An angel asked our valuation and I said "$4M?" with a question mark

Second real investor conversation of my life. Forty minutes in she asks "what valuation are you raising at?" and I said four million — except it came out as a question, because it is one. I picked it because a friend's round was at $4M and our products feel about as far along.

She didn't push back. A week later a different angel told me $4M is "rich for the region pre-revenue" and offered to come in at $2.5M. Now I genuinely don't know if my number is a price or a vibe. We have a working product, 9 design partners paying nothing, two of them making switching noises, and a $30k grant. That's the whole balance sheet.

How do you actually set a pre-seed number? Comparable rounds? Dilution math backwards from how much we need? Whatever the first check accepts? I keep reading that "the market sets the price" but there are exactly two data points in my market and they disagree by 60%.