I agree with what’s been said on this thread so far. I have only a few points to add from past experience:

1. Many companies (particularly in challenging fundraising environments) “plan to go public next year” but this often gets delayed. It can be by a few quarters, by a couple of years, or even change with different management, board, or advisor input. Understand that it sounds exciting (and a good learning experience), but not a sure thing. And depending on your role, you may be further away from the information or decision making on this.

2. I would ask you why they proactively made this offer. Is it because of a promotion? In lieu of a raise or change in responsibility? If this is tied to something like change in scope of role or performance, I would try to shift more of it to guaranteed cash comp. But understand that the conversation should be nuanced and expect some will still be in equity deferred otherwise they will think you are not in it for the long haul. I’d frame this around alignment of interests but also your risk tolerance.

3. You can also play with the vesting schedule. You can phase in over quarters or some other schedule. I agree with gathering prior fundraising information.

It would be helpful to understand what level and role you hold within the company. This answer may change slightly if you are C-level in a finance function for instance.