..."The stock will either be worthless.." ".."the math tells me choose the equity.." "..in the process of closing a $100M round.." Yea, go with your first as

..."The stock will either be worthless.." ".."the math tells me choose the equity.." "..in the process of closing a $100M round.." Yea, go with your first assumption. More than likely, that will happen. If you are young, take the cash and you can always do more next time. I am big into risk taking but if you really want do it, do it your way. Run your own startup. Otherwise, your chances are very very slim of getting any significant payout, if any.