I would assume the conversion is calculated at the value of the acquisition or IPO (which is really just a type of investment round). [edit: as it says, no dis

I would assume the conversion is calculated at the value of the acquisition or IPO (which is really just a type of investment round). [edit: as it says, no discount so forget this part] Typically there's a conversion percentage kicker, so it might be 110% of the value (ie the early investor gets more for the risk)