Cash vs Equity in 2026: The Negotiation Playbook

Equity grants at startups are 26% below where they were in 2022. Meanwhile, base salaries have risen 5.8% over the same period. The cash vs equity compensation balance in 2026 has shifted, and the question is whether your negotiation strategy has shifted with it. How the Comp Formula Changed For most of the last decade, tech compensation followed a predictable formula: modest base salary, big equity grant, four-year vest, and a bet on the company's trajectory. That formula assumed a functioning IPO pipeline and a market that rewarded growth over profitability. Both assumptions are shaky now. There were 31 tech IPOs in the U.S. in 2025, more than the prior three years combined but still far below the 121 deals completed in 2021. And 2026 is starting slower, with IPO filings down 11.1% from the same period last year. The path from stock options to actual money keeps getting longer and less certain. Companies have responded by restructuring comp. Mondo's 2026 compensation an