diff --git a/Test/daml/OpenCapTable/TestValuationReferences.daml b/Test/daml/OpenCapTable/TestValuationReferences.daml
new file mode 100644
index 00000000..d7ff6f17
--- /dev/null
+++ b/Test/daml/OpenCapTable/TestValuationReferences.daml
@@ -0,0 +1,76 @@
+module OpenCapTable.TestValuationReferences where
+
+import Fairmint.OpenCapTable.OCF.Valuation
+import Fairmint.OpenCapTable.Types.Monetary
+import qualified Fairmint.OpenCapTable.CapTable as CT
+import OpenCapTable.Setup
+import OpenCapTable.TestHelpers
+import Daml.Script
+
+valuationForStockClass : Text -> Text -> ValuationOcfData
+valuationForStockClass valuationId stockClassId = ValuationOcfData with
+  id = valuationId
+  effective_date = defaultTestDate
+  price_per_share = OcfMonetary with amount = 1.0, currency = "USD"
+  stock_class_id = stockClassId
+  valuation_type = OcfValuationType409A
+  comments = []
+  board_approval_date = None
+  provider = None
+  stockholder_approval_date = None
+
+testValuationStockClassCreatedInSameBatchSucceeds = script do
+  TestOcp{issuer, cap_table} <- setupTestOcp
+
+  _ <- submit issuer do
+    exerciseCmd cap_table CT.UpdateCapTable with
+      creates =
+        [ CT.OcfCreateStockClass (defaultStockClass "SC_VALUATION_TARGET")
+        , CT.OcfCreateValuation (valuationForStockClass "VAL_TARGET_REF" "SC_VALUATION_TARGET")
+        ]
+      edits = []
+      deletes = []
+  pure ()
+
+testValuationMissingStockClassFails = script do
+  TestOcp{issuer, cap_table} <- setupTestOcp
+
+  submitMustFail issuer do
+    exerciseCmd cap_table CT.UpdateCapTable with
+      creates = [CT.OcfCreateValuation (valuationForStockClass "VAL_MISSING_TARGET" "SC_MISSING_VALUATION_TARGET")]
+      edits = []
+      deletes = []
+
+testValuationEditMissingStockClassFails = script do
+  TestOcp{issuer, cap_table} <- setupTestOcp
+  result <- submit issuer do
+    exerciseCmd cap_table CT.UpdateCapTable with
+      creates =
+        [ CT.OcfCreateStockClass (defaultStockClass "SC_VALUATION_EDIT_TARGET")
+        , CT.OcfCreateValuation (valuationForStockClass "VAL_EDIT_TARGET" "SC_VALUATION_EDIT_TARGET")
+        ]
+      edits = []
+      deletes = []
+
+  submitMustFail issuer do
+    exerciseCmd result.updatedCapTableCid CT.UpdateCapTable with
+      creates = []
+      edits = [CT.OcfEditValuation (valuationForStockClass "VAL_EDIT_TARGET" "SC_MISSING_VALUATION_EDIT_TARGET")]
+      deletes = []
+
+testValuationStockClassDeleteCannotLeaveDanglingReference = script do
+  TestOcp{issuer, cap_table} <- setupTestOcp
+  result <- submit issuer do
+    exerciseCmd cap_table CT.UpdateCapTable with
+      creates =
+        [ CT.OcfCreateStockClass (defaultStockClass "SC_VALUATION_DELETE_TARGET")
+        , CT.OcfCreateValuation (valuationForStockClass "VAL_DANGLING_TARGET" "SC_VALUATION_DELETE_TARGET")
+        ]
+      edits = []
+      deletes = []
+
+  submitMustFail issuer do
+    exerciseCmd result.updatedCapTableCid CT.UpdateCapTable with
+      creates = []
+      edits = []
+      deletes = [CT.OcfDeleteStockClass "SC_VALUATION_DELETE_TARGET"]
diff --git a/dars/OpenCapTable-v34/0.0.2/OpenCapTable-v34.dar b/dars/OpenCapTable-v34/0.0.2/OpenCapTable-v34.dar
index 55a5a349..265f3292 100644
--- a/dars/OpenCapTable-v34/0.0.2/OpenCapTable-v34.dar
+++ b/dars/OpenCapTable-v34/0.0.2/OpenCapTable-v34.dar
@@ -1,3 +1,3 @@
 version https://git-lfs.github.com/spec/v1
-oid sha256:3659e1d3773ec6768ed3521a627d4e3b06eb45de34767ef878cf19848a3d73ac
-size 2502327
+oid sha256:417df118e32d40ebfad6ec43e1a6b3512d6322ddd5c7a6e128bf730e4b7166b3
+size 2503261
diff --git a/dars/dars.lock b/dars/dars.lock
index 50d425ab..c5fc5eb2 100644
--- a/dars/dars.lock
+++ b/dars/dars.lock
@@ -12,8 +12,8 @@
       ]
     },
     "OpenCapTable-v34/0.0.2/OpenCapTable-v34.dar": {
-      "sha256": "3659e1d3773ec6768ed3521a627d4e3b06eb45de34767ef878cf19848a3d73ac",
-      "size": 2502327,
+      "sha256": "417df118e32d40ebfad6ec43e1a6b3512d6322ddd5c7a6e128bf730e4b7166b3",
+      "size": 2503261,
       "sdkVersion": "3.4.10",
       "uploadedAt": "2026-07-07T21:50:59.634Z",
       "networks": []
diff --git a/scripts/codegen/templates/CapTable.daml.template b/scripts/codegen/templates/CapTable.daml.template
index acbe8b22..1feeed54 100644
--- a/scripts/codegen/templates/CapTable.daml.template
+++ b/scripts/codegen/templates/CapTable.daml.template
@@ -336,6 +336,14 @@ validateWarrantConversionRightReferences maps =
         issuance.issuance_data.exercise_triggers)
     (Map.values maps.warrant_issuances)
 
+validateValuationStockClassReferences : CapTableMaps -> Update ()
+validateValuationStockClassReferences maps =
+  mapA_
+    (\valuationCid -> do
+      valuation <- fetch valuationCid
+      validateStockClassReference "Valuation stock class" maps valuation.valuation_data.stock_class_id)
+    (Map.values maps.valuations)
+
 -- | Get the processing tier for a create operation
 getCreateTier : OcfCreateData -> Int
 getCreateTier createData = case createData of
@@ -473,6 +481,7 @@ template CapTable
         validateStockClassConversionRightReferences finalMaps
         validateConvertibleConversionRightReferences finalMaps
         validateWarrantConversionRightReferences finalMaps
+        validateValuationStockClassReferences finalMaps
         validateIssuerAuthorizedShares finalMaps newIssuerCid
 
         -- Create new CapTable with updated maps and potentially new issuer