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Well, if you are sure the company is going to be worth something, exercise. If hot, hold off.
Pay attention to taxes. Exercising late stage equity mean you have to pay taxes.
If you have ISOs, there may be little or no tax impact when you exercise. The company should let you pay the exercise price in options (though likely not tax, if any, so that would come out of pocket). If they're ISOs and you wouldn't have a tax event (note that you may be subject to AMT), no harm in exercising and holding.