Dynamic Cap Table
A pro forma cap table model that handles the conversion math.
What it does
Models your pro forma capitalization through a priced round, including the conversion of SAFEs and convertible notes. Built for founders preparing for a Seed or Series A round who want to understand how the math actually works before sitting across from investors.
What's inside
- SAFE and convertible note conversion modeling
- Option pool top-up calculations
- Scenario analysis across pre-money, round size, and option pool
- Fully diluted ownership breakdowns by stakeholder
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Before you open it
The model uses iterative calculation. Enable it in Excel before opening (File → Options → Formulas → check "Enable iterative calculation" on Windows; Excel → Preferences → Calculation on Mac). Instructions are also at the top of the spreadsheet.
This model is a starting point, not financial or legal advice. Numbers depend on your specific terms, agreements, and circumstances. Run any cap table you intend to share with investors or counsel by your attorney before relying on it.