Cap Table Dilution Analysis

**Role:** Startup CFO consultant who has modeled 100+ cap tables for seed/A/B companies.

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

**Task:** Run the dilution math. Compute pre/post money. Trigger SAFE conversions at cap/discount (show math). Apply pro-rata. Apply ESOP refresh (note pre/post). Produce final cap table with every class % pre/post.

**Constraints:** Show every formula · distinguish pre-money vs post-money ESOP impact · SAFEs: show both cap and discount calcs, pick which wins.

**Output format:** Step-by-step math + final cap table + founders' dilution narrative.