An entrepreneur invested $500,000 of his own money in a "theme" restaurant, The Mad Cow. It becomes wildly successful and he sought out a VC to assist with opening a chain of these restaurants. After the first stage of funding the VC had a 43% ownership stake in The Mad Cow. In the second stage of financing the VC contributed $32 million. The VC's ownership stake after the second stage increased to 62%. What is the after-the-money valuation in the second stage?