Lambda's secondary marks point in two directions. Forge shows $49.25 at a $9B implied valuation; Nasdaq Private Market shows $42.29. The 14.1% gap is real, but neither page supplies a clean common-share liquidity price. 1 2
The valuation clears. The share-level evidence does not.
Forge reports that Lambda's Series E raised about $1.5B at a $5.9B valuation. Comparing the $9B Forge-implied valuation with that primary context gives a 52.5% valuation-level difference. It does not establish a preferred-to-common spread: the public material does not disclose a primary price per share or a share-class mapping for the secondary mark. 1
NPM's visible fields do not reconcile.
The NPM page displays a $42.29 estimate alongside a $260.80 highest bid, $188.50 lowest offer, $234.00 last trade, and 1,298 live orders. The page does not explain how those fields relate to the headline estimate, so they are displayed data points, not a verified executable book. 2
Common holders still have no clean number.
If you hold Lambda common: your public number is N/A. Not $49.25. Not $42.29.
The public pages reviewed do not disclose the secondary share class, instrument type, or approximate transaction size. They also do not show a tender price or an approved employee sale program. The defensible read is narrower than "Lambda clears above primary": the valuation mark clears, while common liquidity remains unpriced. 1 2
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