> If we define “expect” as 50%+ odds then no, if we define it as “I can see how this could happen” then yes.
Nobody has ever defined or proposed defining "expect" as "I can see how this could happen" until just now. Not only does "expect" imply 50%+ odds, it implies something like 90%+ odds. It implies that you would be surprised if it didn't happen (because you were expecting it to happen).
A $20M Series A requires those investors to believe the startup can get to $1B for the math to work out for a typical fund.