The math is missing another important point:

"Given that your stock options are valued at the current company valuation"

That's a bad assumption for an employee. The current valuation is for what investors get per share. Keep in mind they have preferred, not common stock, which generally comes with liquidation preferences. Their shares are worth quite a bit more each than yours. This means if you're getting $50k of the company at current valuation, you really should assume you're getting more like $10 or $20k.