Work out safe note conversion instantly with clear inputs, formula shown and shareable results.
A SAFE converts at the better of the valuation cap price and the priced round price. The cap price is the cap divided by the pre-conversion share count; when the round is priced above the cap, the cap binds and the SAFE holder gets more shares for the same money.
Cap price
Cap price = Valuation cap / Shares outstanding
Conversion price
Conversion price = min(Cap price, Round price)
Shares
Shares = Investment / Conversion price
Then the round price applies and the cap is irrelevant — the SAFE converts on the same terms as the new money, subject to any discount.
Post-money SAFEs fix the investor's percentage and push dilution onto founders. Pre-money SAFEs share dilution between SAFE holders. Check which form you signed.