Record of all equity ownership in a company.
Shows who owns what percentage. Essential for fundraising, exits, and equity grants.
Investors review cap tables to understand dilution, founder ownership, and previous investors.
Founders, employees (vested and unvested), investors by round, option pool (allocated and unallocated), SAFEs/notes outstanding.
Not modeling SAFEs/notes converting; forgetting option pool expansion; messy records from early grants.
Usually not in deck, but have a clean cap table ready for due diligence. Show founder ownership % if strong.