Scenario modeling

Before you sign a term sheet, you want to know where everyone lands. Scenario modeling runs a pro-forma priced round over your live cap table — converting every outstanding SAFE on its own terms — so you can see the new ownership and dilution without touching your real records.

A priced round changes everyone’s ownership at once: new investors buy in, your outstanding SAFEs convert to stock, and the option pool usually gets topped up. Scenario modeling does that whole calculation as a what-if. It reads your current cap table, applies the round you describe, and shows the result — but it never writes a single record. Run it as many times as you like.

Open the model

From your cap table, open the Pro forma screen. It loads a snapshot of your company as it stands today, then pre-fills the SAFE rows from the SAFEs you’ve already recorded as outstanding instruments — so you start from your real terms, not a blank sheet.

ScreenshotThe pro-forma screen opening from the cap table, with outstanding SAFEs pre-filled

Set the round inputs

The round itself is three numbers:

Pre-money valuation — what the company is worth before the new money goes in. This sets the round price per share.
New investment — how much new money the round raises. New shares are issued at the round price to cover it.
Option pool top-up — the target size of the post-round option pool, as a fraction (for example, 0.10 for ten percent). Tenacap sizes the top-up as a pre-money shuffle, the way investors usually expect it.

ScreenshotThe round inputs form showing pre-money valuation, new investment, and option pool top-up fields

How SAFEs convert

Each outstanding SAFE shows up as its own row — amount, valuation cap, and discount — and you can edit any of them or add a row for a SAFE you’re still negotiating. When you run the model, every SAFE converts on its own terms, exactly as described in SAFEs & convertibles: at the cap price, at the discounted price, or — when it has both — at whichever is better for the investor.

The results break each conversion out line by line: the price the SAFE converted at and how many shares it became. There’s no aggregate black box — you can trace every investor’s stake back to the terms they signed.

ScreenshotA table of SAFE conversions showing each SAFE's conversion price and resulting share count

Reading dilution & pool impact

Once the round is modeled, you get the full post-round picture:

Round price and new shares — the price per share, the shares issued to new investors, and the option-pool top-up.
Post-round ownership — every holder, their share count, and their new fully-diluted percentage, including the converted SAFEs and the new investors.
Dilution — each existing holder’s ownership before and after, side by side, so the cost of the round is obvious at a glance.

Saving the modeled view

The modeled cap table lives on the results screen as long as you keep it open, so you can share your screen, compare two scenarios side by side, or capture the numbers for a board deck. When the round actually closes and you’ve recorded it, your live cap table is the source of truth — and you can take that out in an open format any time from Export & open schema.