THE PRIVATE-TO-PUBLIC JOURNEY

Airbnb · Before & after the IPO

Start with a private share price. Follow the evidence into public markets.

Source-backed methodology

5 private share series3 public closing dates15 supported pathsExplore the evidence ↓

YOUR STARTING POINT

What if you invested?

How this calculation works

Filing-based illustrationABNB · USD

Approximate marked value on Dec 31, 2021

≈ $31,712.38

$10,000.00 at the Series F issuance price, carried forward as 190.476190 Class A-equivalent shares.

3.17× price multiple from private entry+144.84% public close vs. IPO offer price

My saved research

Keep this result and its source evidence in your account.

01
Private issuance price
Purchase date unknown
$10,000.00$52.50 per share · split-restated
02
IPO offer-price mark
Dec 14, 2020
$12,952.38$68.00 per share
03
Public closing-price mark
Dec 31, 2021
$31,712.38$166.49 per share

A price mark, not money received. No sale is assumed. An individual holder’s ability to sell is unknown. Fees, tax and distributions are excluded.

Inspect this endpoint’s evidence

$166.49 · Class A common closing price on Dec 31, 2021.

Outstanding Equity Awards at Fiscal 2021 Year-End, footnote (1), p. 36. Published Apr 22, 2022; source checked Sep 17, 2026.

Read 2022 proxy statement ↗

Calculation record & sources

Keep the inputs, source observations, assumptions and method version used for this result.

