I generally assume they're worth exactly zero million dollars a piece, because that's what they're actually worth. A few places I've been have tried to pass off

I generally assume they're worth exactly zero million dollars a piece, because that's what they're actually worth. A few places I've been have tried to pass off this whole "half your salary in stock options" rubbish while still giving me an acceptable wage in real money. This put a phantom value on stock options. At best, they're an exit bonus, which is an incentive to do your best to make your company thrive. It gives you a token that could be worth real money if everyone pulls together. Don't expect anything from stock options.