SAFE and Dilution Calculator
Model how one or two SAFEs convert in a priced round and what each group owns afterwards: founders, option pool, SAFE investors and the new round. Post-money (YC 2018 form) and pre-money SAFE mechanics are both supported. Figures are illustrative; the signed documents control.
Company todayFully diluted shares before the round
Priced roundThe equity financing that converts the SAFEs
Ownership after the round
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How the model works
Round price = pre-money valuation ÷ pre-money fully diluted shares. Following market practice, the pre-money share count includes the shares issued to converting SAFEs and any option pool top-up, so SAFE conversion and the pool increase dilute the existing holders, not the new investors.
Post-money SAFE (the YC form since 2018): the cap price is cap ÷ company capitalisation, where capitalisation includes the converting SAFEs themselves and the existing pool, but not a pool increase made for the round. The investor's percentage is therefore locked at amount ÷ cap until the priced round dilutes everyone.
Pre-money SAFE: the cap price is cap ÷ company capitalisation excluding the SAFEs, so several SAFEs dilute each other and the founders' outcome depends on the total raised on SAFEs.
Discount: discount price = round price × (1 − discount). The SAFE converts at whichever of cap price and discount price gives the investor more shares.
The model ignores pro rata rights, most-favoured-nation clauses, interest on convertible notes and rounding to whole shares. Under Turkish law the conversion itself still requires a capital increase resolution, a share subscription and trade registry registration, so the paperwork differs from the US form; see the resources below.
SAFE · SAFE post-money · SAFE discount · SAFE or convertible note? A decision framework for Turkish startups · Dilution math (pre/post-money) · Option pool · Term sheet negotiation position checklist