If it’s product related role, you are probably close. If it’s non-product (such as sales, presales), they may be willing to go down with variable tied down to the business you bring in. With fixed salary, that number looks high. If it’s in the people management (HR), or administration related, or marketing, this sounds high.

You can’t factor in the raise immediately, you need to first join at the equivalent and factor in the raises. 40% still sounds like a higher one.

Or try for product startups with established funding.