A $300m FDV valuation alone doesn't tell the full story. What really matters is understanding the underlying deal structure. The early exit clause in this case functioned as essentially a free option—a red flag when you dig into the mechanics. It's a classic example of how options pricing complexity gets overlooked in hype cycles. The terms might look reasonable on the surface, but when you decompose the financial structure, the risk distribution tells a different picture. These kinds of embedded features are worth scrutinizing before jumping in.