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The equity math, worked through
Real numbers, real mechanics — no filler. Every post uses the same engine that powers the calculators.
July 11, 2026 · 7 min read
SAFE vs priced round: what a $1M raise really costs in dilution
An '$8M cap' SAFE and an '$8M pre-money' priced round sound like the same deal. They're not — one gives away more ownership than the other for the identical dollar amount.
Read →July 11, 2026 · 8 min read
Liquidation preferences and the exit waterfall, explained
The same cap table can pay common stock nothing at one exit price and pay it the majority of proceeds at another. Here's the full three-stage waterfall, worked through both ways.
Read →July 11, 2026 · 7 min read
The option pool shuffle: why the pool dilutes you, not your investor
A round that 'sells 20% for the money' can cost founders 30 points of ownership. The gap is the option pool — and it's created pre-money by convention, which means you pay for it, not your investor.
Read →July 11, 2026 · 6 min read
How a post-money SAFE actually converts (with real numbers)
A post-money SAFE's ownership percentage is fixed the day you sign it. Here's the exact math for what happens to that percentage when the priced round finally shows up.
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