[rahulgulati]

In my view, valuations and fundraise are based on what the company is going to do and growth trajectory it is on. It'd be a mistake to assume (as I see a lot of commentators here wondering why a software company needs $850M) that Airbnb will forever be a booking platform for shared rooms or continue to do what it does today.

Of course, there is no disclosure yet about what they wish to do with this capital and it may become clearer in next few months. The reach Airbnb has today could get it into growth areas such as Airline tickets, B2B, advertising or possible acquisitions. Also, being a full stack company, cost of operations, support, lobbying etc. would also be a factor for more capital.