See how post-money SAFEs dilute your ownership when they convert at a priced round.
Your SAFEs (post-money)
The priced round (e.g. Series A)
—is what the founders & existing holders own after the round.
Assumptions (read these). This models post-money SAFEs (the market standard since 2018) where the valuation cap is the binding term — i.e. the cap is lower than the priced-round price, so the SAFE converts at the cap, with no discount applied. Each post-money SAFE locks its holder at amount ÷ post-money cap of the company immediately before the priced round; the founders absorb that dilution, not the other SAFE holders. SAFE holders and founders are then both diluted by the new money and any new option pool, which is assumed created in the pre-money. Uncapped SAFEs, discount-only conversion, MFN terms, pro rata side letters, and pre-money (pre-2018) SAFEs are not modeled here.
Built by blegal.ai — a Silicon Valley startup & venture finance knowledge base.
General educational tool, not legal, tax, or financial advice. Verify any cap table against your actual financing documents and counsel.