While $850 million is a ton of cash, it is not the largest round the company has raised. Last year, the company raised $1.5 billion in one of the largest VC rounds in history. The additional capital would only move Airbnb from the fifth to the forth most valuable tech unicorn at a potential valuation of $30 billion (tear). Mega-rounds have been popular this year with Uber raising a $3.5 billion equity round from Saudi Arabia’s Public Investment Fund. After the round, Uber followed up with another $1.15 billion, this time in leveraged loans. Even as a late-stage company, Airbnb has to be increasingly conscious of the capital it takes on. Too much equity dilutes early investors, while too much debt could put investors at risk if valuations were to suddenly tank. Debt as an asset class is paid off before equity. Get the full story at TechCrunch