There's a lot of speculation about how different rounds will get paid out.

Unless someone has insider information and is willing to post, we have absolutely no idea who was made whole, who lost and/or who gained.

At the size of Brex, anything is possible and it depends on how much leverage they had at each priced round. Guaranteed payout, equal, founders multiplier, lead multipier. All possible.

Additionally, what people don't realize is the headline number can get severely inflated IF debt is included in the purchase price. If say their book was 4.3B in debt then the equity part is ~800m and all of a sudden everyone's underwater.

We simply don't know the details.

All of these SaaS and Fintech startups from ZIRP were so overvalued.

That is a 50% discount, which isn't great for those who got into the latest round.

Seems like Capital One is very excited on the deal and announced it earlier while Brex hid the announcement and made it hard to find. (It's on the Brex [0] journal directory, but you cannot see it featured on its front page)

What (really) happened?

[0] https://www.brex.com/journal

Employees got wiped out!