Why are people saying this seems like a bad deal? If they really only raised $1.7b, per Crunchbase, then this seems to me like a very good outcome for everyone involved except its late stage investors. And, even for the late stage investors, they're breaking even.
I assume if you put in 100 mn at a 12 bn valuation in the last round, you're either getting 100 back at 1x pref or you're screwing over the common even more? Considering the 12bn round was back in 21, I'd expect most of the employee base to be taking a haircut on the value of their options.
assume it's the $1.2bn paid back to investors and then some divvying of the remaining amongst investors, founders, and common