Cap Table (Capitalization Table)

The cap table is the ledger of who owns what in a company: founders' common stock, each series of preferred, the option pool, and any SAFEs or warrants outstanding. Investors read it to understand ownership, dilution history, and whether founders retain enough equity to stay motivated through more rounds. A messy cap table — dead equity, too many small holders, unconverted instruments — is a genuine diligence flag.