[mseebach]

OP's point was that if your objective is an IPO cash-out, right after series-A is the worst time to join. If your objective is an interesting, reasonably salaried job in a fascinating businessenvironment it seems to be the very best time to join.

[adw]

That's a good point - I was assuming that you'd get under-market salary with extra compensation as equity. If you're just getting fair market salary then the company with more money in the bank's always going to look more attractive, all else being equal.