That's true. I wasn't sure what else to call it. I guess it's more investment upfront at a later valuation. It's almost like a SAFE where the next SAFE acts like a priced round.

It's a non-trivial amount though -- it's probably the case that the next funding round for most YC companies gets low millions. So that's a nice chunk of the round.

Getting it upfront is unique though, and really quite valuable at this early stage. Still curious if YC will allow opting out -- I don't think I would have -- but still curious.