In most cases, where you're talking to investors simultaneously you do the note on the same terms for each investor. The exception to this would be e.g. I inte

In most cases, where you're talking to investors simultaneously you do the note on the same terms for each investor. The exception to this would be e.g. I intend to raise $150k, i get this amount of money in the bank and then more investors want to participate. I can bring them in but I could argue for a higher valuation since they're coming in once I have money in the bank i.e. at less risk than the investors who initially put in $150k and therefore deserve the lower valuation. Other exceptions might be where an investor brings particular value that warrants a lower price e.g. you're working on payments and Max Levchin wants to invest