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Multi-SAFE batch conversion simulator.

Stack as many post-money SAFEs as you have outstanding. Each converts at its own lower-of-cap-or-discount price, and the math reconciles across all of them simultaneously. The hardest piece of round-closing math, solved.

  • Unlimited SAFEs, each with their own cap and discount
  • Per-SAFE conversion price, share count, and post-round ownership
  • Updates live as you type, no email required to use it
  • Optional emailed PDF report with the per-SAFE breakdown
Inputs & results

Add SAFEs, enter round terms, see how the batch converts. Uses post-money SAFE conversion mechanics from Y Combinator’s 2018 template.

Company
Total fully-diluted shares outstanding before any SAFE.
SAFEs outstanding 0 SAFEs
Priced round
$
$
%
Top-up comes out of the pre-money cap (founder + SAFE dilution).
Round math
Round price per share
Total SAFE money converting
SAFE shares (all SAFEs combined)
Total SAFE % post-round
Per-SAFE conversion
SAFE Cap Disc Conv. price Shares % post
Post-round cap table
StakeholderShares% post
Founders & existing holders
All SAFE holders
New round investors
Option pool (top-up)
Post-round fully diluted , 100.0%
Founders SAFE holders New investors Option pool
Email me the per-SAFE breakdown as a PDF.

We’ll send a clean report with every SAFE’s conversion price and share count, the round math, and the post-round cap table, ready to share with co-founders or counsel.

We’ll send the PDF. Check the box above for occasional corporate-records tips by email. We don’t share your email.

Batch SAFE conversion in five steps.

All your SAFEs convert at the same moment, but each one converts at its own price. The math is interdependent, that’s why a single-SAFE calculator falls apart when you have a stack.

1
Anchor the share count

Start from the pre-SAFE share count. Add the option pool top-up. This becomes the working base for every SAFE’s conversion price.

2
Round price per share

Pre-money valuation divided by the pre-round fully-diluted count (founders + all converted SAFEs + pool). That’s the price new investors pay.

3
Cap-based price, per SAFE

Each SAFE’s post-money cap divided by the pre-round share count. SAFEs with lower caps get cheaper shares than SAFEs with higher caps.

4
Discount-based price, per SAFE

Round price multiplied by (1 − that SAFE’s discount). Each SAFE converts at the lower of cap-based and discount-based price.

5
Reconcile across the stack

Every SAFE’s shares feed back into the pre-round share count, which changes every other SAFE’s price. The simulator iterates until everything is consistent.

The glossary behind the batch.

Definitions of every term the simulator uses, plus the sibling tools for single-SAFE and full priced-round modeling.

SAFE (post-money) The conversion form this simulator models Valuation cap The ceiling on each SAFE’s conversion price Discount rate The alternative pricing path per SAFE MFN clause How earlier SAFEs match later terms Pro-rata rights SAFE-holder rights in the next round Cap table Where the converted shares land SAFE Conversion Simulator Single-SAFE version with full step-through math Cap Table Dilution Calculator Model the priced round across all holders Corporate Records Health Check See if your records survive a closing

A cap table built from the share register.

Octelligence generates the cap table from the share register and records SAFEs, options and warrants alongside the shares, so ownership traces back to the issuances behind it.

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