Wilson writes that the investors setting the high 'headline' valuation are really "buying a bond plus an option". That is, the preferred-payback amount, plus an upside, rather than what a layperson might think of as X% of a $Y billion company.

I wonder, then: could or should these big investments be structured as {bond + options} rather than {preferred-stock + liquidation-preference}... precisely to avoid the misperceptions of a giant 'valuation'?