A financing in which a company sells shares at a lower valuation than the one it sold them at before.
折价轮
| Move变动 | Where it appeared出现位置 | What it means这句话在说什么 |
|---|---|---|
| 14% | The market did not cut Anthropic's valuation. It asked for a price. 折价轮 · 第 2 张术语卡 | At $1.1 trillion the listing would still be 14% above May's $965 billion mark. 折价轮在私募里不只是价格事件，还是条款事件：它触发反稀释条款，让早期员工与基金的账面回报瞬间缩水，并成为下一轮谈判的筹码。所以要分清「比预期低」和「比上轮低」——前者是情绪，后者是合同。这一篇里两件事同时发生，但只有后者的性质更严重，而它并没有发生。 |