Download calculation record

Inspect the record

{
  "methodVersion": "private-ipo-bridge-1.2.0",
  "revision": "ipo-bridge-preview-v2",
  "privateRevision": "ctm-research-2026-10-01",
  "kind": "approximate_private_to_public_price_mark",
  "company": "airbnb",
  "instrumentId": "ABNB-CLASS-A-NASDAQ",
  "inputs": {
    "modelId": "ABNB-F-IPO",
    "markId": "ABNB-CLOSE-2021-12-31",
    "amount": "10000.00",
    "currency": "USD"
  },
  "markedValue": "31712.38",
  "offerMarkedValue": "12952.38",
  "changeFromOffer": "18760.00",
  "priceMultiple": "3.1712",
  "priceChangePercent": "217.12",
  "publicPriceChangePercent": "144.84",
  "commonShareEquivalents": "190.476190",
  "markDate": "2021-12-31",
  "reviewedOn": "2026-09-17",
  "stages": [
    {
      "id": "ABNB-F",
      "stage": "Private issuance price",
      "date": null,
      "dateRole": "purchase_date_unknown",
      "price": "52.50",
      "value": "10000.00"
    },
    {
      "id": "ABNB-OFFER",
      "stage": "IPO offer-price mark",
      "date": "2020-12-14",
      "dateRole": "offering_completion",
      "price": "68.00",
      "value": "12952.38"
    },
    {
      "id": "ABNB-CLOSE-2021-12-31",
      "stage": "Public closing-price mark",
      "date": "2021-12-31",
      "dateRole": "market_session_close",
      "price": "166.49",
      "value": "31712.38"
    }
  ],
  "evidence": {
    "privateObservations": [
      {
        "id": "ABNB-F",
        "company": "Airbnb",
        "date": "2019-12-31",
        "dateRole": "historical_table_snapshot",
        "value": "52.50",
        "currency": "USD",
        "scope": "per_share_issuance_price",
        "qualifier": "",
        "shareClass": "Series F preferred",
        "source": "https://www.sec.gov/Archives/edgar/data/1559720/000155972021000010/airbnb-10k.htm",
        "locator": "Note 12, table as of December 31 2019",
        "publisher": "SEC · Airbnb filing",
        "verification": "primary_verified",
        "checkedOn": "2026-09-16",
        "supportingSources": []
      },
      {
        "id": "ABNB-OFFER",
        "company": "Airbnb",
        "date": "2020-12-14",
        "dateRole": "offering_completion",
        "value": "68.00",
        "currency": "USD",
        "scope": "public_offer_price_per_share",
        "qualifier": "",
        "shareClass": "Class A common",
        "source": "https://www.sec.gov/Archives/edgar/data/1559720/000155972021000010/airbnb-10k.htm",
        "locator": "Stock Split and Initial Public Offering notes",
        "publisher": "SEC · Airbnb filing",
        "verification": "primary_verified",
        "checkedOn": "2026-09-16",
        "supportingSources": []
      }
    ],
    "publicObservation": {
      "id": "ABNB-CLOSE-2021-12-31",
      "company": "airbnb",
      "instrument_id": "ABNB-CLASS-A-NASDAQ",
      "currency": "USD",
      "value": "166.49",
      "date": "2021-12-31",
      "date_role": "market_session_close",
      "price_basis": "as_reported_unadjusted_close",
      "share_basis": "post_2020_split",
      "share_class": "Class A common",
      "source_id": "ABNB-2022-PROXY",
      "source_locator": "Outstanding Equity Awards at Fiscal 2021 Year-End, footnote (1), p. 36",
      "value_status": "reported",
      "verification": "primary_verified"
    },
    "conversion": {
      "effective_date": "2020-12-14",
      "preferred_to_common_factor": "1",
      "listed_equivalent_factor": "1",
      "from_class": "Series B / B-1 / D / E / F preferred",
      "to_class": "Class B common",
      "listed_class": "Class A common",
      "split_handling": "already_reflected_do_not_apply_again",
      "source_ids": [
        "ABNB-2020-K",
        "ABNB-2021-K"
      ],
      "source_locators": [
        "2020 Note 2: IPO completion and Series C adjustment",
        "2020 Note 12: Conversion Rights and Common Stock",
        "2021 Note 11: Common Stock"
      ],
      "note": "B, B-1, D, E and F use 1:1 Class B and Class A equivalents. Series C is excluded for its adjustment; Seed and A need additional entry-price precision review."
    },
    "publicBasisReview": {
      "from_date": "2020-12-14",
      "through_date": "2021-12-31",
      "units_factor": "1",
      "status": "reviewed_selected_endpoints",
      "source_ids": [
        "ABNB-2020-K",
        "ABNB-2021-K"
      ],
      "source_locators": [
        "2020 Note 2 and Note 12",
        "2021 Note 2, Note 11 and statements of stockholders’ equity"
      ],
      "note": "Selected post-split endpoints use the same common-share unit. No additional split is applied. This is a filing-based endpoint review, not a certified daily price or corporate-action feed."
    },
    "restrictions": {
      "status": "holder_eligibility_unknown",
      "source_id": "ABNB-2020-K",
      "source_locator": "Risk Factors: lock-up and market standoff agreements, p. 48",
      "note": "The general restriction ends on the later of the second trading day after Q1 2021 earnings and the 121st day after December 9, 2020. Early releases and exceptions exist. A quoted mark does not establish eligibility to sell."
    },
    "sources": [
      {
        "id": "ABNB-2020-K",
        "title": "2020 Form 10-K",
        "url": "https://www.sec.gov/Archives/edgar/data/1559720/000155972021000010/airbnb-10k.htm",
        "published_on": "2021-02-26",
        "publisher": "Airbnb · SEC filing",
        "retrieved_on": "2026-09-17",
        "verification": "primary_verified",
        "publication_rights": "approved_for_public_use",
        "production_approved": true,
        "publication_review": {
          "date": "2026-09-17",
          "basis": "Attributed factual observations from SEC EDGAR public filings; no artwork or endorsement",
          "policy_url": "https://www.sec.gov/about/webmaster-frequently-asked-questions"
        }
      },
      {
        "id": "ABNB-2021-K",
        "title": "2021 Form 10-K",
        "url": "https://www.sec.gov/Archives/edgar/data/1559720/000155972022000006/abnb-20211231.htm",
        "published_on": "2022-02-25",
        "publisher": "Airbnb · SEC filing",
        "retrieved_on": "2026-09-17",
        "verification": "primary_verified",
        "publication_rights": "approved_for_public_use",
        "production_approved": true,
        "publication_review": {
          "date": "2026-09-17",
          "basis": "Attributed factual observations from SEC EDGAR public filings; no artwork or endorsement",
          "policy_url": "https://www.sec.gov/about/webmaster-frequently-asked-questions"
        }
      },
      {
        "id": "ABNB-2022-PROXY",
        "title": "2022 proxy statement",
        "url": "https://www.sec.gov/Archives/edgar/data/1559720/000119312522115317/d278253ddef14a.htm",
        "published_on": "2022-04-22",
        "publisher": "Airbnb · SEC filing",
        "retrieved_on": "2026-09-17",
        "verification": "primary_verified",
        "publication_rights": "approved_for_public_use",
        "production_approved": true,
        "publication_review": {
          "date": "2026-09-17",
          "basis": "Attributed factual observations from SEC EDGAR public filings; no artwork or endorsement",
          "policy_url": "https://www.sec.gov/about/webmaster-frequently-asked-questions"
        }
      }
    ]
  },
  "sourceIds": [
    "ABNB-F",
    "ABNB-OFFER",
    "ABNB-CLOSE-2021-12-31"
  ],
  "purchaseDate": null,
  "cagr": null,
  "realizedProceeds": null,
  "saleEligibility": "unknown",
  "formula": "amount ÷ reviewed preferred issuance price × reviewed conversion factors × selected Class A closing price",
