SAFE conversion calculator

Convert up to four post-money SAFEs into a Series A. See each step, every price, and the cap table after the round.

Learn the idea behind this tool

Lab

Convert SAFEs into a Series A

Set the cap table, up to four post-money SAFEs, and the Series A terms. The lab shows each step with your numbers.

Before the SAFEs

Founders' shares

Granted options

Unissued pool

Post-money SAFEs

SAFE 1
Terms
Amount
Post-money cap
SAFE 2
Terms
Amount
Post-money cap

The Series A

Pre-money valuation

New money

Unissued pool after the round

As a share of the company after the round. The round adds pool shares only to reach this target.

Capitalization: 12,500,000; Company Capitalization, in shares
Series A price: $1.7647
New pool shares: 1,100,000
Founders after: 52.94%; From 90%

How each SAFE converts
SAFE	Safe Price	Converts at	Shares	Before the A	After the A
SAFE 1	$0.40	$0.40 (cap)	1,250,000	10%	7.35%
SAFE 2	$0.80	$0.80 (cap)	1,250,000	10%	7.35%

The calculation with your numbers

1
Company Capitalization
Every share, option, and pool share before the round, plus the SAFE shares. The SAFEs that convert at their caps own a fixed part, so divide by what is left.
```
10,000,000 ÷ (1 − 20%)
= 12,500,000
```
2
The round price
The pool increase is in the pre-money, so the price divides the pre-money valuation by the Company Capitalization plus the new pool shares.
```
New pool shares = 1,100,000
$24,000,000 ÷ (12,500,000 + 1,100,000)
= $1.7647
```
3
Each SAFE gets its lowest price
Safe Price = cap ÷ Company Capitalization. Discount Price = round price × (1 − discount). The SAFE gets the price that buys the most shares.
```
SAFE 1: Safe Price $0.40, round $1.7647
  $500,000 ÷ $0.40 = 1,250,000 shares
SAFE 2: Safe Price $0.80, round $1.7647
  $1,000,000 ÷ $0.80 = 1,250,000 shares
```

The new money

The Series A investors buy new shares at the round price.

$6,000,000 ÷ $1.7647 = 3,400,000 shares
Total after the round = 17,000,000

Just before the Series A

Founders
Granted options
Option pool
SAFE 1
SAFE 2

After the Series A

Founders
Granted options
Option pool
SAFE 1
SAFE 2
Series A investors

The cap table after the Series A
Holder	Security	Shares	Ownership
Founders	Common	9,000,000	52.94%
Granted options	Options	400,000	2.35%
Option pool	Unissued options	1,700,000	10%
SAFE 1	Series A-1 preferred	1,250,000	7.35%
SAFE 2	Series A-2 preferred	1,250,000	7.35%
Series A investors	Series A preferred	3,400,000	20%
Total, fully diluted		17,000,000	100%

The SAFEs own 20% of the Company Capitalization. The new pool and the new money then dilute every earlier holder, so the SAFEs end with 14.71% together, and the founders go from 90% to 52.94%.

SAFE 1 and SAFE 2 pay less than the round price, so the cap table shows Safe Preferred Stock (Series A-1 and Series A-2). Its liquidation preference equals the money paid, not the shares × the round price.