflx-20251114.htm)
Source location: Completed ten-for-one split and adjusted trading November 17, 2025.

2025-11-17: multiply share units by 10.
Source: [Netflix second-quarter 2004 Form 10-Q](https://www.sec.gov/Archives/edgar/data/1065280/000119312504128377/d10q.htm)
Source location: Two-for-one stock split in February 2004.
Source: [Netflix announces seven-for-one split](https://www.sec.gov/Archives/edgar/data/1065280/000106528015000027/a991pressreleaseforstocksp.htm)
Source location: July 15, 2015 split-adjusted trading.
Source: [Netflix November 2025 Form 8-K](https://www.sec.gov/Archives/edgar/data/1065280/000106528025000450/nflx-20251114.htm)
Source location: Completed ten-for-one split and adjusted trading November 17, 2025.

No separate share-class distribution is modeled.

## Coverage gaps and limitations

- Series C/D/E conversion ratios are published to four decimal places; resulting values are approximate, not a reconstructed individual cap table.

- Series F studio arrangements and E-1 reclassifications are not treated as new cash rounds. Warrants and noncash commercial consideration are excluded.

Entered prices and later-date share-basis assumptions are unverified. Excludes fees, taxes, dividends, warrants and other distributions; fractional shares are illustrative. Historical investor allocations, minimums and selling rights are not established.

Methodology: https://capitaltimemachine.com/methodology

Research terms: https://capitaltimemachine.com/terms