Dilution control
Multi-SAFE conversion simulator
Post money SAFEs, pre money SAFEs and notes converting into a priced Series A, solved exactly.
- Pool shuffle
- Governance alerts
- Exact share counts
Company today
Founding team's common stock before any instrument converts.
Instruments
Set a cap to 0 for an uncapped instrument (discount-only conversion).
Series A
Conversion outcome
$15,000,000 pre · $3,000,000 new · $1.48/share
- Founders 65.7%
- Option pool 10%
- Post-money SAFEs 2.5%
- Pre-money SAFEs 3.2%
- Convertible notes 2%
- Series A 16.7%
- Fully diluted 100.0%
Founders keep 65.7% after a $3M Series A. The 10% option pool is created pre-money and costs you $1.8M at the Series A price.
Hidden dilution alerts
2 flags-
Option pool shuffle costs founders $1,800,000
A 10.0% post-closing pool is created pre-money. Founders absorb the entire $1,800,000 at the Series A price, Series A buyers absorb none of it.
-
2 instruments convert on a cap below the round
Angel B ($6,000,000 cap), Bridge Note ($8,000,000 cap), the cap binds against a $15,000,000 pre-money, so those holders buy well under the Series A price.
Before vs. after the round
| Holder | Before | After | Change | Shares after |
|---|---|---|---|---|
| Founders (common) | 78.8% | 65.7% | -13.1 pp | 8,000,000 |
| Unallocated option pool | 12% | 10% | -2.0 pp | 1,218,123 |
| Angel A | 3% | 2.5% | -0.5 pp | 304,531 |
| Angel B | 3.8% | 3.2% | -0.6 pp | 384,088 |
| Bridge Note | 2.4% | 2% | -0.4 pp | 244,280 |
| Series A investor | - | 16.7% | +16.7 pp | 2,030,204 |
| Total fully diluted | 100.0% | 100.0% | - | 12,181,226 |
Instrument math
effective price| Instrument | Principal | Price | vs Series A | Shares | Own % |
|---|---|---|---|---|---|
| Angel A Post-money SAFE | $150K | $0.49 | −66.7% | 304.53K | 2.5% |
| Angel B Pre-money SAFE | $250K | $0.65 | −56% | 384.09K | 3.2% |
| Bridge Note Convertible note | $212K | $0.87 | −41.3% | 244.28K | 2% |
What it calculates
Who owns what after every instrument converts.
This calculator shows the cap table after every SAFE, note and option grant has converted into a priced Series A, including the details founders tend to discover too late.
Post money SAFEs are the tricky part. Their ownership is fixed when they are signed, so they do not dilute each other, they dilute you. Then the option pool is created before the new money arrives, which means founders absorb that cost as well.
Enter the real stack and the real round. You get exact share counts, founder ownership before and after, the dollar cost of the pool shuffle, and a warning when governance thresholds are breached.
Your ownership after conversion
Exact share counts and percentages, solved as one system rather than a chain of percentages.
What the pool shuffle costs
The dollar value transferred from founders to the unallocated pool at the Series A price.
Where governance breaks
Flagged when founders fall below 51%, or when the SAFE stack grows past a third of the company.
The math, in full
See how the conversion model is calculated
The conversion formulas, the linear system that solves the pool and the SAFEs together, a worked example, and the convention we assume for pre money instruments.
- LaTeX formulas
- Worked example
- Pool shuffle
- Glossary
- FAQ