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What’s the difference between internal and external valuation?

Stripe is pre-IPO so any valuation is internal given there's no public market to set a value for it.

It would matter in case they try to raise capital again in the future. By lowering the valuation they make the company cheaper to invest.

Fidelity has its own valuation for Stripe.

Internal val is the val decided by Stripe. External vals are the vals decided by external 3rd parties like Fidelity.