Free Tools
What does this SAFE convert into? Two numbers tell you.
Enter the investment and the post-money valuation cap. The SAFE Calculator returns the percentage of the company the holder owns after conversion. Free to use.
The priced round where the SAFE converts
Ownership via cap
5.0%
Ownership via discount
3.1%
SAFE converts to
5.0%
The cap applies (better for the investor)
Sign two SAFEs and the founder owns less than planned
Picture this. You sign a $250,000 SAFE, then a second one. Your cap table is a spreadsheet that lists shares, and a SAFE has no shares yet, so nobody adds up what the SAFEs convert into. The term sheet arrives, the percentages stack, and you own less of your company than you thought.
What you enter and what the SAFE converts into
Investment.
The amount the investor puts in.
Valuation cap.
The post-money cap written in the SAFE.
Discount (optional).
A discount converts the SAFE at the lower of the cap price and the discounted round price.
Result.
The ownership the SAFE holder gets.
With no discount, a post-money SAFE converts into: ownership = investment ÷ post-money cap.
Worked example: two SAFEs on one cap
Assumptions: post-money SAFEs, no discount, ownership measured just before the priced round: after the existing option pool, before the round's money and any pool top-up.
- SAFE 1: $250,000 ÷ $5,000,000 = 0.05 = 5%
- SAFE 2, same cap: $250,000 ÷ $5,000,000 = 5%
- Together: $500,000 ÷ $5,000,000 = 10%
- Left for the founders and other existing holders: 100% − 10% = 90%
- A third SAFE of $500,000 on the same cap: $500,000 ÷ $5,000,000 = 10%. Total: $1,000,000 ÷ $5,000,000 = 20%. Founders and existing holders: 80%.
Signing SAFE 2 leaves SAFE 1 at 5%. Each later post-money SAFE takes its points from the founders and other existing holders.
A starting point for the conversation. Not legal or tax advice. Have your counsel read the SAFE before anyone signs.
Where the SAFE Calculator stops
- It does not price the round. The round's investment and any option pool dilute you again after the SAFEs convert. Test that with the Dilution Calculator.
- It works on post-money SAFEs. It does not resolve an MFN clause.
- It does not draft the SAFE. The SAFE Generator does that, as a draft for counsel.
Keep every SAFE on the cap table
On BildrX a SAFE is stored as terms (cap, discount, MFN) and sits on the cap table next to every other holder. SAFEs & Notes keeps them all in one place. Round modelling prices a round from pre-money, investment and pool size, converts every SAFE and note inside the model, and shows your stake after the round. Change the cap and watch your stake move. Models stay read-only until you commit, and at the priced round conversion runs automatically.
What's free, what's Pro
Free records the post-money SAFEs you have already signed. Pro issues SAFEs and notes, automates conversion and models rounds. Compare the plans on pricing.
Cancel Pro anytime. Downgrade and nothing is deleted or hidden.
Type the investment and the cap above, read the percentage, then add the signed SAFE to your cap table.