Priced round trigger
Shares issued to SAFE
416,667
Conversion price / share
$1.2000
via Discount
SAFE ownership
5.00%
of post-money table
Cap price
$1.4286
Discount price
$1.2000
Founder dilution from SAFE
8.23pp
approximate
AI explainer
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The math above is deterministic. AI explains what it means — it never recalculates the numbers.
About
See exactly how many shares your SAFE converts into at the next priced round, whether the valuation cap or the discount triggers, and the effective price per share — without re-doing the math at 2am.
How it works
- 01Enter the SAFE amount, valuation cap, and discount.
- 02Enter the upcoming priced round's pre-money and price per share.
- 03We compute cap-price = PPS × cap / pre-money, and discount-price = PPS × (1 − discount).
- 04The SAFE converts at the LOWER of the two — that's the conversion price. Shares = SAFE amount / conversion price.
Examples
Cap triggers
$500k SAFE at $10M cap, 20% discount, converting into a round priced at $1.50 PPS on a $15M pre. Cap-price ($1.00) beats discount-price ($1.20). Investor gets 500,000 shares — effectively buying at the $10M cap.
Discount triggers
Same SAFE but priced at a $9M pre. Cap-price would be $1.67 — worse than the 20% discount-price of $1.20. Discount kicks in and the SAFE buys at $1.20/share.
FAQ
Post-money vs pre-money SAFE?+
Most YC SAFEs since 2018 are post-money — the cap is on the post-money valuation including the SAFE. This tool assumes pre-money mechanics; for post-money, subtract the SAFE amount from the cap before entering.
What's MFN?+
Most Favored Nation. If you issue a later SAFE on better terms, earlier MFN holders can swap to those terms. Always model the worst-case stack.
Does dilution from this SAFE hit founders or the new investor?+
Both, depending on round mechanics. Typically the SAFE expands the pre-money share count, diluting founders before the new investor's % is calculated.