When Starcloud, a space data center startup, announced in March that it had raised $170 million at a $1.1 billion valuation led by Benchmark and EQT, you had to read deeply into the press release to learn that the deal was done in two tranches, with the first part led solely by Benchmark. What it didn’t say: that first piece came at a valuation of $250 million, according to two sources familiar with the deal. Just days later, the second tranche, which also included a host of smaller investors, ...