A candidate wants a _competitive_ offer. While stock is almost impossible to compare across offers, candidates can at least stack-rank the company’s funding and check to see how the proffered percentage compares to the mean for the funding round. So if a company has high-percentile funding, and gives a high-percentile equity fraction, it’s a good sign to the candidate. But of course, the company could be WeWork, or even OpenAI could get risky if the tender offers stop (which will happen when/if the market crashes).

At the end of the day, it means a lot to the candidate if the company _wants to compete_ for a hire, especially in the current economy (layoff-friendly and SWE saturated, especially versus 10 years ago). A story like “your options could be worth $XXX in 4 years” I hope is not seen as competitive today.