"Someone bought 1,000,000 shares of a company at a price of $20 in a secondary offering. Company's marketcap is now $36B"
Private equity market lingo is dumb. Many companies don't state the valuation after a round and the ones that do deliberately do it for clout. It is confusing and counterintuitive because people wonder why the "valuation is stretched" when literally just someone bought some shares, its not really news that someone bought shares at a high price. "Jonathan bought 1 share of Amazon for $2,000 for a valuation of 1.5 trillion" doesn't matter if this was a secondary market trade, or Amazon doing a 1 share secondary offering "raising $2000", it is a completely non news story, except in how the private equity world chooses to warp the language.
In private equity, the "rounds" have to be a higher valuation, and a "down round" is bad - an instant death knell and death spiral for the company solely because of how the PE world chooses to broadcast clout.