Earlier quoted context omitted.
Think OP meant $70M not $70B if they just raised $17M in funding. To calculate your gross $ value today, you need to know your # of shares (10K) divided by total fully diluted outstanding shares (607,500,000) multiplied by the valuation (probably $70M). Strike price is your cost to exercise the options, which should be deducted from your gross value. You will likely also incur taxes unless you exercise right away via…
$70M valuation makes more sense. Only 10K shares feels very low though if there are really 607M outstanding shares (seems too high). It's Seed-Series A, your friend should be getting at least 0.1% even as a junior IC: : https://topstartups.io/startup-salary-equity-database/
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*) might be below today's market, but still not something a pre-seed startup could pay their employees.