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Inside the Cap Table and Exit Waterfall Tool

Sheet-by-sheet reference: every input, formula, and output. Use this to scan the model before purchase, or as a cell-level reference when editing with AI.

12 sheets5 sections

How to read this

Cells are referenced by R<row>/<column><row> notation. R9/E9 means column E, row 9. R38–R45 is a block of inputs spanning those rows. Multi-column ranges like D39–J39 mean the same row across several columns. Types: INPUT = user-edited, FORMULA = calculated, DROPDOWN = select from list.

Cap Table and Exit Waterfall Tool — Sheet Map

Sheets

README, License, Cap Table, Exit Waterfall, Exit Waterfall (with Convertibles), Cap Table (with Anti Dilution), Cap Table (Issuing Equity), Cap Table (Issuing Options), Cap Table (Converting SAFEs and Notes), Resources, Glossary, Changelog

Cap Table Sheet

Structure

  • Pre-financing cap table (cols B-H) | Proforma cap table (cols J onward)
  • Each round is a column block that can be copy-pasted to the right to add rounds

Row Map

  • R5: Section header — "Pre-financing cap table" | "Proforma cap table"
  • R7-R8: Column headers — Shareholder, Common Shares, Preferred Shares, Options, Issued and Outstanding, % I&O, Fully Diluted, % FD | Investment, Actual Investment, Preferred Issued (conversion), Preferred Issued (new), Options Authorized, Common Transferred, Preferred Transferred, Options Issued/Cancelled, Common, Preferred, Options
  • R9: "Common" section header
  • R10-R14: Shareholder rows (INPUT: names in col A, share counts in col B)
    • Default: R10 = "Shareholder" with 10,000,000 common shares
  • R16: "Options and RSUs" section header
  • R17: Options issued and outstanding (FORMULA)
  • R18: Shares available for issuance (FORMULA)
  • R19: Option pool (INPUT)
  • R21: "Preferred" section header
  • R22-R26: Preferred shareholder rows (INPUT)
  • R28: "Convertible Notes and SAFEs" section header
  • R29-R33: Convertible rows (INPUT: investment amount, cap, discount, type)
  • R35: Totals section
  • R36: Total shares (FORMULA)
  • R38: "Round Details" section header
  • R39: Pre-money valuation (INPUT)
  • R40: Investment amount (INPUT)
  • R41: Post-money valuation (FORMULA)
  • R42: Price per share (FORMULA)
  • R43-R48: Additional round mechanics

Key Input Cells (per round block)

  • Shareholder names: col A, R10-R14, R22-R26
  • Share counts: col B (common), col C (preferred), col D (options)
  • Convertible details: investment, cap, discount, type (pre/post money SAFE, note)
  • Pre-money valuation: R39
  • Investment amount: R40
  • Option pool: R19

Formulas to Never Touch

  • Price per share (R42)
  • Post-money valuation (R41)
  • Fully diluted share counts (col G)
  • Ownership percentages (cols F, H)
  • Conversion calculations for SAFEs and notes

Exit Waterfall Sheet

Structure

  • Exit valuation scenarios across columns
  • Distribution flows top to bottom: preferences first, then participation, then common

Row Map

  • R2: Sheet title
  • R5-R6: Exit valuation input row (INPUT: enter different exit values)
  • R8: "Liquidation Preferences" section
  • R9-R13: Per-investor preference amounts and multiples (INPUT: preference multiple, participation cap)
  • R15: Total preferences (FORMULA)
  • R17: "Proceeds Distribution" section
  • R18-R30: Distribution waterfall — seniority/pari passu, preference payouts, remaining to common
  • R32: Total distributed (FORMULA — should equal exit valuation)
  • R34: "Per Share" section — proceeds per share by class

Key Input Cells

  • Exit valuations: R5-R6 across columns
  • Liquidation preference multiples: per investor
  • Participation: participating/non-participating, caps
  • Seniority: senior/pari passu ordering

Exit Waterfall with Convertibles Sheet

Same structure as Exit Waterfall but includes unconverted SAFEs and notes in the distribution.

Cap Table with Anti Dilution Sheet

Same as Cap Table but adds:

  • Anti-dilution protection type per investor (full ratchet, broad-based weighted average, narrow-based)
  • Anti-dilution trigger calculations when a down round occurs
  • Adjusted conversion prices and additional shares issued

Instructional Sheets

  • Cap Table, Issuing Equity: isolated example of adding an equity round
  • Cap Table, Issuing Options: isolated example of option grants
  • Cap Table, Converting SAFEs and Notes: isolated example of conversion mechanics

Ready to put this to work?

View the Cap Table and Exit Waterfall Tool