  "assumptions": [
    "Fractional share equivalents; no rounding until displayed.",
    "Series B / B-1 / D / E / F preferred converts to Class B common using 1:1; listed equivalents use 1:1.",
    "No additional split or generic dilution deduction.",
    "No holder-specific adjustment or extra securities."
  ],
  "limitations": [
    "Approximate share-equivalent model using the precision published by the issuer.",
    "A historical table date or issuance month is not an exact purchase date. No annualized return.",
    "Price-only mark, not total return: distributions, fees, tax and inflation are excluded.",
    "No sale, allocation, lock-up exemption or ability to access proceeds is established.",
    "Selected historical closes only; no daily curve, maximum drawdown or current quote.",
    "Source checking does not clear commercial redistribution rights."
  ],
  "timeline": [
    {
      "id": "ABNB-ENTRY-SNAPSHOT",
      "date": "2019-12-31",
      "kind": "private_snapshot",
      "title": "Preferred-share table",
      "note": "Snapshot date, not a purchase date. B/B-1/D/E/F issuance prices are rounded and split-restated.",
      "source_id": "ABNB-2020-K",
      "source_locator": "Note 12: preferred-stock table as of December 31, 2019"
    },
    {
      "id": "ABNB-SPLIT",
      "date": "2020-10-26",
      "kind": "split",
      "title": "Two-for-one split",
      "note": "Already reflected in the filing’s issuance prices. It is not applied again.",
      "source_id": "ABNB-2020-K",
      "source_locator": "Note 2: Stock Split"
    },
    {
      "id": "ABNB-FILING",
      "date": "2020-11-16",
      "kind": "filing",
      "title": "IPO registration filed",
      "note": "A filing is distinct from pricing, trading and completion.",
      "source_id": "ABNB-S1",
      "source_locator": "Cover: as filed November 16, 2020"
    },
    {
      "id": "ABNB-PRICING",
      "date": "2020-12-09",
      "kind": "pricing",
      "title": "IPO priced at $68",
      "note": "Offer price from the final prospectus dated December 9; filed December 11. No allocation is assumed.",
      "source_id": "ABNB-PROSPECTUS",
      "source_locator": "Cover: offer price and prospectus date"
    },
    {
      "id": "ABNB-FIRST-TRADING",
      "date": "2020-12-10",
      "kind": "listing",
      "title": "Public trading begins",
      "note": "ABNB Class A starts trading on Nasdaq. No first-trade or first-day closing price is supplied here.",
      "source_id": "ABNB-2020-K",
      "source_locator": "Note 2: Initial Public Offering"
    },
    {
      "id": "ABNB-CONVERSION",
      "date": "2020-12-14",
      "kind": "conversion",
      "title": "Offering closes; preferred shares convert",
      "note": "B/B-1/D/E/F use a 1:1 preferred-to-Class B mapping. Series C has an extra adjustment and is excluded.",
      "source_id": "ABNB-2020-K",
      "source_locator": "Note 2: Initial Public Offering; Note 12: Conversion Rights"
    },
    {
      "id": "ABNB-EARLY-RELEASE",
      "date": "2021-03-01",
      "kind": "restriction",
      "title": "Conditional early release",
      "note": "The filing describes a limited early release. This does not establish any individual holder’s eligibility.",
      "source_id": "ABNB-2020-K",
      "source_locator": "Risk Factors: lock-up and market standoff agreements, p. 48"
    }
  ],
  "timelineSources": [
    {
      "id": "ABNB-S1",
      "title": "2020 registration statement",
      "url": "https://www.sec.gov/Archives/edgar/data/1559720/000119312520294801/d81668ds1.htm",
      "published_on": "2020-11-16",
      "publisher": "Airbnb · SEC filing",
      "retrieved_on": "2026-09-17",
      "verification": "primary_verified",
      "publication_rights": "approved_for_public_use",
      "production_approved": true,
      "publication_review": {
        "date": "2026-09-17",
        "basis": "Attributed factual observations from SEC EDGAR public filings; no artwork or endorsement",
        "policy_url": "https://www.sec.gov/about/webmaster-frequently-asked-questions"
      }
    },
    {
      "id": "ABNB-PROSPECTUS",
      "title": "Final IPO prospectus",
      "url": "https://www.sec.gov/Archives/edgar/data/1559720/000119312520315318/d81668d424b4.htm",
      "published_on": "2020-12-11",
      "publisher": "Airbnb · SEC filing",
      "retrieved_on": "2026-09-17",
      "verification": "primary_verified",
      "publication_rights": "approved_for_public_use",
      "production_approved": true,
      "publication_review": {
        "date": "2026-09-17",
        "basis": "Attributed factual observations from SEC EDGAR public filings; no artwork or endorsement",
        "policy_url": "https://www.sec.gov/about/webmaster-frequently-asked-questions"
      }
    },
    {
      "id": "ABNB-2020-K",
      "title": "2020 Form 10-K",
      "url": "https://www.sec.gov/Archives/edgar/data/1559720/000155972021000010/airbnb-10k.htm",
      "published_on": "2021-02-26",
      "publisher": "Airbnb · SEC filing",
      "retrieved_on": "2026-09-17",
      "verification": "primary_verified",
      "publication_rights": "approved_for_public_use",
      "production_approved": true,
      "publication_review": {
        "date": "2026-09-17",
        "basis": "Attributed factual observations from SEC EDGAR public filings; no artwork or endorsement",
        "policy_url": "https://www.sec.gov/about/webmaster-frequently-asked-questions"
      }
    },
    {
      "id": "ABNB-2021-PROXY",
      "title": "2021 proxy statement",
      "url": "https://www.sec.gov/Archives/edgar/data/1559720/000119312521145242/d44566ddef14a.htm",
      "published_on": "2021-04-30",
      "publisher": "Airbnb · SEC filing",
      "retrieved_on": "2026-09-17",
      "verification": "primary_verified",
      "publication_rights": "approved_for_public_use",
      "production_approved": true,
      "publication_review": {
        "date": "2026-09-17",
        "basis": "Attributed factual observations from SEC EDGAR public filings; no artwork or endorsement",
        "policy_url": "https://www.sec.gov/about/webmaster-frequently-asked-questions"
      }
    },
    {
      "id": "ABNB-2021-K",
      "title": "2021 Form 10-K",
      "url": "https://www.sec.gov/Archives/edgar/data/1559720/000155972022000006/abnb-20211231.htm",
      "published_on": "2022-02-25",
      "publisher": "Airbnb · SEC filing",
      "retrieved_on": "2026-09-17",
      "verification": "primary_verified",
      "publication_rights": "approved_for_public_use",
      "production_approved": true,
      "publication_review": {
        "date": "2026-09-17",
        "basis": "Attributed factual observations from SEC EDGAR public filings; no artwork or endorsement",
        "policy_url": "https://www.sec.gov/about/webmaster-frequently-asked-questions"
      }
    },
    {
      "id": "ABNB-2022-PROXY",
      "title": "2022 proxy statement",
      "url": "https://www.sec.gov/Archives/edgar/data/1559720/000119312522115317/d278253ddef14a.htm",
      "published_on": "2022-04-22",
      "publisher": "Airbnb · SEC filing",
      "retrieved_on": "2026-09-17",
      "verification": "primary_verified",
      "publication_rights": "approved_for_public_use",
      "production_approved": true,
      "publication_review": {
        "date": "2026-09-17",
        "basis": "Attributed factual observations from SEC EDGAR public filings; no artwork or endorsement",
        "policy_url": "https://www.sec.gov/about/webmaster-frequently-asked-questions"
      }
    }
  ]
}

