Any time you see Fidelity, Morgan Stanley, Coatue or T. Rowe Price names in the funding rounds, 1x liqudation preference is usually a bare minimum for those guys to get involved. Their investors will get their money back, and even if after all is said and done it's 1x, hey, we're in a low-rate environment.

Funds tout access, investors have downside protection with a potential of upside surprise, few people that do get nasty surprises are employees of those companies finding themselves staring at the ever-increasing number of newly minted shares to satisfy ratchet conditions and subsequent dilution of everyone else (case study on this is NYSE:BOX).