The Valuation Passport.
One open format for verified private-market value.
A signed, machine-readable record that reads as structured data inside fund administrators, cap-table systems, audit software, and secondary venues. The structured-data twin of the Lodestar Verified Trust Mark — connect once, and verified values flow natively thereafter.
Why it exists
A credential is only as useful as the systems that can read it.
The Lodestar Verified Trust Mark already travels into the documents where private-market decisions get made. But a PDF that a human re-keys is friction. For the value to move through the ecosystem at the speed of software, it has to be structured, signed, and the same everywhere.
The Valuation Passport is that format: an open, versioned schema any platform can adopt. It is deliberately not proprietary — an interchange standard only works if it belongs to no one and everyone can read it.
Draft schema · v0.1
The Passport, in one object.
Illustrative values. The signature and inputs hash bind the record to a specific protocol run; the rest is human-readable on purpose.
{
"passport_version": "0.1",
"protocol_version": "0.1",
"issued_at": "2026-06-09T00:00:00Z",
"subject": {
"entity_id": "lodestar:issuer:7f83b1626e3c2d9a4",
"vertical_module": "saas-infrastructure",
"attribution": "unlisted"
},
"valuation": {
"currency": "USD",
"as_of": "2026-06-09",
"instrument": "common",
"basis": "transaction-range",
"range": { "low": 380000000, "base": 450000000, "high": 520000000 }
},
"confidence": {
"grade": "issuer-verified",
"freshness": "current",
"freshness_window_days": 90
},
"evidence": {
"inputs_hash": "sha256:a3f7b2d8c1e94f8a2c5b6d9e3a7f1c4b",
"source_grade_summary": { "tier1": 0.62, "tier2": 0.20, "tier3": 0.18 },
"lenses": ["operating-fundamentals", "market-comparables", "dcf"]
},
"capital_stack": {
"waterfall_available": true,
"preferred_classes": 3
},
"reliance": {
"category": "lodestar-verified",
"disclaimer_ref": "https://lodestar.finance/reliance"
},
"attestation": {
"public_key_id": "lodestar-key-2026",
"signature": "base64:MEUCIQ...",
"verify_url": "https://lodestar.finance/verify?h=a3f7b2d8"
}
}Field groups
Seven blocks. Each does one job.
| Block | What it carries |
|---|---|
subject | Who the value is about. Pseudonymous by default; identified only with explicit issuer consent. Carries the vertical module that produced it. |
valuation | The range (low / base / high), currency, as-of date, instrument (common, preferred, enterprise), and basis. Basis is explicit so no one mistakes a transaction range for a 409A or a fairness opinion. |
confidence | Grade (Public-Only / Issuer-Verified / Transaction-Backed / Council-Reviewed) and freshness (current ≤90d / stale-180 / stale-365). Lets a consuming system age out or flag a value automatically. |
evidence | The SHA-256 inputs hash, a source-grade summary (tier mix without exposing raw inputs), and which lenses ran. Enough to reason about quality; not enough to reconstruct the inputs. |
capital_stack | Whether a common-vs-preferred waterfall is available and how many preferred classes exist — the load-bearing detail for tender and secondary pricing. |
reliance | The contractual category (lodestar-verified vs lodestar-private-scenario-analysis) and a pointer to the reliance language. Misuse is structurally obvious. |
attestation | The cryptographic signature, the signing key id, and a verify URL. Any consumer validates authenticity against Lodestar's public key with no login. |
How to adopt
Three steps to read a Passport.
No login, no contract required to verify a value. Adoption is just reading an open schema and validating a signature.
Ingest the schema
Map the Passport fields into your data model once. Every Lodestar Verified value then flows in as structured data, not a PDF someone re-keys.
Verify the signature
Validate the attestation against Lodestar's published public key. A valid signature means the value is authentic, unaltered, and bound to the stated protocol version.
Render natively
Show the range, confidence grade, and freshness inside your own workflow — board tools, fund-admin marks, audit workpapers, or a secondary-venue pricing reference.
One field that prevents misuse
Verified vs Private Scenario Analysis.
The reliance.category field is the contractual line. A buyer-side scenario run can never be passed off as an issuer-authorized Lodestar Verified value.
lodestar-verifiedIssued from Issuer Vault under issuer authorization. Updates the official Lodestar Verified Value. Publicly verifiable.
lodestar-private-scenario-analysisProduced from a buyer-side Diligence Room run. Sealed to the requester. Does not update the official value. A distinct contractual category.
See the Trust Mark for the issuer-side framing and the Verify portal for live authenticity checks.
Versioning & governance
Open, versioned, and built to stay readable.
- 01The schema is published and semantically versioned. Changes within a major version are backward-compatible; breaking changes bump the major.
- 02The format is open. No license fee to read a Passport or verify a signature. Lodestar earns from producing verified values, not from gatekeeping the format.
- 03Every Passport binds to a specific Lodestar Protocol version, so a value is always interpretable against the methodology that produced it — even years later.
Adopt the Passport.
If you run a platform where private-market value needs to move — fund admin, cap table, audit, secondaries, or wealth — request the spec and a reference implementation.