A cap table before and after an issue of new shares, worked in share counts rather than percentages. Percentages are the output here, never the input, because a table maintained in percentages stops adding to a hundred the first time anything unusual happens.
Also called: captable calculator, shareholding calculator.
12,500,000 shares outstanding after issuing 2,500,000 new shares, which leave the new holder with 20%. 2500000 shares at 10 raises 25000000 and implies a post-money valuation of 125000000 across all 12500000 shares. Every existing holder is diluted by the same factor, 80% of their former percentage, without anyone selling a share. Percentages here are derived from the counts, which is the only version that stays consistent when a note converts or the pool is topped up.
An estimate, not an offer or a guarantee. Projected returns assume the rate you entered holds for the whole term, which no market does.
| Holder | Shares | Before | After | Change |
|---|---|---|---|---|
| Founder A | 4,000,000 | 40% | 32% | -8% |
| Founder B | 3,000,000 | 30% | 24% | -6% |
| Seed investor | 2,000,000 | 20% | 16% | -4% |
| ESOP | 1,000,000 | 10% | 8% | -2% |
| Series A investor | 2,500,000 | 0% | 20% | 20% |
Ownership is a share count divided by the total, so issuing new shares changes every existing percentage without anyone selling anything. Working in shares makes that automatic and makes the arithmetic checkable: the counts must add to the total and the percentages must add to a hundred, both of which fail loudly if an entry is wrong. A cap table kept in percentages instead has no such check, which is why the first unusual event, a note converting or a pool being topped up, quietly breaks it.
every holder is a share count over the new total, which is why nobody has to be diluted by handEach of these is asserted on every build. If a change to the engine ever moved one of these answers, the build would fail before the page could print it.
Shares outstanding after12,500,000
2.5m of 12.5m shares, at 10 a share
Open this exampleShares outstanding after10,000,000
boundary: an empty round changes nothing
Open this exampleFormula version 1.0.0 · definition 1.0.0 · United States · Report a problem with this calculator