This might be the largest seed round in history (note that 1B is the cash raised, not the valuation). You think that's an indication of the hype dissipating?

At the height of the Japanese economy in the 80s the about 2 square miles of land on which the Imperial Palace stood were worth more than all property in California. Clearly a brilliant moment to get into Japanese real estate!

A valuation at seed mentioned to possibly be in the region of $5bn means that these investors expect there's a reasonable chance that this company, which at this point will be one among many, might become one of the largest companies in the world as that's the kind of multiple they'd need given the risks of such an early stage bet.

That doesn't sound like the hype is dissipating to me.

Explain why you think $1B at $5B valuation isn't overvaluation? This strikes me as over-indexing on Ilya + teams ability to come up with something novel while trying to play catch-up.

What numbers and what valuation at seed round would indicate to you that they did consider it world changing and disruptive?

Can you explain your reasoning? To many these numbers seem to suggest the exact opposite.

$1B doesn't seem like "dissipating" to me ...

Tell me you don't understand what those numbers mean without telling me you don't understand..