Funding is not valuation, and a programme ceiling is neither

Three different quantities

Cash raised is money that moves to the company in exchange for equity or another instrument. Post-money valuation is the agreed price of the whole company after that round, and requires knowing the ownership percentage sold. A programme ceiling is the maximum a listed company has authorised itself to issue over time, whether or not it issues any of it. Our tables contain the first and, where explicitly labelled, the third. They do not contain the second.

We leave the valuation field empty when no valuation was disclosed rather than back-solving one from the round size and a guessed stake. A few rows carry a valuation figure because a source reported one directly; those are marked as such and never folded into the funding total.

Why this matters for a ranking

Ranking by disclosed cash answers a reproducible question. Ranking by valuation would require private-company marks that are rarely public, change with every round, and are not comparable across jurisdictions. Mixing the two would make the table impossible to audit. It would also systematically favour companies that announce a valuation and penalise ones that do not, which is a disclosure behaviour, not a business outcome.

This is also why we do not print implied multiples, market-cap comparisons or a company is now worth line anywhere on the site. Those claims require data we have chosen not to guess.

Reading a programme ceiling correctly

An at-the-market programme is filed with a maximum aggregate offering price. Actual issuance appears in later filings and may be far smaller. We record the announced ceiling as one row with the instrument named, and do not add later drawdowns as new financings. A reader comparing a listed company on this basis with a private Series B should state that the two numbers have different meanings before drawing a conclusion.

Rows in this ledger that mention a valuation or an authorised programme

14 rows in the current ledger match this column's classification. Each row keeps its source and instrument label.

The practical takeaway

The short rule: if a sentence says a quantum company is worth a figure taken from this site, it is wrong. The site publishes disclosed capital, with the instrument attached.