This is awesome stuff. I think the biggest thing holding back a bunch agentic use cases is great infra and this is a a great step in the right direction. Love how fast it boots!
I'd check out something like https://userleap.com/ so that you can integrate bite-sized surveys right into your product. Great for onboarding, trial conversion, feature feedback, etc
It's a bit confusing but does make sense. Imagine wanting to buy 20% (or 100%) of Apple in the public markets. If you try in normal trading it will either take months based on trading volume or you'll bid up the price as you're buying.
People looking to own larger pieces of a business are often willing to pay a premium to folks trying to buy smaller pieces.
That's not how simple preferred works. That would be participating preferred. And I'd strongly suspect this is simple preferred, as participating preferred is exceptionally rare for Silicon Valley-type companies (it does happen though).
Investors get either the 1x or convert to common. So the most recent investors will take their 1x ($72mm if public sources are correct, which might include some shares bought by previous investors), but previous investors are likely to convert to common if their price per share of purchase is below the acquisition price. But even in your simple example, the $250mm is only split between founders and team, the shareholders who take their 1x are done prior to that point.