---
name: Cap Table
description: Track who owns what.
---
# Cap Table

A cap table records every owner's stake and how it changes across financings, options, and conversions. Errors here are expensive and hard to undo.

## Track
- **Founders and investors** — shares, classes (preferred vs common), voting rights.
- **Option pool** — granted, vested, unvested, available. Dilution from the pool is often missed.
- **Conversion terms** — preferred that converts at a liquidity event or threshold. These reshape the table invisibly until triggered.

## Model dilution
- Every financing dilutes everyone pro-rata unless they have anti-dilution or pro-rata rights.
- Run the table forward through each planned round. Surprises at the term sheet ("I own 8%, not 14%?") come from not having modeled it.

## Hygiene
One authoritative cap table, versioned. Discrepancies between the company's table and investors' records destroy trust at the worst moment.