Ask HN: What does "competitive equity" look like in 2025?

Many of the listings on the "Who is Hiring" posts give a salary range, but their equity incentives almost all just say something along the lines of "competitive equity."

My experience suggests that this can mean wildly different things to different companies, even for similar offers at similar stages of funding.

Given the jobs landscape has changed quite over the last few years, I'm curious what "competitive equity" looks like nowadays. I'm specifically curious about it in the context of startups at different stages of funding (A through ~E: basically any company size that still measures ISO equity in "percent" over "cash value"), and for various levels of full-stack software engineers (Entry-level through Principal).

I'm not so much looking for "AI"-specific offers, though I admit I am a bit curious.