BEHIND THE NUMBERS

What this scenario means for an investor.

This scenario applies the stated share prices and conversion assumptions to your chosen amount. The result is a hypothetical value, not a completed transaction.

Your amount vs. the investment minimum: Your amount sets the size of the illustration. It does not establish the minimum required to join that funding round.
Access depends on the offering: Investor eligibility and allocations depend on the offering’s terms. A recorded funding price does not mean everyone could invest at that price.
Direct shares and fund units differ: A direct share and a unit in a fund or investment vehicle can have different rights and costs. This scenario does not establish a specific investment route.
A price is not a cash exit: Lockups, transfer restrictions and available buyers can affect a holder’s ability to sell. The displayed value does not assume a sale.

EXPLORE THE OUTCOME

What happened after the IPO?

These historical marks do not describe the full price path. More dates appear only after their evidence is reviewed.

Historical marks for the same 190.476190 share equivalents
Closing date	Class A price	Approx. value
Dec 31, 2020	$146.80	$27,961.90
Nov 10, 2021	$192.22	$36,613.33
Dec 31, 2021 (selected endpoint)	$166.49	$31,712.38

Keep your research together. Save a journey to revisit its original numbers and sources.Open saved research →

UNDERSTAND YOUR RESULT

A clear bridge between share prices.

Amount ÷ private price × conversion factors × public close

Calculations retain full precision until display. Prices retain the precision published by the issuer. Airbnb’s preferred prices are rounded in its filing. The result is a hypothetical price mark.

Which shares are being compared?

Series B, B-1, D, E and F map 1:1 to Class B, then 1:1 to Class A equivalents. Series C is excluded. Seed and A need additional entry-price precision review. This models equivalent units, not an actual holder’s conversion.

How are splits and dilution handled?

The October 2020 two-for-one split is already reflected in the filing prices. No additional split or generic dilution deduction is applied.

Could an investor have sold at these prices?

The general restriction ends on the later of the second trading day after Q1 2021 earnings and the 121st day after December 9, 2020. Early releases and exceptions exist. A quoted mark does not establish eligibility to sell. Holder-specific terms, actual execution prices and cash proceeds are unknown.

Why is there no annualized return or continuous chart?

A table date or issuance month does not establish an exact purchase date. The available public closes are selected evidence points. They cannot establish an annualized private return, daily price history, maximum drawdown or a current value.

The events behind the numbers

10 dated milestones

Pricing, trading and conversion happened on different dates. The filing publication date may be later than the event it describes; this is retrospective research.

