Tool 03 · the lab · Read: Ch. 22 — Preferred Stock & Waterfalls · Ch. 24 — Cap Table Mechanics

Cap table & waterfall

Define founders, an option pool, and any number of priced rounds. The waterfall computes payouts under 1× non-participating, 1× participating, and stacked-preferences scenarios at three exit values.

Common shareholders

Option pool (% of pre-financing fully-diluted)

Exit assumptions

Exit — low ($M)

Exit — base ($M)

Exit — high ($M)

Preference treatment

Cap table & waterfall

Common shareholders

Exit assumptions

Priced rounds

Cap table (post all rounds)

Waterfall