Ah, so actually during the seed it's an auction. When you place your "commitment" to the round, you set a max valuation you'll participate at. Then, when the se

Ah, so actually during the seed it's an auction. When you place your "commitment" to the round, you set a max valuation you'll participate at. Then, when the seed round is over, the price paid is actually the highest "clearing" price, and the company sells 500K to 2M shares.