What a Fully Diluted Cap Table Shows

A fully diluted cap table presents the company’s equity as if every outstanding instrument—SAFEs, convertible notes, warrants, and the option pool—had converted to common shares. This calculation reveals the true ownership percentages that would result from a priced round. A basic cap table, by contrast, shows only issued shares and omits the dilutive impact of future conversions. The Structure Layer engagement produces a fully diluted cap table, and the term is defined in the FFI Standard glossary under capital structure.