Not OP, but I took it to mean that the round was absurdly large. The norms/expectations around size of rounds are not what they once were.

I had the same thought the first time I heard about a 12M "seed" round.

I’m guessing what they mean is that the valuation is so inflated at this point that the high dollar amount more reflects the likelihood of acquisition or IPO in the near term rather than some sort of substantive demonstration of confidence in the company and its founders.