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No they raised $105M in preferred shares with 1x or more liquidity preferences. The common stock is worth no more than the value of a way out of the money penny option that is only excercised in the case of a liquidity event. Meaning the real valuation of the company is maybe two or three hundred million. Of course founders don't tell employees that because they can get talent for pennies on the dollar this way.

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How do you get to 300M? Is is possible that someone like University of Phoenix might offer $1B for the company? If so, might it be accepted? If so, how much are shares worth?

At my old job, whenever investors bought in they offers to buy out employee shares at the stated valuation.

Yes possible. It's possible my $2 lottery ticket will also be worth $100m but until it is, it is still worth only $2 or maybe even less. Until then the value of each share class is not the same and so it would be a mathematical mistake to calculate valuation as the sum of all shares multiplied by the highest price paid for the most senior share class.

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