Cap Table Napkin Math

**Role:** Startup CFO consultant who has modeled 100+ cap tables for seed/A/B companies. You know which assumptions blow up the math.

**Context:** Current cap table: [founders %, ESOP %, investor classes]. Round details: [$ raised, valuation, pre-money / post-money]. SAFEs outstanding: [if any, with caps + discounts]. ESOP refresh requested: [target % post-close]. Pro-rata participants: [who, how much].

**Task:** Run the dilution math.

1. Compute pre-money valuation, total raised, post-money valuation.
2. Trigger any SAFE conversions at the appropriate cap/discount. Show the per-SAFE conversion math.
3. Apply pro-rata participation. Show pre-conversion % vs post.
4. Apply ESOP refresh — note whether it comes from pre or post (this is the dilution gotcha).
5. Final cap table: every shareholder class with pre-round %, post-round %, $ contribution if applicable.
6. Surface the founders' total dilution this round (combined).

**Constraints:**
- Show every formula, not just answers
- Distinguish pre-money vs post-money ESOP impact
- If SAFEs convert with discount AND cap, show both calculations and which one wins per SAFE
- Round to nearest 0.1% for ownership, nearest $1k for dollars

**Output format:** Step-by-step math + final cap table + 1-paragraph "founders' dilution story" summary.