Dec 31, 2019Private evidence
Preferred-share table
Snapshot date, not a purchase date. B/B-1/D/E/F issuance prices are rounded and split-restated.
Source & date details
Note 12: preferred-stock table as of December 31, 2019
Published Feb 26, 2021 · Checked Sep 17, 2026
2020 Form 10-K (opens in a new tab)
Oct 26, 2020Share basis
Two-for-one split
Already reflected in the filing’s issuance prices. It is not applied again.
Source & date details
Note 2: Stock Split
Published Feb 26, 2021 · Checked Sep 17, 2026
2020 Form 10-K (opens in a new tab)
Nov 16, 2020Registration
IPO registration filed
A filing is distinct from pricing, trading and completion.
Source & date details
Cover: as filed November 16, 2020
Published Nov 16, 2020 · Checked Sep 17, 2026
2020 registration statement (opens in a new tab)
Dec 9, 2020Offer pricing
IPO priced at $68
Offer price from the final prospectus dated December 9; filed December 11. No allocation is assumed.
Source & date details
Cover: offer price and prospectus date
Published Dec 11, 2020 · Checked Sep 17, 2026
Final IPO prospectus (opens in a new tab)
Dec 10, 2020Public listing
Public trading begins
ABNB Class A starts trading on Nasdaq. No first-trade or first-day closing price is supplied here.
Source & date details
Note 2: Initial Public Offering
Published Feb 26, 2021 · Checked Sep 17, 2026
2020 Form 10-K (opens in a new tab)
Dec 14, 2020Share conversion
Offering closes; preferred shares convert
B/B-1/D/E/F use a 1:1 preferred-to-Class B mapping. Series C has an extra adjustment and is excluded.
Source & date details
Note 2: Initial Public Offering; Note 12: Conversion Rights
Published Feb 26, 2021 · Checked Sep 17, 2026
2020 Form 10-K (opens in a new tab)
Dec 31, 2020Public closing price
$146.80 public closing price
Reported Class A closing price. A historical mark does not establish a holder’s ability to sell.
Source & date details
Outstanding Equity Awards at Fiscal 2020 Year-End, footnote (1), p. 32
Published Apr 30, 2021 · Checked Sep 17, 2026
2021 proxy statement (opens in a new tab)
Mar 1, 2021Selling restrictions
Conditional early release
The filing describes a limited early release. This does not establish any individual holder’s eligibility.
Source & date details
Risk Factors: lock-up and market standoff agreements, p. 48
Published Feb 26, 2021 · Checked Sep 17, 2026
2020 Form 10-K (opens in a new tab)
Nov 10, 2021Public closing price
$192.22 public closing price
Reported Class A closing price. A historical mark does not establish a holder’s ability to sell.
Source & date details
Nonqualified Deferred Compensation for Fiscal Year 2021, footnote (1), p. 38
Published Apr 22, 2022 · Checked Sep 17, 2026
2022 proxy statement (opens in a new tab)
Dec 31, 2021Public closing price
$166.49 public closing price
Reported Class A closing price. A historical mark does not establish a holder’s ability to sell.
Source & date details
Outstanding Equity Awards at Fiscal 2021 Year-End, footnote (1), p. 36
Published Apr 22, 2022 · Checked Sep 17, 2026
2022 proxy statement (opens in a new tab)

Go deeper into the private evidence.

Read the original preferred-share observations and their limitations, or explore the coverage available for other companies.

Airbnb’s private history →Compare calculation coverage →

Historical research preview · Sources checked Sep 17, 2026. No investment access is offered. Source checking does not establish investment availability or permission for commercial redistribution.

What if you invested?

How this calculation works

≈ $31,712.38

$10,000.00 at the Series F issuance price, carried forward as 190.476190 Class A-equivalent shares.

3.17× price multiple from private entry+144.84% public close vs. IPO offer price

My saved research

Keep this result and its source evidence in your account.

Private issuance price

Purchase date unknown

$10,000.00$52.50 per share · split-restated

IPO offer-price mark

Dec 14, 2020

$12,952.38$68.00 per share

Public closing-price mark

Dec 31, 2021

$31,712.38$166.49 per share

A price mark, not money received. No sale is assumed. An individual holder’s ability to sell is unknown. Fees, tax and distributions are excluded.

Inspect this endpoint’s evidence

$166.49 · Class A common closing price on Dec 31, 2021.

Outstanding Equity Awards at Fiscal 2021 Year-End, footnote (1), p. 36. Published Apr 22, 2022; source checked Sep 17, 2026.

Read 2022 proxy statement ↗

Calculation record & sources

Keep the inputs, source observations, assumptions and method version used for this result.

