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Venture Financing

Cap Table

The master ledger of who owns what in a company

What it is

A capitalization table (cap table) is the master list of who owns what in a company: founders, employees, and investors, plus options, SAFEs, and convertible notes. It tracks how many shares each party holds and what percentage of the company that represents. Every financing updates it.

Why it matters

It is the single source of truth for ownership and dilution. Founders use it to model how a raise affects their stake; investors use it to confirm what they are actually buying.

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