Diligence memo · auto-generated · as of July 2, 2026
TON Issuer Inc
TON Issuer Inc looks over-valued against its niche peers and is dormant on financing cadence.
Businessfiled
TON Issuer Inc operates in Other Technology, based in TORTOLA.
No verified homepage on file yet — operating evidence is limited to the public record.
Capital & rounds (filed)filed
TON Issuer Inc has raised $1.7B in disclosed capital across 2 recorded rounds, aggregated from public filings. Its latest round is modeled as Growth/Late (a round over $400M).
Largest single filing: $850M on 2018-01-29.
Most recent recorded round closed around 2018-03-14.
Valuation (modeled)modeled
Provath models TON Issuer Inc at approximately $27.7B (range $6.5B–$49.8B). This is an algorithmic estimate from round sizes and same-niche peers — not a quoted or reported figure.
Read: Over-valued. Modeled value is 1.70× the median modeled value of Growth/Late Other Technology companies in 2016–2018 (13 peers) — value vs value, same stage and era.
Financing rhythm & timingmixed
Historic cadence: a new round about every 1 months.
Last raise 8.3 yr ago; this sector typically re-raises about every 13 months.
Silent for over 3× the sector's normal cadence.
The last round stepped up 1.0× from the prior — scaling.
Comparablesmixed
Capital scale ranks ahead of 100% of Other Technology peers (21302 compared).
Modeled value ranks above 100% of those peers.
Closest niche peers: Severin Topco, LLC, Decade Holding Company, Inc., IRI Parent, L.P., Spotify Technology S.A., View, Inc.
Peoplefiled
4 named people on file across officers, directors and signatories.
Risks & flagsmixed
Financing has been silent well beyond sector cadence — possibly defunct, acquired, or paused.
Modeled above niche peers — valuation risk on entry.
No clearly named CEO/founder/principal in the surfaced records — key-person evidence is thin.