SAFE Note Dilution Calculator
Model how every SAFE on your cap table converts at your next priced round. See exactly how much you own after the dust settles.
Your SAFEs (post-money YC standard)
Add every SAFE you have outstanding. Each row converts independently at your priced round.
Post-money cap. Set to 0 for uncapped.
0 if no discount applies
Post-money cap. Set to 0 for uncapped.
0 if no discount applies
Priced round assumptions
The round at which your SAFEs convert.
New cash from priced round investors
Valuation before new money lands
Pool refreshed pre-close, dilutes founders
SAFE conversion breakdown
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Frequently asked questions
What is a SAFE note?+
A SAFE is a Simple Agreement for Future Equity, invented by Y Combinator in 2013. Investors give you cash now in exchange for the right to receive shares at the next priced equity round. There is no interest rate, no maturity date, and no debt to repay. The terms that matter are the valuation cap (the maximum price the SAFE converts at) and the discount (a percentage off the priced round price). Most SAFEs have one or the other, not both.
How does a SAFE convert into equity?+
A SAFE converts at the next priced equity round (usually a Series A or seed priced round). The conversion price is the lower of (a) the priced round price minus the SAFE discount, and (b) the valuation cap divided by the company fully diluted share count. Whichever gives the investor more shares wins. This is why founders care about both numbers - they each set a floor on dilution.
What is the difference between pre-money and post-money SAFE?+
In a pre-money SAFE (the older 2013 version), the cap is applied to the pre-money valuation of the next round. Dilution from multiple SAFEs is bundled into the round dilution. In a post-money SAFE (the YC standard since 2018), the cap is applied to the post-money valuation, meaning the investor locks in a fixed percentage of ownership the moment they sign. Post-money SAFEs are more founder-unfriendly because the dilution stacks across multiple SAFEs.
How much should I raise on a SAFE?+
Most pre-seed and seed founders raise $500K to $2M total across SAFEs before the priced round. Beyond that, you typically need a priced round to clean up the cap table. The most common pattern in 2026 is one $250K to $1M SAFE round with a $5M to $15M cap, sometimes followed by a smaller bridge SAFE before raising a priced seed at $10M to $25M post-money.
How do multiple SAFEs stack on the cap table?+
Each SAFE converts independently at the priced round. If you raise $250K at a $5M cap, $500K at a $10M cap, and $250K with a 20% discount, all three convert into different share counts at the same round. The total founder dilution from SAFEs is roughly the sum of (each SAFE amount divided by its cap). For post-money SAFEs, this math is exact. For pre-money SAFEs, it depends on the priced round terms.
What is a fair valuation cap for a SAFE?+
Pre-product founders typically see caps of $4M to $8M post-money. Founders with a working MVP and early revenue see $8M to $15M caps. Founders with strong traction or a hot category see $15M to $30M caps. AI-native startups with credible technical founders are getting unusual caps in 2025 and 2026, sometimes $20M to $50M post-money with no traction, but those are outliers, not the norm.
What is the MFN clause in a SAFE?+
MFN (Most Favored Nation) is a clause that lets the SAFE holder upgrade to better terms if a later SAFE is issued at more investor-friendly numbers. If you raise on a $10M cap SAFE in January and then sign a $5M cap SAFE in March, the January investor can elect to convert at the $5M cap instead. Always check whether your SAFEs have MFN before issuing the next one at a lower cap.