> Private companies are valued as of their last round that sold stock with at most a 1x liquidation preference or last secondary transaction of at least $100MM

> Private companies are valued as of their last round that sold stock with at most a 1x liquidation preference or last secondary transaction of at least $100MM of stock. Sorry for the ignorance but can someone help me get through the jargon here? What happens if a company stagnates, never managing to raise again and never IPOs? Am I right in thinking they'd remain valued at their current valuation by this metric? I guess my question is, assuming a company never raises below its current valuation (and if that happens I don't think we'll need any bets to decide they were overvalued) is there anything here that allows the valuation of a private company to actually decrease?