This is what Tom wrote about his views on fundraising (on tomblomfield.com years ago, which can now only be found by searching the wayback machine):
"When you go out to raise investment, don’t over-optimise for valuation.
PG (Paul graham?-rarther) stood up one Tuesday evening at Y Combinator with a memorable lesson. YC companies are competitive about everything. In each new batch, founders are told not to compete over who can raise at the highest valuation. And every batch, some founders ignore this advice. Airbnb, we were told, raised their seed round of $600k on a valuation of something like $3.5m - certainly nothing like the uncapped convertible notes we sometimes see at the moment. And the Airbnb founders are just fine with how they’re doing.
You should spend a little time figuring out what price the market will offer. Choose the investors you think you could work with for next 5-10 years. Don’t spend time shopping the deal around to increase your valuation. Also, don’t pick crappy investors just because they offer a higher valuation."
Obv the company is bigger than Tom so his opinion isn’t everything, but I don’t think they are going to be waiting around on the sidelines for a VC bubble to return (they could be waiting 5-10 years for that).
In the past the round has taken around 3 or 4 months from first speculation to final confirmation, so the completion is not ‘late’ yet.