SAFE Cap & Discount Calculator

About this calculator

A SAFE (Simple Agreement for Future Equity) is a startup financing instrument that isn't a loan or immediate equity — it's a promise to convert into shares later, typically when the company raises a priced funding round. Most SAFEs include two investor-protective terms: a valuation cap, which sets a maximum company valuation used for the investor's conversion regardless of how high the actual round prices, and a discount rate, which lets the investor convert at a percentage below the price other investors pay in that round.

This calculator applies both terms and uses whichever produces the lower conversion price — and therefore more shares for the SAFE holder — exactly as SAFE agreements are structured to work. It's a standard tool for startup founders, angel investors, and early-stage VCs modeling cap table dilution ahead of a priced round, since the eventual share count for early SAFE money can materially change how much of the company later investors and the founders end up owning.