Namely they can’t negotiate the strike price for obvious legal reasons. Keep in mind the 409A valuation is not what the investors in the previous round paid, it

Namely they can’t negotiate the strike price for obvious legal reasons. Keep in mind the 409A valuation is not what the investors in the previous round paid, it’s usually based more on the formula grounded in reality and less on hype. I would not be surprised if the upcoming 409A valuation rises if the company is growing.