One problem, though. You are confusing current valuations based on what price investors are willing to provide additional funding at, with the liquidity/exit va

One problem, though. You are confusing current valuations based on what price investors are willing to provide additional funding at, with the liquidity/exit valuation (IPO, acquisition, bankruptcy) which in many cases may be 0 or close to 0, if the company does not find any takers and runs out of money.