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Median engineer was making $370k (of course half of that is pre-ipo RSUs)

That seems about right if they were trying to compete against FAANG for low-mid range engineers. I think FAANG pays more, but this doesn't seem like an absurd comp number for 4-6 YOE.

If you value equity in any non public company at $0 as I do and it’s true that only half the compensation was in cash, the $185K is far less than a mid range engineer at any FAANG

Okay, but if you are going to make that comparison, then why bother comparing trillion dollar profitable companies with a startup. The goal is to make people whole on paper. If you don't think that is appropriate for your needs, you don't have to apply or join!

I care about my compensation. I know working for a public company, every six months I get RSUs deposited in my brokerage account that I can (and do) immediately sell and diversify.

How am I “made whole” by illiquid equity?

In the case of a private company, I have no guarantee that my equity will ever be worth anything and I have to wait until an exit event.

Yes I know that there are ways to sell options in private company if your company allows it and if there is a market for it. This again is unlike logging into Fidelity and selling my stocks the day they vest.

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