Cap Table (Capitalization Table)
A record of who owns what portion of a company, including all shareholders, options, warrants, and securities outstanding.
A cap table lists every equity holder in a company — founders, employees, investors — along with the type, quantity, and terms of the securities they hold (common stock, preferred stock by series, options, warrants, SAFEs, and notes), and calculates ownership percentages both on an issued basis and a fully diluted basis (assuming all outstanding options and convertible securities are exercised or converted).
Keeping the cap table accurate and current is a core operational responsibility as a company raises multiple rounds, issues equity grants, and processes departures — errors compound quickly and can create real legal and trust problems, especially heading into a priced round or acquisition where every number gets scrutinized in diligence.
Use a dedicated cap table management tool from the earliest possible stage rather than a spreadsheet — spreadsheet cap tables are the single most common source of diligence delays and errors discovered right when a company can least afford them, during an active fundraise or acquisition.
What's the difference between an issued and a fully diluted cap table?
The issued cap table only counts shares actually outstanding today; the fully diluted cap table also assumes every outstanding option, warrant, and convertible security (SAFEs, notes) is exercised or converted, giving a more complete picture of eventual ownership dilution.
Related terms
Run the numbers yourself: dilution, SAFE conversion, and fund-returner calculators.