SAFE Investment Calculator — Simple Agreement for Future Equity Returns

What is this? A SAFE (Simple Agreement for Future Equity) is a popular startup investment instrument used by Y Combinator and most seed-stage investors. This calculator shows what equity stake you receive based on the valuation cap and/or discount rate, and what your investment is worth at the next funding round.

Who it's for: Angel investors evaluating SAFE terms, startup founders understanding dilution, or anyone considering investing in a SAFE-note startup.

Equity Calculation Details

Price per share (cap basis)—

Price per share (discount basis)—

Effective price per share—

Your SAFE shares—

Total shares outstanding (incl. you)—

Investment Performance

Investment Multiple

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Cap Applies?

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Discount Applies?

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At Next Round

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If Exit at Valuation

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MOIC

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How SAFE Pricing Works

SAFE vs Discount: A SAFE investor gets the BETTER of either (a) the valuation cap price, or (b) the discount price. The cap sets a maximum valuation — if the next round is at a higher valuation, the cap price (cap/shares) gives more shares. If the next round is at a lower valuation, the discount gives more shares.

Post-Money SAFE: Most modern SAFEs (YC standard since 2018) are post-money, meaning the cap is calculated against the post-money valuation — giving investors certainty about maximum dilution.

Tools for Angel Investors

Track your startup portfolio, manage SAFE agreements, and calculate returns with these platforms:

Carta — Cap Table Management →

For educational purposes. SAFE terms vary. Consult a securities attorney before making any investment. This calculator uses simplified assumptions and does not account for option pools, liquidation preferences, or MFN clauses.