Sure. And I'm not saying that's not a problem, but here's the basic thing you need to know about preference: If your real valuation turns out to be lower than

Sure. And I'm not saying that's not a problem, but here's the basic thing you need to know about preference: If your real valuation turns out to be lower than what you raised money at, preference will eat a bunch or all of your valuation. And this shouldn't really surprise anyone. It's like some people at HN heard the old joke "How do you make a million in publishing? Start with ten million," and thought: a. Yes, that seems valid. b. Where's my share of the resulting million?