[quakenul]

A valuation is defined as an estimation of value. It's not a guarantee, it's not a sale contract, but does that make it rainbows and unicorns? Well, about as much as any other estimation around a highly complex and mostly unique construct, I would say.

It's certainly the first step towards a possible sale.

[phamilton]

The dimensions of preferences and signalling contort the actual valuation.

Remember that 409A valuations are generally drastically below preferred price. I'd be much more inclined to discuss startup valuations in the terms of 409A valuations.