Startup offer with a chunk of equity vs a stable, kind of boring corp job. How do you even value equity this early?

First real offers and they couldn't be more different. The startup's base is ~10% lower but throws in options they're very excited about. The corp job is more cash now, a clear ladder, and honestly less thrilling.

I genuinely don't know how to think about the equity — is it lottery-ticket money I should mentally value at zero, or a real part of the comp? Anyone taken the startup bet early and have thoughts, good or bad?