Episode 6 centers on one key question: what is the value of the company? As Alex and Matt begin showing their terms sheet to potential investors, they realize answering that question is anything but straightforward.

The story takes several turns. Alex and Matt receive commitments from some investors but others say the valuation cap is too high. An unlikely person decides to invest in Gimlet Media but questions whether Alex can balance art and entrepreneurship. Chris Sacca returns to give his insights on the startup valuation bubble. And Alex discusses the mysteries of twitter with rapper and actor Ice T on The Final Level Podcast.

As Alex and Matt gain momentum, they receive more good news from Marco Arment, the lead developer of Tumblr and the founder of a new podcast app called Overcast.