Cap Table Example + Free Cap Table Calculator (SAFE to Seed Round)
A worked cap table example from founders through a SAFE and a seed round with an option pool, what each line means, and a free calculator for your own numbers.
By Onward ScoutPublished 2 min read
Free tool · runs in your browser
Startup cap table calculator: SAFE to seed
Model ownership from founders through a SAFE and a priced seed round with an option pool. See who owns what after each step and what the founders' stake is worth at the post-money valuation.
Nothing you type here is uploaded or stored by Onward Scout; the tool runs entirely in your browser.
A cap table lists who owns your company and what share each holder has after every financing. The calculator above models a common path: founders, then a post-money SAFE, then a priced seed round with an option pool, and shows each group's ownership and the founders' stake value.
What does a cap table example look like?
In short
Founders start with 100%. A $500K SAFE at a $10M post-money cap promises 5%. A $2.5M seed at a $12M pre-money gives seed investors 17.2% and adds a 10% option pool in the pre-money. Both dilute the SAFE, to 3.6%, leaving founders about 69.1%.
| Holder | After SAFE (as converted) | After seed round |
|---|---|---|
| Founders | 95.0% | 69.1% |
| SAFE holders | 5.0% | 3.6% |
| Option pool | 0% | 10.0% |
| Seed investors | 0% | 17.2% |
These are the calculator's default inputs; change them to your own numbers. The seed post-money is $14.5M, so the founders' 69.1% is worth about $10.0M on paper. (Rows are rounded, so they add up to 99.9%.)
How does a post-money SAFE affect your cap table?
In short
A post-money SAFE gives its holder a fixed percentage, the amount divided by the cap, of the company just before the priced round. Later SAFEs dilute founders, not earlier SAFE holders. The priced round then dilutes both: its new money and any option pool it adds.
This is why stacking SAFEs can surprise founders. Each one looks small, but together they come out of your share. SAFEs are now the default: Carta reported that 90% of pre-seed rounds on its platform used SAFEs[Carta, Q1 2025] in early 2025. Model every SAFE before you sign the next one, and read what a SAFE note is if the terms are new to you.
Why does the option pool matter so much?
In short
Because investors usually ask for it to be created before their money comes in, in the pre-money. That means the pool dilutes the founders and SAFE holders, not the new investors. A pool larger than your hiring plan needs is a hidden cut in valuation.
YC's own guide to the post-money SAFE says SAFE holders are diluted by the new or increased option pool adopted as part of the priced round[Y Combinator, SAFE User Guide], while pools created between the SAFE and the round dilute only the founders. Size the pool to the hires you actually plan before the next round, and show the plan to investors. A 15% pool when 10% covers your hiring plan costs founders about five points of ownership.
How do accelerator deals fit in?
In short
Accelerator investments are usually SAFEs or fixed-percentage deals, so model them like any other SAFE. YC's standard deal, for example, is a fixed 7% for $125,000 plus a $375,000 uncapped MFN SAFE that takes the terms of the lowest-cap SAFE you issue between the start of the batch and your priced round.
YC's deal page shows the arithmetic: at a $15M post-money cap, the uncapped SAFE converts to 2.5% of the company for $375,000[Y Combinator deal]. Accelerators have grown into a major early source of capital; Brookings counted 172 US-based accelerators that invested in more than 5,000 startups from 2005 to 2015[Brookings, 2016]. For the basic valuation math, start with the pre-money vs post-money calculator; this page's calculator is an illustration, not legal or tax advice.
Frequently asked questions
What is a cap table?
A capitalization table: a list of who owns what in a company (founders, investors, option holders and SAFE or note holders), usually shown in shares and percentages, round by round.
What is a typical option pool size?
Often around 10% to 15% after a seed round, sized to the hires planned before the next round. Investors frequently ask for it to be created in the pre-money, which dilutes founders and SAFE holders rather than the new investors.
When does a SAFE show up on the cap table?
It sits outside the share count as a promise until it converts, usually at the next priced round. Good cap tables model it as converted so founders see their real ownership.
Do I need cap table software?
A spreadsheet works for a handful of shareholders. Once you have SAFEs, options and several investors, dedicated software reduces errors in documents and filings.
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