[pbreit]

I would say, No. Square's trajectory has definitely diminished. $300m in margin on $1b in revs should easily support a higher valuation. And most of the preferential terms apply to acquisitions, not IPOs. The "ratchet" is at the $12 midpoint so likely will not come into play. The late stage investors are not going to make money until Square goes above the $15.46 they invested at.