The fiduciary thing to do if you're in this spot is simply to issue equity like it's going out of style: If the market wants to pay you way more than you're wor

The fiduciary thing to do if you're in this spot is simply to issue equity like it's going out of style: If the market wants to pay you way more than you're worth, take them up on it and stockpile cash for the lean years that are coming. That said, depending on the time horizon of your existing investors, this may not be popular and you may find yourself out of a job.