A question about a proper valuation date

Hi everyone!
I’ve recently had a discussion with colleagues about an interesting issue. If we want to conduct a valuation of a project and the first investments are planned in 2027, what is the most suitable date to asses the project? Is is the start of 2027? Or is it today (by today I mean 2021, 2022, 2023) - theoretically whatever period which lays between the current date and the projected start of the project?
If you have any references to any financial literature, which contains any type of such information - I would highly appreciate that help and advice! Thanks all and best of luck!

I would argue that the valuation date doesn’t matter if you have a hypothetical project with no funding in the works. So it doesn’t matter if you value a project today or in 2027.

Now if you have actual projections then you could consider a valuation date closer to today.

Better yet if you had debt financing pledged. Then, the valuation date could be the date you received cash from the banks.

My two cents.

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I think it’s a good point with debt financing. Thanks for the opinion!