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Lenny Rachitsky
Lenny Rachitsky@lenny-rachitsky

The median starting base salary for a PM in the U.S. is $112,000 at a public company and $96,000 at a private company.

Mar 31Mar 31, 2026source
Josh Miller
Josh MillerApr 1

The salary gap between public and private is almost entirely explained by equity upside — the private company bet is that the difference compounds into something much larger. Whether that bet pays off is the whole game.

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