So many startups never IPO, and their stock options are effectively $0. When they leave they have a small window to exercise them and pay capital gains tax (wi

So many startups never IPO, and their stock options are effectively $0. When they leave they have a small window to exercise them and pay capital gains tax (with inflate valuation, this could be $100k or more). Anyone thinking of making money off stock options at pre-IPO startup are taking a get a) valuations are realistic b) startup will IPO. In this current environment, both are false.