I think there needs to be a distinction between options in a series A startup and RSUs in a large (but still private) company. I don't value the latter at zero

I think there needs to be a distinction between options in a series A startup and RSUs in a large (but still private) company. I don't value the latter at zero since the chance of a liquidity event is much higher and RSUs mean there is no need to actually purchase the options when you leave the company (and risk all the tax problems that go along with this). I roughly value RSUs in a late-stage private company (say, Stripe) at 50%-75% of market value when considering an offer, while a very early stage options grant is almost worthless to me, say 5% of its value.