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There is no broad answer here. Depends on the term/lockup period, strike price, industry, etc. The later you get in, the less upside you have as all the pfds and senior classes participate before your units on an ipo. Also depends on how well the company prices and performance after if there’s a lock up
I have a friend who got 10,000 options at a public pharma. Joined right before the phase 3 trial failed so they’re all literally worthless now
Bump for interest