Venture
Cap Table
Also known as: Capitalisation table
A capitalisation table (cap table) is a record of a company's securities — common stock, preferred stock across funding rounds, options and warrants — showing who holds them and what percentage of the company each represents, both today and on a fully diluted basis.
"Fully diluted" ownership counts every option and warrant as if exercised, which is the number that matters for a real decision — actual ownership percentage is always lower than a headline equity grant implies once the full option pool is accounted for.
Cap tables get complicated fast: multiple share classes with different liquidation preferences, SAFEs that haven't converted yet, and an option pool that gets 'topped up' before each new round (diluting existing holders, not new investors) are the most common sources of confusion for first-time employees reading their own offer.
Cap table management software exists specifically because spreadsheet-based cap tables reliably drift out of sync with reality as convertible instruments convert and option grants vest, exercise or lapse.
Example
A founder who started with 100% ownership might hold 25–35% after several priced rounds and a standard option pool, even without selling any shares directly.