Cap table & dilution calculator
Enter a pre-money valuation and round size to see the post-money valuation, the new investor’s ownership percentage, and how much existing shareholders get diluted.
Your numbers
Results
- Post-money valuation
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- New investor(s) ownership
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- Option pool ownership
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- Existing shareholders (diluted)
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Simplified and illustrative only — does not account for multiple share classes, converting SAFEs or notes, or liquidation preferences. See our full cap tables guide and valuation guide for the underlying mechanics.
Frequently asked questions
How is post-money valuation calculated?
Why does adding an option pool change my ownership number?
Does this calculator account for SAFEs or convertible notes already outstanding?
Reading the result
What the percentage does and does not tell you
Your post-round ownership percentage is an accounting fact, and on its own it is close to meaningless. Ten per cent of a company with a large liquidation preference stack above you can be worth less at exit than three per cent of a company with clean terms. Use this number as an input to the return calculator and to a reading of the preference stack, not as the answer to "did I get a good deal".
Where the option pool hides
If the pool is created pre-money — the market default — the existing shareholders fund it, and the new investor's effective price is lower than the headline pre-money implies. Model the round both ways in this calculator. The difference between the two results is exactly the value transferred by that one line in the term sheet, and it is usually larger than anything else being negotiated.
Run it forward, not just once
The ownership you should care about is not the one after this round; it is the one after the two or three rounds that come before an exit. Run the calculator repeatedly, applying a plausible dilution at each future raise, and see where you land. Angels who cannot follow on are frequently surprised by how little of the original position survives to the end.