Free calculator
Stacked SAFE calculator: what six SAFEs do to your cap table
Founders raise on SAFEs one check at a time and only see the total dilution at the priced round. Enter every SAFE with its cap, discount and MFN status, then the round, and see the conversion and the founders’ ownership after the round.
| SAFE | Converts at | Basis | Ownership pre-round | After the round |
|---|---|---|---|---|
| SAFE 1 · $150k | $4.00M | cap | 3.8% | 3.0% |
| SAFE 2 · $400k | $6.00M | cap | 6.7% | 5.3% |
| SAFE 3 · $250k | $4.00M | MFN cap | 6.3% | 5.0% |
How a post-money SAFE converts
Each SAFE converts at the lower of its valuation cap and the discounted round price. On a post-money SAFE the investor’s percentage is fixed at amount divided by cap, and that percentage comes out of the founders, not later investors. Three SAFEs of $500k on a $5M cap are 30 percent gone before the priced round.
Why stacking is dangerous
Each SAFE looks small. Together they can hand away 25 to 40 percent before Series A, which leaves founders with too little for the next two rounds. Investors check the SAFE stack first, and a crowded one lowers the valuation they offer.
MFN and side letters
A most-favoured-nation clause lets an early SAFE adopt the better terms of a later one, usually a lower cap. Tick MFN on a SAFE and the calculator applies the lowest cap in the stack. Side letters with pro-rata rights change the next round, not this conversion.
What to do about it
Keep caps consistent, cap the total raised on SAFEs at what you need for 18 months, and raise the priced round before the stack passes 20 percent. Compare the ownership after conversion with the cap table simulator to see the following rounds.
Questions founders ask
Does the calculator handle pre-money SAFEs?
It models the post-money SAFE, the YC standard since 2018. Pre-money SAFEs convert in a circular way with the option pool; use the result as an approximation.
What if the round price is below the cap?
Then the discount, if any, applies and the SAFE converts at the discounted round price. The table shows which basis was used for each SAFE.
Does it include the option pool increase?
Enter the pool increase as part of the priced round pre-money; the post-money SAFE percentages are calculated before the new money.
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