Explainer
Cap Table
Capitalization table
A record of who owns what share of a company.
A cap table lists every owner of a company, including founders, employees with stock options, and each group of investors, along with how many shares or what percentage each holds.
It matters because it shows who benefits when the company is sold or goes public, and how ownership changes with every new round. Investors study it carefully before they write a check.
Cap tables can be complex. Different share classes may carry different rights, such as getting paid first if the company is sold.
Illustrative explainers. Figures in examples are hypothetical.