Comment by singron

Their options should be priced lower, but the common stock isn't valued according to the $5.15B. They raised $300M at $12B and $425M at $7.4B, which are both under water, so those shareholders will use their liquidation preference to get paid at least 1x. Assuming those rounds owned 7% of the company, there is at most $4.4B left for the remaining 93% of shareholders. That's about 8% less. If they deducted fees, legal services, or retention packages or had worse liquidation preferences or more underwater rounds, then it gets even lower.