That's the funny thing about startup valuations; they are not an apples-to-apples comparison to a public market. In fact, a savvy investor may be willing to invest $100M at a $25B valuation knowing full well there will never be a liquidation event worth $25B. It all depends on the deal terms (preferences, ratchets, etc.).
It's entirely rational to invest $XM at $YB valuation when your deal terms stipulate a minimum return of ($XM * 1.25), regardless of valuation.
That's the funny thing about startup valuations; they are not an apples-to-apples comparison to a public market. In fact, a savvy investor may be willing to invest $100M at a $25B valuation knowing full well there will never be a liquidation event worth $25B. It all depends on the deal terms (preferences, ratchets, etc.).
It's entirely rational to invest $XM at $YB valuation when your deal terms stipulate a minimum return of ($XM * 1.25), regardless of valuation.