That would mean they would be growing slower. Being common is irrelevant.

Raising a Series D is an attempt to permanently increase the velocity of their enterprise. The change in the cap table is negligible if they succeed.

Raising debt right now would be a massive unforced error given they were able to shore up half a billion dollars in funding. If the funding well were dry then it'd be a different story, but that's not the case.

Can you imagine if they raised $445M of debt?

They said they are profitable aside from funding purchase orders, they don't need capital to fund growth. If they said they raised in order to grow faster and that they were not profitable then I would agree with you.