Download calculation record

Inspect the record

{
  "methodVersion": "private-ipo-bridge-1.2.0",
  "revision": "ipo-bridge-preview-v2",
  "privateRevision": "ctm-research-2026-10-01",
  "kind": "approximate_private_to_public_price_mark",
  "company": "airbnb",
  "instrumentId": "ABNB-CLASS-A-NASDAQ",
  "inputs": {
    "modelId": "ABNB-F-IPO",
    "markId": "ABNB-CLOSE-2021-12-31",
    "amount": "10000.00",
    "currency": "USD"
  },
  "markedValue": "31712.38",
  "offerMarkedValue": "12952.38",
  "changeFromOffer": "18760.00",
  "priceMultiple": "3.1712",
  "priceChangePercent": "217.12",
  "publicPriceChangePercent": "144.84",
  "commonShareEquivalents": "190.476190",
  "markDate": "2021-12-31",
  "reviewedOn": "2026-09-17",
  "stages": [
    {
      "id": "ABNB-F",
      "stage": "Private issuance price",
      "date": null,
      "dateRole": "purchase_date_unknown",
      "price": "52.50",
      "value": "10000.00"
    },
    {
      "id": "ABNB-OFFER",
      "stage": "IPO offer-price mark",
      "date": "2020-12-14",
      "dateRole": "offering_completion",
      "price": "68.00",
      "value": "12952.38"
    },
    {
      "id": "ABNB-CLOSE-2021-12-31",
      "stage": "Public closing-price mark",
      "date": "2021-12-31",
      "dateRole": "market_session_close",
      "price": "166.49",
      "value": "31712.38"
    }
  ],
  "evidence": {
    "privateObservations": [
      {
        "id": "ABNB-F",
        "company": "Airbnb",
        "date": "2019-12-31",
        "dateRole": "historical_table_snapshot",
        "value": "52.50",
        "currency": "USD",
        "scope": "per_share_issuance_price",
        "qualifier": "",
        "shareClass": "Series F preferred",
        "source": "https://www.sec.gov/Archives/edgar/data/1559720/000155972021000010/airbnb-10k.htm",
        "locator": "Note 12, table as of December 31 2019",
        "publisher": "SEC · Airbnb filing",
        "verification": "primary_verified",
        "checkedOn": "2026-09-16",
        "supportingSources": []
      },
      {
        "id": "ABNB-OFFER",
        "company": "Airbnb",
        "date": "2020-12-14",
        "dateRole": "offering_completion",
        "value": "68.00",
        "currency": "USD",
        "scope": "public_offer_price_per_share",
        "qualifier": "",
        "shareClass": "Class A common",
        "source": "https://www.sec.gov/Archives/edgar/data/1559720/000155972021000010/airbnb-10k.htm",
        "locator": "Stock Split and Initial Public Offering notes",
        "publisher": "SEC · Airbnb filing",
        "verification": "primary_verified",
        "checkedOn": "2026-09-16",
        "supportingSources": []
      }
    ],
    "publicObservation": {
      "id": "ABNB-CLOSE-2021-12-31",
      "company": "airbnb",
      "instrument_id": "ABNB-CLASS-A-NASDAQ",
      "currency": "USD",
      "value": "166.49",
      "date": "2021-12-31",
      "date_role": "market_session_close",
      "price_basis": "as_reported_unadjusted_close",
      "share_basis": "post_2020_split",
      "share_class": "Class A common",
      "source_id": "ABNB-2022-PROXY",
      "source_locator": "Outstanding Equity Awards at Fiscal 2021 Year-End, footnote (1), p. 36",
      "value_status": "reported",
      "verification": "primary_verified"
    },
    "conversion": {
      "effective_date": "2020-12-14",
      "preferred_to_common_factor": "1",
      "listed_equivalent_factor": "1",
      "from_class": "Series B / B-1 / D / E / F preferred",
      "to_class": "Class B common",
      "listed_class": "Class A common",
      "split_handling": "already_reflected_do_not_apply_again",
      "source_ids": [
        "ABNB-2020-K",
        "ABNB-2021-K"
      ],
      "source_locators": [
        "2020 Note 2: IPO completion and Series C adjustment",
        "2020 Note 12: Conversion Rights and Common Stock",
        "2021 Note 11: Common Stock"
      ],
      "note": "B, B-1, D, E and F use 1:1 Class B and Class A equivalents. Series C is excluded for its adjustment; Seed and A need additional entry-price precision review."
    },
    "publicBasisReview": {
      "from_date": "2020-12-14",
      "through_date": "2021-12-31",
      "units_factor": "1",
      "status": "reviewed_selected_endpoints",
      "source_ids": [
        "ABNB-2020-K",
        "ABNB-2021-K"
      ],
      "source_locators": [
        "2020 Note 2 and Note 12",
        "2021 Note 2, Note 11 and statements of stockholders’ equity"
      ],
      "note": "Selected post-split endpoints use the same common-share unit. No additional split is applied. This is a filing-based endpoint review, not a certified daily price or corporate-action feed."
    },
    "restrictions": {
      "status": "holder_eligibility_unknown",
      "source_id": "ABNB-2020-K",
      "source_locator": "Risk Factors: lock-up and market standoff agreements, p. 48",
      "note": "The general restriction ends on the later of the second trading day after Q1 2021 earnings and the 121st day after December 9, 2020. Early releases and exceptions exist. A quoted mark does not establish eligibility to sell."
    },
    "sources": [
      {
        "id": "ABNB-2020-K",
        "title": "2020 Form 10-K",
        "url": "https://www.sec.gov/Archives/edgar/data/1559720/000155972021000010/airbnb-10k.htm",
        "published_on": "2021-02-26",
        "publisher": "Airbnb · SEC filing",
        "retrieved_on": "2026-09-17",
        "verification": "primary_verified",
        "publication_rights": "approved_for_public_use",
        "production_approved": true,
        "publication_review": {
          "date": "2026-09-17",
          "basis": "Attributed factual observations from SEC EDGAR public filings; no artwork or endorsement",
          "policy_url": "https://www.sec.gov/about/webmaster-frequently-asked-questions"
        }
      },
      {
        "id": "ABNB-2021-K",
        "title": "2021 Form 10-K",
        "url": "https://www.sec.gov/Archives/edgar/data/1559720/000155972022000006/abnb-20211231.htm",
        "published_on": "2022-02-25",
        "publisher": "Airbnb · SEC filing",
        "retrieved_on": "2026-09-17",
        "verification": "primary_verified",
        "publication_rights": "approved_for_public_use",
        "production_approved": true,
        "publication_review": {
          "date": "2026-09-17",
          "basis": "Attributed factual observations from SEC EDGAR public filings; no artwork or endorsement",
          "policy_url": "https://www.sec.gov/about/webmaster-frequently-asked-questions"
        }
      },
      {
        "id": "ABNB-2022-PROXY",
        "title": "2022 proxy statement",
        "url": "https://www.sec.gov/Archives/edgar/data/1559720/000119312522115317/d278253ddef14a.htm",
        "published_on": "2022-04-22",
        "publisher": "Airbnb · SEC filing",
        "retrieved_on": "2026-09-17",
        "verification": "primary_verified",
        "publication_rights": "approved_for_public_use",
        "production_approved": true,
        "publication_review": {
          "date": "2026-09-17",
          "basis": "Attributed factual observations from SEC EDGAR public filings; no artwork or endorsement",
          "policy_url": "https://www.sec.gov/about/webmaster-frequently-asked-questions"
        }
      }
    ]
  },
  "sourceIds": [
    "ABNB-F",
    "ABNB-OFFER",
    "ABNB-CLOSE-2021-12-31"
  ],
  "purchaseDate": null,
  "cagr": null,
  "realizedProceeds": null,
  "saleEligibility": "unknown",
  "formula": "amount ÷ reviewed preferred issuance price × reviewed conversion factors × selected Class A closing price",
