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SAFEs and terms · Spreadsheet

SAFE terms comparison table

Every SAFE on your cap table in one place: cap, discount, amount, and what each converts into.

Once there is more than one SAFE, the terms stop being memorable and start being a research project you run every time somebody asks. This is the ledger that prevents that: one row per instrument, with the cap type recorded rather than assumed.

The second tab is the part founders skip. A cap can be pre-money or post-money, a discount can interact with it in more than one way, and the legal document may define the capitalization pool differently from your spreadsheet. Those questions have answers; they just are not in the ledger.

Spreadsheet

What is in it

  • SAFE ledger

    Every SAFE and note signed to date. The implied-ownership column is a rough read for post-money caps only, before any new round money.

  • Cap definitions

    The questions the ledger cannot answer, with room for the document section that settles each one. The exact conversion language controls the result.

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How to use it

Notes

Keep the ledger dated and rerun the model whenever the financing plan changes, rather than relying on the ownership estimate you calculated the first time. A cap is one term inside a financing decision, not a substitute for a full ownership and runway plan.

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A note for founders raising capital—what investors notice, how conviction gets built, and what to do next.

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