Let $A$ be a discrete ring, and $\mathrm {Spa}(A,A)$ the space of (continuous) valuations on $A$, up to equivalence, which take values $\le1$ on all of $A$.
In Clausen–Scholze’s Condensed Mathematics notes (page 64, just after Definition 9.5) it is claimed that one can identify $\mathrm{Spa}(A,A)$ with the the set of ring homomorphisms $A\to V$ where $V$ is a valuation ring, modulo faithfully flat maps of valuation rings (i.e. if $V\to W$ is such a map, than $A\to V$ is equivalent to $A\to V\to W$). I don’t understand why this holds. Here is an idea of an incomplete proof.
The natural way to identify the latter set with $\mathrm{Spa}(A,A)$ appears to be the following. Let $\varphi:A\to V$ be given. Then since $V$ is a valuation ring, there exists a valuation $|\cdot|_V$ on its field of fractions which takes values $\le1$ on $V$. (See e.g. Wedhorn’s notes.) Then $|\cdot|_V\circ \varphi$ (or rather its equivalence class) is an element of $\mathrm{Spa}(A,A)$.
In the other direction, let $|\cdot|\in\mathrm{Spa}(A,A)$. Its support $\mathfrak p$ is a prime ideal in $A$. Note that it only depends on the equivalence class of $|\cdot|$ (Wedhorn 1.27). Let $\mathfrak m$ be a maximal ideal containing $\mathfrak p$. Consider the local ring $(A/\mathfrak p)_{\mathfrak m/\mathfrak p}$, and let $V$ be a local ring in the field of fractions of $(A/\mathfrak p)_{\mathfrak m/\mathfrak p}$, maximal with respect to domination. Then $V$ is a valuation ring (Wedhorn 2.2), and the composition $A\to (A/\mathfrak p)_{\mathfrak m/\mathfrak p}\hookrightarrow V$ is a morphism of the desired type.
We would like to show that the two maps are inverse to one another. If we start out with $|\cdot|$, and pass to $\varphi: A\to (A/\mathfrak p)_{\mathfrak m/\mathfrak p}\hookrightarrow V$, then the valuation on $V$ agrees with the valuation on $(A/\mathfrak p)_{\mathfrak m/\mathfrak p}$ induced by $|\cdot|$, hence we get back the original $|\cdot|$.
It is easily seen that the map from Spa to the set of maps $\{A\to V\}$ is surjective. Indeed, let $\varphi:A\to V$ be such a map. As above, $|\cdot|_V\circ\varphi$ is a valuation on $A$. Then if we let $\mathfrak p$ be its support and $\mathfrak m$ any maximal ideal containing it, $\varphi$ induces a map from $(A/\mathfrak p)_{\mathfrak m/\mathfrak p}$ to $V$, which will be injective because the support was quotiented out. Thus we get that $\varphi$ factors as $A\to (A/\mathfrak p)_{\mathfrak m/\mathfrak p}\hookrightarrow V$, as claimed.
When it comes to the other direction, i.e. injectivity of $\{A\to V\}/\sim\to \mathrm{Spa}(A,A)$, I am stuck. I know that there are multiple possible choices for $\mathfrak m$ and $V$, as there may be various maximal ideals containing a prime ideal resp. local rings dominating a local ring, so I guess the equivalence by faithfully flat maps is supposed to take care of this somehow.