  "assumptions": [
    "Fractional share equivalents; no rounding until displayed.",
    "Series B / B-1 / D / E / F preferred converts to Class B common using 1:1; listed equivalents use 1:1.",
    "No additional split or generic dilution deduction.",
    "No holder-specific adjustment or extra securities."
  ],
  "limitations": [
    "Approximate share-equivalent model using the precision published by the issuer.",
    "A historical table date or issuance month is not an exact purchase date. No annualized return.",
    "Price-only mark, not total return: distributions, fees, tax and inflation are excluded.",
    "No sale, allocation, lock-up exemption or ability to access proceeds is established.",
    "Selected historical closes only; no daily curve, maximum drawdown or current quote.",
    "Source checking does not clear commercial redistribution rights."
  ],
  "timeline": [
    {
      "id": "ABNB-ENTRY-SNAPSHOT",
      "date": "2019-12-31",
      "kind": "private_snapshot",
      "title": "Preferred-share table",
      "note": "Snapshot date, not a purchase date. B/B-1/D/E/F issuance prices are rounded and split-restated.",
      "source_id": "ABNB-2020-K",
      "source_locator": "Note 12: preferred-stock table as of December 31, 2019"
    },
    {
      "id": "ABNB-SPLIT",
      "date": "2020-10-26",
      "kind": "split",
      "title": "Two-for-one split",
      "note": "Already reflected in the filing’s issuance prices. It is not applied again.",
      "source_id": "ABNB-2020-K",
      "source_locator": "Note 2: Stock Split"
    },
    {
      "id": "ABNB-FILING",
      "date": "2020-11-16",
      "kind": "filing",
      "title": "IPO registration filed",
      "note": "A filing is distinct from pricing, trading and completion.",
      "source_id": "ABNB-S1",
      "source_locator": "Cover: as filed November 16, 2020"
    },
    {
      "id": "ABNB-PRICING",
      "date": "2020-12-09",
      "kind": "pricing",
      "title": "IPO priced at $68",
      "note": "Offer price from the final prospectus dated December 9; filed December 11. No allocation is assumed.",
      "source_id": "ABNB-PROSPECTUS",
      "source_locator": "Cover: offer price and prospectus date"
    },
    {
      "id": "ABNB-FIRST-TRADING",
      "date": "2020-12-10",
      "kind": "listing",
      "title": "Public trading begins",
      "note": "ABNB Class A starts trading on Nasdaq. No first-trade or first-day closing price is supplied here.",
      "source_id": "ABNB-2020-K",
      "source_locator": "Note 2: Initial Public Offering"
    },
    {
      "id": "ABNB-CONVERSION",
      "date": "2020-12-14",
      "kind": "conversion",
      "title": "Offering closes; preferred shares convert",
      "note": "B/B-1/D/E/F use a 1:1 preferred-to-Class B mapping. Series C has an extra adjustment and is excluded.",
      "source_id": "ABNB-2020-K",
      "source_locator": "Note 2: Initial Public Offering; Note 12: Conversion Rights"
    },
    {
      "id": "ABNB-EARLY-RELEASE",
      "date": "2021-03-01",
      "kind": "restriction",
      "title": "Conditional early release",
      "note": "The filing describes a limited early release. This does not establish any individual holder’s eligibility.",
      "source_id": "ABNB-2020-K",
      "source_locator": "Risk Factors: lock-up and market standoff agreements, p. 48"
    }
  ],
  "timelineSources": [
    {
      "id": "ABNB-S1",
      "title": "2020 registration statement",
      "url": "https://www.sec.gov/Archives/edgar/data/1559720/000119312520294801/d81668ds1.htm",
      "published_on": "2020-11-16",
      "publisher": "Airbnb · SEC filing",
      "retrieved_on": "2026-09-17",
      "verification": "primary_verified",
      "publication_rights": "approved_for_public_use",
      "production_approved": true,
      "publication_review": {
        "date": "2026-09-17",
        "basis": "Attributed factual observations from SEC EDGAR public filings; no artwork or endorsement",
        "policy_url": "https://www.sec.gov/about/webmaster-frequently-asked-questions"
      }
    },
    {
      "id": "ABNB-PROSPECTUS",
      "title": "Final IPO prospectus",
      "url": "https://www.sec.gov/Archives/edgar/data/1559720/000119312520315318/d81668d424b4.htm",
      "published_on": "2020-12-11",
      "publisher": "Airbnb · SEC filing",
      "retrieved_on": "2026-09-17",
      "verification": "primary_verified",
      "publication_rights": "approved_for_public_use",
      "production_approved": true,
      "publication_review": {
        "date": "2026-09-17",
        "basis": "Attributed factual observations from SEC EDGAR public filings; no artwork or endorsement",
        "policy_url": "https://www.sec.gov/about/webmaster-frequently-asked-questions"
      }
    },
    {
      "id": "ABNB-2020-K",
      "title": "2020 Form 10-K",
      "url": "https://www.sec.gov/Archives/edgar/data/1559720/000155972021000010/airbnb-10k.htm",
      "published_on": "2021-02-26",
      "publisher": "Airbnb · SEC filing",
      "retrieved_on": "2026-09-17",
      "verification": "primary_verified",
      "publication_rights": "approved_for_public_use",
      "production_approved": true,
      "publication_review": {
        "date": "2026-09-17",
        "basis": "Attributed factual observations from SEC EDGAR public filings; no artwork or endorsement",
        "policy_url": "https://www.sec.gov/about/webmaster-frequently-asked-questions"
      }
    },
    {
      "id": "ABNB-2021-PROXY",
      "title": "2021 proxy statement",
      "url": "https://www.sec.gov/Archives/edgar/data/1559720/000119312521145242/d44566ddef14a.htm",
      "published_on": "2021-04-30",
      "publisher": "Airbnb · SEC filing",
      "retrieved_on": "2026-09-17",
      "verification": "primary_verified",
      "publication_rights": "approved_for_public_use",
      "production_approved": true,
      "publication_review": {
        "date": "2026-09-17",
        "basis": "Attributed factual observations from SEC EDGAR public filings; no artwork or endorsement",
        "policy_url": "https://www.sec.gov/about/webmaster-frequently-asked-questions"
      }
    },
    {
      "id": "ABNB-2021-K",
      "title": "2021 Form 10-K",
      "url": "https://www.sec.gov/Archives/edgar/data/1559720/000155972022000006/abnb-20211231.htm",
      "published_on": "2022-02-25",
      "publisher": "Airbnb · SEC filing",
      "retrieved_on": "2026-09-17",
      "verification": "primary_verified",
      "publication_rights": "approved_for_public_use",
      "production_approved": true,
      "publication_review": {
        "date": "2026-09-17",
        "basis": "Attributed factual observations from SEC EDGAR public filings; no artwork or endorsement",
        "policy_url": "https://www.sec.gov/about/webmaster-frequently-asked-questions"
      }
    },
    {
      "id": "ABNB-2022-PROXY",
      "title": "2022 proxy statement",
      "url": "https://www.sec.gov/Archives/edgar/data/1559720/000119312522115317/d278253ddef14a.htm",
      "published_on": "2022-04-22",
      "publisher": "Airbnb · SEC filing",
      "retrieved_on": "2026-09-17",
      "verification": "primary_verified",
      "publication_rights": "approved_for_public_use",
      "production_approved": true,
      "publication_review": {
        "date": "2026-09-17",
        "basis": "Attributed factual observations from SEC EDGAR public filings; no artwork or endorsement",
        "policy_url": "https://www.sec.gov/about/webmaster-frequently-asked-questions"
      }
    }
  ]
}

