SAFE conversion calculator
Enter up to three post-money SAFEs and an optional priced round. Results are estimates for planning, not legal advice.
Your SAFEs
Next priced round (optional)
Simplified model: assumes founders hold all shares before the SAFEs, SAFEs convert at the better of the cap or the discounted round valuation, and the option pool is created before new money comes in. Real conversions depend on your exact documents.
How post-money SAFEs work
A SAFE (Simple Agreement for Future Equity) is a promise of shares later, usually when you raise a priced round. With a post-money SAFE, the valuation cap includes the SAFE money itself, which makes the math simple: ownership = investment ÷ post-money cap.
The catch is that every additional SAFE dilutes the founders, not the earlier SAFE holders. Raise $1M across several SAFEs at a $10M cap and you have sold 10% before you ever price a round.
Frequently asked questions
How do you calculate ownership for a post-money SAFE?
Divide the amount invested by the post-money valuation cap. A $500,000 SAFE at a $10M post-money cap buys 5% of the company as it stands right before the priced round, regardless of how many other SAFEs are issued.
What happens if the priced round valuation is below the cap?
If the SAFE has a discount, investors convert at whichever price is better for them: the cap price or the discounted round price. A low priced round can therefore give SAFE holders more than the cap implies.
Do SAFEs dilute founders before the priced round?
Not on paper, because SAFEs are not shares until they convert. Economically, yes: the ownership is promised the moment you sign, so you should track it from day one.
Read more: SAFE vs convertible note · Founder dilution calculator