What is a cap table?

A capitalization table records who owns what in a company: every class of stock, option, SAFE, note, and warrant, and the ownership percentage each represents. It is the single source of truth for dilution math and exit proceeds.

'Fully diluted' means counting everything as if converted and exercised — the denominator investors care about. A clean cap table (standard instruments, no unusual rights, no large forgotten grants) is itself a diligence asset; a messy one slows or kills financings.