AFAIK, market capitalization has not much meaning for pre-ipo stock. Problem is that, IPO price isn't just the last price at which the stock was bought in secon

AFAIK, market capitalization has not much meaning for pre-ipo stock. Problem is that, IPO price isn't just the last price at which the stock was bought in secondary market. Also, there is no indication if what kind of stock was sold. If it is not common stock, then this definitely wont be indicative of the actual valuation.