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Organizational evaluation processes commonly take multistage formats. We integrate and extend research on evaluations, status, and inequality by theorizing how gendered outcomes can vary between stages within a single, unified evaluation process—what we term “stakes‑driven gender inequality.” Our theoretical framework centers on a ubiquitous feature of organizational multistage evaluation processes that is missing from prior theoretical accounts: escalating stakes across stages via increasingly binding commitments and rising cost of wrong selections. We conceptualize two stylized stages within one evaluation process: a shortlisting stage (where selected candidates are re-assessed in a later stage) and a winners stage (where final, binding selections are made). Using data from a large multistage startup competition, we test our theory and find that female-led startups are 6.2 percentage points (18.7%) more likely to be selected in the shortlisting stage, but 18.9 percentage points (30.7%) less likely to be selected in the winners stage. Mechanism tests in the shortlisting stage are most consistent with female-led startups being assessed as higher quality, whereas in the winners stage, we find evidence consistent with gendered performance expectations and evaluator risk aversion. Centering stakes within a unified evaluation process helps reconcile mixed findings from single-stage studies and clarifies that conclusions about gender inequality in outcomes depend on where one looks in the full evaluation process.