I currently have two offers for PM lead positions from private startups that received their last round of funding and public valuation in late 2021, when everything was great. Since then, the share prices of public competitors to these companies have fallen by an average of 68%.

If I were interviewing at any of these public competitors, they would price my equity according to the average share price from the 1-2mo before my offer, while these startups are implicitly claiming that nothing has changed since 2021. Any advice here for negotiating? Just ask for a ton more options? How should I phrase it?