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SAFE conversion simulator.

Model how a post-money SAFE converts at your next priced round. Enter the SAFE terms and the round, and see exactly how shares, prices, and ownership shake out across founders, the SAFE holder, and new investors.

  • Side-by-side cap-based vs. discount-based conversion price
  • Founder, SAFE, investor, and option-pool ownership after the round
  • Updates live as you type: no email required to use it
  • Optional emailed PDF report if you want to save the scenario
Inputs & results

Edit any field. Results update instantly. Uses the standard post-money SAFE conversion mechanic from Y Combinator’s 2018 template.

Company & SAFE
Total fully-diluted shares outstanding before the SAFE.
$
$
%
Priced round
$
$
%
New investors typically require the top-up to come out of the pre-money cap (founder dilution).
Conversion math
Round price per share
Cap-based SAFE price
Discount-based SAFE price
SAFE converts at (lower of two)
Stakeholder Shares % post-round
Founders & existing holders
SAFE holder
New round investors
Option pool (top-up)
Post-round fully diluted 100.0%
Founders SAFE New investors Option pool
Email me a PDF report of this scenario.

We’ll send a clean one-pager with the inputs you used, the conversion math, and the post-round cap table: useful for sharing 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.

Post-money SAFE conversion in four steps.

This simulator uses the post-money SAFE conversion method: the dominant form since YC’s 2018 update. The math is mechanical but easy to get wrong on a napkin.

1
Round price per share

Take the pre-money valuation and divide by the pre-money fully-diluted share count, including the new option pool top-up. That sets the price new investors pay.

2
Cap-based SAFE price

Divide the SAFE’s post-money cap by the post-money capitalization (founders + pool + SAFE shares, excluding new money). This is the price the SAFE pays if the cap binds.

3
Discount-based SAFE price

Multiply the round price by (1 − discount). This is the price the SAFE pays if the discount is the better deal.

4
SAFE converts at the lower price

SAFE holders get whichever price gives them more shares: the lower of the cap-based and discount-based prices. New investors’ shares are then issued at the full round price.

The glossary behind the math.

Definitions of every term the simulator uses, plus the related cap-table and corporate-records pieces.

SAFE (post-money) The conversion form this simulator models Valuation cap The ceiling on the conversion price Discount rate The alternative pricing path at conversion Cap table Where the converted shares land MFN clause How earlier SAFEs match later terms Pro-rata rights SAFE-holder rights in the next round Multi-SAFE Batch Simulator Same math, for a stack of SAFEs at once Cap Table Dilution Calculator Model the full priced round after conversion Corporate Records Health Check See if your records will hold up at 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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