As linked elsewhere in this thread: https://medium.com/@Alexoppenheimer/you-pick-the-valuation-i-set-the-terms-2d2ce08b9177 https://medium.com/@Alexoppenheimer/

As linked elsewhere in this thread: https://medium.com/@Alexoppenheimer/you-pick-the-valuation-i-set-the-terms-2d2ce08b9177 https://medium.com/@Alexoppenheimer/you-pick-the-valuation-i... Private valuations combine "assessing value" with "striking a deal". I don't think it makes much sense to treat them as real numbers when it's possible for people to say things like "we don't want a down round later, value us at 20% less than that".