The Stack Splits From -38% to +81%. Primaries Ate the Premiums: August 2026

Databricks just reset its primary to $262.31 a share. The secondary mark that once sat 27% above the old Series L now clears only 1.0% above the new anchor. Across the stack the same day, derived marks run from SambaNova 38% below its Series F preferred to Anduril 81% above its Series H preferred. Preferred-to-common spreads stay uncalculable on every public page checked. 12

Forge Prices updated August 26, 2026, versus each company's latest disclosed primary or tender anchor:

Every Forge Price above is an indicative derived mark. Public company pages still hide highest bid, lowest ask, last matched price, share class, instrument type, and transaction size for these names. 1345678910

In June, Databricks' visible secondary mark sat about 27% above the $190 Series L preferred price. On August 13 the company closed Series L-2 at $262.31 a share and a $190B post-money valuation. The August 26 Forge Price is $264.90 — 1.0% above that new preferred anchor. The primary round absorbed the old secondary premium; the mark did not keep running ahead of the new round. 1

Forge's August private-market update reports that the median secondary trade on Forge in July cleared 7% below the last primary round, after pricing near par in June. Buy-side indications of interest fell to 48% of new and updated IOIs — the first non-majority buy-side month since late 2023. Inside that softer tape, the poles of this stack still disagree: Anduril's derived mark clears 80.9% above Series H preferred at $68.95, while SambaNova's mark sits 38.0% below the $127.10 Series F preferred set on July 8. 256

Not the Forge Price. Not the last primary preferred. Not the headline valuation. Across the companies in this set, public pages do not show a common bid, common ask, last matched trade, instrument type, or transaction size that would let an employee convert a derived mark into a sellable common number. A Forge Price remains an indicative derived price based on platform activity and public datapoints — not an approved common tender price. 1310