Produced by W2D1 Media. Work with us →
Day One
ShowsTopic GuidesGlossaryQuotesAskSponsorsSearch Join the community
← Glossary
Cap Table & Equity

Fully diluted

The share count assuming every option, SAFE and convertible has been exercised and converted.

Why it matters

Always do ownership maths on a fully-diluted basis — the 'issued shares' number flatters your percentage.

Hear it from people who've done it

Get the real-world version of "Fully diluted" drawn from hundreds of conversations with founders and investors.

Ask the Network →
Go deeper

Episodes on Fundraising

She Lost the Company She Built — Not Herself: Yas Grigaliunas (Part 2)

Perspective X with Pauline Fetaui · 19 June 2026

She Lost the Company She Built — Not Herself: Yas Grigaliunas (Part 2)
Taryn Pieterse of Rampersand — How a VC backs early-stage founders

Investment Thesis with Kali Norman · 12 June 2026

Taryn Pieterse of Rampersand — How a VC backs early-stage founders
Episode Five: Dan Coughlan's Investment Thesis

Investment Thesis with Kali Norman · 29 May 2026

Episode Five: Dan Coughlan's Investment Thesis
All Fundraising episodes →
Related terms

Cap table

The ledger of who owns what — every shareholder, their share class and their percentage.

Option pool / ESOP

Equity set aside to grant to employees as options, usually 10–15% of the company.

Dilution

The drop in your ownership percentage each time the company issues new shares.

← Back to the full glossary

Produced by W2D1 Media

Want a show like this for your fund or company?

We're W2D1 Media — the team behind the Day One Network and Blackbird's Wild Hearts. We turn podcasts into trust, authority and pipeline.

Book a call →
—