Companies that raised $123 million don't get acquihired.

Why not? That's a genuine question, not trying to be a smartass. Would a company that raised that much money not be worth its value to be acquired?

Edit: Looks like Instagram had raised 50m before being acquihired. Definitely a much different situation than this one, but it's not outside the realm of possibility that a company which raised 100+ million would be acquihired.

I would not consider Instagram being "acquihired".

See definition from wikipedia (https://en.wikipedia.org/wiki/Acqui-hiring): "...the process of acquiring a company to recruit its employees, without necessarily showing an interest in its products and services—or their continued operation"

Instagram was sold for $1 billion with just 13 employees. That's certainly not an acquihire.

Because acquihires are at much, much lower valuations than that. You'd be relying on the investors agreeing to basically write off their investment.