> bankers left 30+ billion in valuation on the table for their buddies

Small float, big hype, litterally designed to pump the stock on the float.

1.2bn was raised - of which only 0.8bn was cashing out existing shareholders - all the other investors got the pump as planned all for the low price of $1.6bn.

Basically the existing shareholders got watered down by ~5% and the value of the shares they still hold are 3x and now liquid, better than they got in any of the vc funding rounds.