Does investing via a SAFE mean that the investment won't have a set valuation until a priced round?

On top of that, let's assume an investment in the seed round is made via SAFE and the share price at that stage is $0.15. In the Seed round, a priced investment comes in and the new share price is $3. In this case, is the investment from the Seed round going to get the value of the $0.15 or of the $3?
Question edited slightly for clarity.
Dec 06, 2023 2:20am
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Dec 06, 2023

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