Even accepting all of those things, if the company was profitable and had anything in the war chest they wouldn't have to take more funding. They're either getting capital for war or survival which means what they have now isn't enough for either.
So strange how everyone seems to agree there's at least a bit of inflation of VC funding if not an outright bubble, yet no one seems to see why this might induce a company to take as much cheap cash as it can for the impending winter.
A lot of their fundraising is for partnerships. For example, their previous round was mostly large Asian investors who could help Airbnb continue to grow internationally
