Early Series A and B terms
A issue price $0.50; B $1.08. The May 2002 reverse split leaves one IPO common share per three preferred shares.
Streaming & entertainment · NFLX
Netflix
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.
01 / YOUR SCENARIO
Choose your starting point.
Starting price: $0.50 · Preferred terms at Mar 31, 2002 · not a round date
0.333333333333 NFLX share equivalents per starting share at your ending date.
DOCUMENTED PRIVATE PRICE → IPO OFFER PRICE
NetflixNFLX · Series A · $0.50
Hypothetical price-only value of $1,000.00
$10,000.00Preferred terms at Mar 31, 2002 · not a round date → 2002-05-23
10×Price multiple
$9,000.00Gain / loss
666.66666667 NFLX share equivalents · ending price $15
Conversion includes the pre-IPO reverse split and applicable 2001 adjustments. Exact one-third conversion; later public splits are separate.
Formula: amount ÷ $0.50 × 0.333333333333 × NFLX ending price.
Netflix final 2002 IPO prospectus ↗Illustrative paper value; no sale or access to a historical investment is assumed. Excludes fees, taxes, cash dividends, warrants and other distributions; fractional shares assumed. The IPO mark does not assume an executable sale.
THE STORY & THE EVIDENCE
Netflix: before the public market.
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.
IPO7 sourced milestones7 documented share scenarios
- Preferred terms snapshot
- Private preferred financing
Series C financing
$3.27
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.
- Private preferred financing
Series D financing
$6.52
4,649,927 preferred shares at $6.52. The adjusted conversion ratio is 0.4735 IPO common shares per preferred.
- Private preferred financing
Series E financing
$9.38
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.
- Conversion adjustment
Preferred-stock restructuring
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.
- IPO
Netflix public offering
$15
The final offer price was $15 after a one-for-three pre-IPO reverse split.
- Share basis
Later public stock splits
Public splits of 2, 7 and 10 multiply to 140 shares per IPO-basis common share.
What the records do not establish
- 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.
Research reviewed 2026-09-24. Selected public records, not a complete private cap table. An undisclosed price is left unknown.
Open this company’s sourced data (JSON) ↗
Source documents & filing locations
Netflix final 2002 IPO prospectus ↗
Cover; preferred financing and conversion notes; 2001 amendments and May 2002 one-for-three reverse split.
Netflix second-quarter 2004 Form 10-Q ↗
Two-for-one stock split in February 2004.
Netflix announces seven-for-one split ↗
July 15, 2015 split-adjusted trading.
Netflix November 2025 Form 8-K ↗
Completed ten-for-one split and adjusted trading November 17, 2025.