Cap Table Calculator

Investor due diligence: providing accurate cap tables to potential Series A/B investors. This application is commonly used by professionals who need precise quantitative analysis to support decision-making, budgeting, and strategic planning in their respective fields

409A valuation inputs: providing share class structure and recent transaction prices. Industry practitioners rely on this calculation to benchmark performance, compare alternatives, and ensure compliance with established standards and regulatory requirements

Employee equity education: explaining option grant value in context of total cap table. Academic researchers and students use this computation to validate theoretical models, complete coursework assignments, and develop deeper understanding of the underlying mathematical principles

Exit proceeds modeling: running waterfall analyses for board decision-making. Financial analysts and planners incorporate this calculation into their workflow to produce accurate forecasts, evaluate risk scenarios, and present data-driven recommendations to stakeholders

Secondary sale negotiations: modeling dilution impact of proposed secondary transactions. This application is commonly used by professionals who need precise quantitative analysis to support decision-making, budgeting, and strategic planning in their respective fields

Hvilken informasjon inneholder en cap-tabell?

En fullstendig taktabell inneholder: aksjonærnavn og kontaktinformasjon, aksjeklasse (felles, Series Seed foretrukket, Series A foretrukket, etc.), antall aksjer holdt, pris betalt per aksje, tildelingsdato og opptjeningsplan (for opsjoner og begrensede aksjer), totalt prosentvis eierskap (grunnleggende og fullt utvannet), sertifikatnummer og juridiske detaljer, konverteringsforhold (for foretrukne til felles) og andre økonomiske rettighetspreferanser. De fleste cap table-programvare (Carta, Pulley, Capshare) opprettholder også et fullstendig revisjonsspor for hver transaksjon – utstedelser, overføringer, kanselleringer, øvelser – og kan generere 409A-verdivurderinger, seksjon 409A-opsjonsbevilgningsoverholdelsesoppføringer og investorrapporteringsdokumenter.

Hva er forskjellen mellom basisaksjer og fullt utvannede aksjer?

Grunnaksjer (eller ufortynnede) teller bare aksjene som er utstedt og utestående – grunnaksjer pluss aksjer utstedt til investorer og ansatte som har utøvd opsjoner. Fullt utvannede aksjer legger til alle potensielle aksjer: uutnyttede aksjeopsjoner (opptjente og uopptjente), uutstedte opsjonspool, warranter og konvertible instrumenter (SAFE-er, noter) på konvertert basis. Fullt utvannede aksjer er typisk 15-30 % høyere enn basisaksjer for selskaper i tidlig fase med store opsjonspooler. Investorer beregner alltid eierskap på en fullt utvannet basis, og grunnleggere bør alltid modellere eierskapet på en fullstendig utvannet basis for å forstå deres sanne økonomiske stilling.

Hva er en 409A verdivurdering og hvorfor er den viktig for cap-tabeller?

En 409A verdsettelse er en uavhengig vurdering av et privat selskaps vanlige aksjemarkedsverdi, som kreves av Internal Revenue Code Section 409A for å sette utøvelsesprisen på aksjeopsjoner. Opsjoner må gis til eller over virkelig markedsverdi for å unngå straffeskattebehandling for ansatte (umiddelbar inntektsføring pluss 20 % straffeskatt). For startups er 409A-verdien nesten alltid betydelig under den foretrukne aksjekursen betalt av investorer (på grunn av likvidasjonspreferansene og andre rettigheter som preferanseaksjer har). Selskaper må innhente en ny 409A verdsettelse minst hver 12. måned, eller innen 90 dager etter en vesentlig hendelse (ny finansieringsrunde, stor forretningsutviklingsmilepæl) som kan påvirke verdsettelsen. 409A-vurderinger koster vanligvis $1000-$5000 fra kvalifiserte verdivurderingsleverandører.

How does a liquidation preference waterfall work?

A liquidation preference waterfall determines the order and amount each shareholder receives in an acquisition, merger, or dissolution. In a typical structure, preferred shareholders receive their liquidation preference (their original investment back, or 1x-2x their investment for more aggressive terms) before any proceeds are distributed to common shareholders. Non-participating preferred means investors choose between taking their preference OR converting to common and sharing proportionally. Participating preferred means investors take their preference AND then participate in the remaining proceeds as if converted to common (double dipping). Multiple liquidation preference stacks in Series A, B, and C create a complex waterfall that dramatically reduces common stockholder proceeds at lower exit valuations — founders and employees may receive nothing in exits below the total liquidation preference stack.

What software should startups use to manage their cap table?

Cap table software is essential after any significant financing event. The leading options are Carta (most widely used; comprehensive features including 409A valuations, ESOP administration, and investor reporting; used by 40,000+ companies), Pulley (Y Combinator backed; startup-friendly pricing; strong integrations), Capshare (now part of Carta), and Shoobx (now Fidelity Private Shares). For very early-stage companies (pre-seed, before any significant financing), a spreadsheet is acceptable but should be migrated to proper software before the seed round closes. Excel/Google Sheets cap tables become error-prone and legally risky once there are multiple share classes, option grants, and convertible instruments to track.

When should a founder request a secondary sale of their shares?

Founder secondary sales — where founders sell some of their existing shares to new investors rather than the company raising primary capital — are increasingly common at later stages. Most venture investors require founder consent (and sometimes co-sale rights) for secondary transactions. Secondary sales are typically permitted beginning at Series B or C, and often structured so founders can sell 10-20% of their holdings in conjunction with a new round. The main benefits are providing founders with personal liquidity without requiring an exit, and reducing the incentive pressure that can lead to premature exits. Investors generally support modest founder secondaries because founders with some liquidity are less anxious about timing exits for personal financial reasons.

What are pro-rata rights and how do they affect the cap table?

Pro-rata rights (also called preemptive rights or rights of first refusal) give existing investors the right to invest in future rounds to maintain their ownership percentage. If an investor holds 10% post-Series A, pro-rata rights allow them to invest 10% of the Series B round to maintain that 10% stake. Super pro-rata rights allow investors to invest more than their ownership percentage would suggest. Pro-rata rights must be allocated across all investors who hold them, which can crowd out new lead investors if many existing investors exercise pro-rata. For this reason, Series B and C lead investors often require that existing investors waive or reduce their pro-rata rights as a condition of leading the round, creating complex investor negotiations.