I think the OP means the strike price of $2 was the FMV when the options were issued. The current value is the company's estimate of FMV right now. Estimate is

I think the OP means the strike price of $2 was the FMV when the options were issued. The current value is the company's estimate of FMV right now. Estimate is used since the company hasn't IPOd yet. So, valuation is private.