--- title: "Cap Table, Capitalization Table | MedTech Terms" description: "Ledger of all securities issued by a company and who owns them. Plain-English Investment & Finance definition for MedTech teams, with examples and related terms" lang: en json-ld: | { "@context": "https://schema.org", "@graph": [ { "@type": "DefinedTerm", "@id": "https://medtechterms.com/terms/cap-table#term", "name": "Capitalization Table", "alternateName": "Cap Table", "description": "A cap table is a structured record of every share, option, warrant, SAFE, and convertible note issued by a company, showing fully-diluted ownership across founders, employees, and investors at each financing round.", "url": "https://medtechterms.com/terms/cap-table", "termCode": "cap-table", "inDefinedTermSet": { "@type": "DefinedTermSet", "name": "MedTech Terms", "url": "https://medtechterms.com/terms" } }, { "@type": "Article", "@id": "https://medtechterms.com/terms/cap-table#article", "headline": "Cap Table, Capitalization Table", "description": "Ledger of all securities issued by a company and who owns them.", "url": "https://medtechterms.com/terms/cap-table", "mainEntityOfPage": { "@type": "WebPage", "@id": "https://medtechterms.com/terms/cap-table" }, "about": { "@id": "https://medtechterms.com/terms/cap-table#term" }, "articleSection": "Investment & Finance", "inLanguage": "en", "keywords": "Capitalization Table, Cap Table, Investment & Finance, medical device, MedTech", "author": { "@type": "Person", "name": "Christian Espinosa", "jobTitle": "Founder, Blue Goat Cyber", "url": "https://bluegoatcyber.com" }, "publisher": { "@type": "Organization", "name": "MedTech Terms", "url": "https://medtechterms.com" }, "isPartOf": { "@type": "WebSite", "name": "MedTech Terms", "url": "https://medtechterms.com" }, "datePublished": "2026-05-05", "dateModified": "2026-05-05", "citation": [ { "@type": "CreativeWork", "name": "Carta cap table 101", "url": "https://carta.com/learn/startups/equity-management/cap-table/", "publisher": { "@type": "Organization", "name": "Carta" } }, { "@type": "CreativeWork", "name": "NVCA Model Documents", "url": "https://nvca.org/model-legal-documents/", "publisher": { "@type": "Organization", "name": "NVCA" } }, { "@type": "CreativeWork", "name": "Silicon Valley Bank - Healthcare Reports", "url": "https://www.svb.com/trends-insights/", "publisher": { "@type": "Organization", "name": "SVB" } } ], "mentions": [ { "@type": "DefinedTerm", "@id": "https://medtechterms.com/terms/dilution#term", "name": "Dilution", "url": "https://medtechterms.com/terms/dilution" }, { "@type": "DefinedTerm", "@id": "https://medtechterms.com/terms/option-pool#term", "name": "Employee Option Pool", "url": "https://medtechterms.com/terms/option-pool" } ] }, { "@type": "BreadcrumbList", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://medtechterms.com/" }, { "@type": "ListItem", "position": 2, "name": "Terms", "item": "https://medtechterms.com/terms" }, { "@type": "ListItem", "position": 3, "name": "Investment & Finance", "item": "https://medtechterms.com/terms?cat=Investment%20%26%20Finance" }, { "@type": "ListItem", "position": 4, "name": "Capitalization Table", "item": "https://medtechterms.com/terms/cap-table" } ] } ] } --- [ MedTech Terms The authoritative reference ](/) Browse Learn [Latest](/latest) About 1. [Home](/) 2. / 3. [Terms](/terms) 4. / 5. [Investment & Finance](/terms?cat=Investment%20%26%20Finance) 6. / 7. Capitalization Table [All terms](/terms) Investment & Finance [Startup Lifecycle](/ecosystems/startup-lifecycle)Cap Table # Capitalization Table Ledger of all securities issued by a company and who owns them. Reviewed by [Christian Espinosa, Founder, Blue Goat Cyber](/authors/christian-espinosa) Last reviewed May 5, 2026 ## Definition A cap table is a structured record of every share, option, warrant, [SAFE](/terms/safe-note), and [convertible note](/terms/convertible-note) issued by a company, showing fully-diluted ownership across founders, employees, and investors at each financing round. ## What this means in practice Investors will diligence the cap table line-by-line. Common MedTech red flags: unissued advisor shares, unrecorded SAFEs, mis-vesting on founder shares, or a missing 83(b) election. Cap-table software (Carta, Pulley) is now standard. Common pitfalls - • Maintaining the cap table in a spreadsheet - error-prone and a diligence nightmare by Series B. - • Forgetting to model option pool refreshes at each round. ## Related terms Grouped by theme ### Editor's picks · Hand-selected related concepts [ Investment & Finance Dilution Reduction in existing shareholder ownership when new shares are issued. ](/terms/dilution)[ Investment & Finance Employee Option Pool Shares reserved for issuance to employees as stock options. ](/terms/option-pool) ### Founder & Investor Primer · From this learning path [ Investment & Finance Due Diligence Investigation of a company before an investment, financing, or acquisition. Adjacent lesson ](/terms/due-diligence?from=founder-and-investor-primer)[ Investment & Finance Valuation Cap Maximum company valuation at which a SAFE or note converts to equity. Adjacent lesson ](/terms/valuation-cap?from=founder-and-investor-primer)[ Investment & Finance Convertible Note Short-term debt that converts into equity at a future financing round. ](/terms/convertible-note?from=founder-and-investor-primer)[ Investment & Finance Exit Multiple Valuation ratio applied at exit, e.g., enterprise value to revenue. ](/terms/exit-multiple?from=founder-and-investor-primer) ### More in Investment & Finance · Same category [ Investment & Finance Initial Public Offering(IPO) First sale of a company's stock to public investors via a registered SEC offering, typically on NYSE or Nasdaq. ](/terms/ipo)[ Investment & Finance Mergers and Acquisitions(M&A) Transactions in which one company acquires or combines with another, the dominant MedTech exit path, typically a strategic acquisition by an established player. ](/terms/m-and-a) Cited by Where this term appears across MedTech Terms. Learning paths (1) - [Founder & Investor Primer](/paths/founder-and-investor-primer)Lesson 11 of 16 Ecosystems (1) - [Startup Lifecycle](/ecosystems/startup-lifecycle) ## Primary references 3 sources Link health: 3 verified · last checked 2026-06-20 Carta· 1 NVCA· 1 SVB· 1 1. [1 Carta cap table 101 Verified Carta · carta.com ](https://carta.com/learn/startups/equity-management/cap-table/) 2. [2 NVCA Model Documents Verified NVCA · nvca.org ](https://nvca.org/model-legal-documents/) 3. [3 Silicon Valley Bank - Healthcare Reports Verified SVB · svb.com ](https://www.svb.com/trends-insights/) Inline markers like \[1\] jump to the matching reference above. Sponsor note ### Diligencing a MedTech cybersecurity posture? Blue Goat Cyber supports investors and acquirers with cybersecurity diligence on connected MedTech assets. [Book a 30-minute discovery session](https://go.bluegoatcyber.com/meetings/blue-goat-cyber/discovery-session) - No obligation - Expert-led from minute one - NDA available on request MedTech Terms is a community resource sponsored by [Blue Goat Cyber](https://bluegoatcyber.com). Definitions are independent of any vendor. On this term Category Investment & Finance Acronym Cap Table Sources 3 Updated 5/5/2026 [Compare with another term](/compare?a=cap-table) Learn in 60 seconds Card Lesson Quiz Ledger of all securities issued by a company and who owns them. - · Investors will diligence the cap table line-by-line. - · Common MedTech red flags: unissued advisor shares, unrecorded SAFEs, mis-vesting on founder shares, or a missing 83(b) election. - · Cap-table software (Carta, Pulley) is now standard. Remember this Watch out: Maintaining the cap table in a spreadsheet - error-prone and a diligence nightmare by Series B. Related terms - [Dilution ](/terms/dilution) - [Employee Option Pool ](/terms/option-pool) You may also need Auto-suggested from Investment & Finance and shared keywords. - [Pre-Money Valuation ](/terms/pre-money-valuation) - [Valuation Cap ](/terms/valuation-cap) - [Bridge Round ](/terms/bridge-round) - [Simple Agreement for Future Equity(SAFE) ](/terms/safe-note) - [409A Valuation ](/terms/409a-valuation) - [Convertible Note ](/terms/convertible-note) [All Investment & Finance terms](/terms?cat=Investment%20%26%20Finance) MedTech Terms An authoritative, plain-language reference for the regulatory, quality, cybersecurity, and software terms that shape modern medical devices. Browse - [All terms](/terms) - [A–Z index](/a-z) - [Categories](/categories) - [Ecosystems](/ecosystems) - [Learning paths](/paths) - [Compare terms](/compare) - [Quiz](/quiz) Resources - [FDA Medical Devices](https://www.fda.gov/medical-devices) - [EU MDR](https://eur-lex.europa.eu/eli/reg/2017/745/oj) - [IMDRF](https://www.imdrf.org/) - [Methodology](/methodology) - [Changelog](/changelog) - [Editor: Christian Espinosa](/authors/christian-espinosa) - [About this site](/about) © 2026 MedTech Terms. Reference content for educational purposes - not regulatory advice. A community resource sponsored by [Blue Goat Cyber](https://bluegoatcyber.com)