BEHIND THE NUMBERS

What this scenario means for an investor.

This scenario applies the stated share prices and conversion assumptions to your chosen amount. The result is a hypothetical value, not a completed transaction.

Your amount vs. the investment minimum: Your amount sets the size of the illustration. It does not establish the minimum required to join that funding round.
Access depends on the offering: Investor eligibility and allocations depend on the offering’s terms. A recorded funding price does not mean everyone could invest at that price.
Direct shares and fund units differ: A direct share and a unit in a fund or investment vehicle can have different rights and costs. This scenario does not establish a specific investment route.
A price is not a cash exit: Lockups, transfer restrictions and available buyers can affect a holder’s ability to sell. The displayed value does not assume a sale.

Historical marks for the same 190.476190 share equivalents

Closing date

Class A price

Approx. value

Dec 31, 2020

$146.80

$27,961.90

Nov 10, 2021

$192.22

$36,613.33

Dec 31, 2021

$166.49

$31,712.38

Airbnb · Before & after the IPO

What if you invested?

≈ $31,712.38

Private issuance price

IPO offer-price mark

Public closing-price mark

What this scenario means for an investor.

What happened after the IPO?

A clear bridge between share prices.

The events behind the numbers

Preferred-share table

Two-for-one split

IPO registration filed

IPO priced at $68

Public trading begins

Offering closes; preferred shares convert

$146.80 public closing price

Conditional early release

$192.22 public closing price

$166.49 public closing price

Go deeper into the private evidence.

Airbnb · Before & after the IPO

What if you invested?

≈ $31,712.38

Private issuance price

IPO offer-price mark

Public closing-price mark

What this scenario means for an investor.

What happened after the IPO?

A clear bridge between share prices.

The events behind the numbers

Preferred-share table

Two-for-one split

IPO registration filed

IPO priced at $68

Public trading begins

Offering closes; preferred shares convert

$146.80 public closing price

Conditional early release

$192.22 public closing price

$166.49 public closing price

Go deeper into the private evidence.