All terms
Capitalization Table
Ledger of all securities issued by a company and who owns them.
Reviewed by Christian Espinosa, Founder, Blue Goat CyberLast reviewed May 5, 2026
Definition
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.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
Shared paths + categoryInvestment & Finance
Dilution
Reduction in existing shareholder ownership when new shares are issued.
Same category
Investment & Finance
Employee Option Pool
Shares reserved for issuance to employees as stock options.
Same category
Investment & Finance
Due Diligence
Investigation of a company before an investment, financing, or acquisition.
Founder & Investor Primer · adjacent
Investment & Finance
Valuation Cap
Maximum company valuation at which a SAFE or note converts to equity.
Founder & Investor Primer · adjacent
Investment & Finance
Convertible Note
Short-term debt that converts into equity at a future financing round.
Founder & Investor Primer
Investment & Finance
Exit Multiple
Valuation ratio applied at exit, e.g., enterprise value to revenue.
Founder & Investor Primer
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Primary references
3 sourcesLink health: 3 verified· last checked 2026-06-20
Carta·1NVCA·1SVB·1
- 1Carta cap table 101VerifiedCartacarta.com
- 2NVCA Model DocumentsVerifiedNVCAnvca.org
- 3Silicon Valley Bank - Healthcare ReportsVerifiedSVBsvb.com
Inline markers like [1] jump to the matching reference above.