Here's how I'm thinking about it with example numbers: I own 0.1% of the company. Based on our market and performance and valuation of peers I expect us to be worth $10b.
With no dilution my stock is worth $10mm (minus taxes, strike price, etc.)
With 10% dilution per round and 4 more funding rounds, it's now worth $6.5mm.
With no dilution my stock is worth $10mm (minus taxes, strike price, etc.)
With 10% dilution per round and 4 more funding rounds, it's now worth $6.5mm.