Oh no, that calculation was for equity, not for an option. An option would have totally different pricing models, and it would likely be closer in value due to the strike prices. However, options are probably overvalued a LOT by startups. They think they are like equities, when they are a lot more like... options.

Also, 10x is a little off, but I also work on infrastructure and infrastructure companies tend to get acquired rather than IPOing.

Edit - as for the actual terms of the stocks in question, it was never what you were thinking (1x preference), but I probably can't say what it was.