Generally, you can only be offered equity (I assume you mean options on common stock) at a current valuation of the common stock. If the company just raised a r

Generally, you can only be offered equity (I assume you mean options on common stock) at a current valuation of the common stock. If the company just raised a round, they will have a new valuation of the common stock (a 409a) valuation. If the company offered you options at a different (lower) valuation, they would have to book the difference as a compensation expense to you. While it's technically possible, they are unlikely to want to do that. Option backdating (getting equity at a previous valuation) is discussed helpfully here: https://en.wikipedia.org/wiki/Options_backdating https://en.wikipedia.org/wiki/Options_backdating