Round Builder
Build a complete cap table by adding founders, an option pool, and investment rounds in chronological order. The table updates live.
Founders & Initial Equity
+ Add Co-Founder
Employee Option Pool
Option Pool Shuffle: When investors require a pre-money option pool, founders bear 100% of the dilution. A post-money carve-out shares the cost with investors. See the Option Pool module for the full analysis.
Investment Rounds
No rounds yet. Click "+ Add Round" to begin.
Cap Table — Fully Diluted
| Shareholder / Security | Type | Shares (as-converted) | % Fully Diluted | Investment | Price / Share | Implied Valuation |
|---|
* Unconverted SAFE/note ownership shown as implied % = Investment ÷ Cap (post-money SAFEs) or estimated at cap price (pre-money). Actual % determined at conversion.
Conversion Simulator
Pick a trigger event to see exactly how all outstanding SAFEs and convertible notes convert, and view the resulting cap table. Instruments are pulled from Round Builder.
Trigger Event
Exit Waterfall
Model proceeds for every shareholder at any exit valuation, respecting liquidation preference stacks. Automatically reflects your Round Builder cap table.
Exit Parameters
Proceeds by Shareholder
| Shareholder | Security | Liq. Pref. | Proceeds | % of Net | MOIC | IRR (3yr) |
|---|
Proceeds Matrix — Five Exit Scenarios
Proceeds vs. Exit Value
SAFE Math
Understand SAFE mechanics and conversion math with precision. Use this to explain terms to investors or model dilution scenarios.
Post-Money SAFE — Fixed Ownership Calculator
The defining property of post-money SAFEs (Y Combinator MFN form, 2018+): Investor ownership at conversion is fixed at signing as Investment ÷ Valuation Cap, regardless of the Series A valuation (provided Series A price > cap price). This gives investors certainty; founders absorb all dilution from subsequent SAFEs and option pool expansions.
Pre-Money SAFE — Hidden Dilution Analysis
Pre-money SAFE dilution risk: The conversion denominator uses pre-money shares only, not other outstanding SAFEs. Each additional SAFE silently dilutes earlier SAFE holders. Ownership % is NOT fixed at signing — it depends on what else converts alongside it.
+ Add Another Pre-Money SAFE (show cumulative dilution)
SAFE vs. Convertible Note — Side-by-Side
Key difference: Convertible notes accrue interest, which increases the conversion amount. A $500K note at 6% annual interest over 24 months converts as $560K. SAFEs never accrue. All else equal, notes grant more shares to the investor.
Option Pool Modeler
Quantify the dilution cost of option pools, compare pre- vs. post-money carve-outs, and value individual option grants using a simplified Black-Scholes model.
Round Parameters
Pre-Money Pool (Option Pool Shuffle)
Post-Money Pool (Founder-Friendly)
Side-by-Side Comparison
Black-Scholes Option Grant Valuation (Simplified)
Simplified BSM for startup options. Illustrative only — 409A valuations require a certified appraisal. Startup volatility is typically 60–90%.
Vesting context: Standard is 4-year vest with 1-year cliff. The option value above is the gross BSM value of the fully vested grant. Per-year economic value = total grant value ÷ vesting years. Early-stage startups typically grant 0.1–1.0% of the fully diluted cap table to senior hires.
Term Sheet Decoder
Plain-English explanations of every common term sheet provision — who it favors, typical market ranges, and Thagorus's current terms.