Your VC Valuation Is a Beautiful Lie
In 2026, the headline number on your term sheet is theatre. Dirty term sheets, stacked liquidation preferences, and ratchets can make a $30M valuation worth less than a clean $20M. Here is
Congratulations, you got the valuation you wanted. Now read the fine print. In 2026, the big number on the front page of your term sheet is increasingly a magic trick, propped up by stacked preferences, ratchets, and dividends that quietly hand the real value to the investor. The mirage looks gorgeous, right up until exit day.
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