Strictly speaking this should increase the common value relative to common under the equivalent convertible note because, as designed, the terms of the Safe are more favorable to common than a convertible note.
However, like a convertible note, the Safe does not place a valuation on the company at the time of its issuance, merely a cap; and almost always it will be used only when no prior preferred round has established such.
So for 409a appraisals, which, for seed-stage companies, rely heavily upon expectations about a future round, there will be relatively little impact. Namely the preference of the projected future financing will be slightly smaller relative to the note scenario, for the reasons detailed in this thread. This will increase the common value a bit, but not much.
An exception might be if the appraiser bases his conclusions on a balance sheet metric that comes out differently without the liability you mention, which is not as common.
However, like a convertible note, the Safe does not place a valuation on the company at the time of its issuance, merely a cap; and almost always it will be used only when no prior preferred round has established such.
So for 409a appraisals, which, for seed-stage companies, rely heavily upon expectations about a future round, there will be relatively little impact. Namely the preference of the projected future financing will be slightly smaller relative to the note scenario, for the reasons detailed in this thread. This will increase the common value a bit, but not much.
An exception might be if the appraiser bases his conclusions on a balance sheet metric that comes out differently without the liability you mention, which is not as common.