How much dilution should I expect across seed and Series A?
Plan for roughly 10-20% dilution per priced round plus the option pool, and remember that stacked SAFEs at different caps all convert at once and can add up faster than you expect. Keep a running cap table model so you see your ownership after the next two rounds, not just today. Dilution you didn't model is how founders wake up owning single digits.
Go deeper
3 resources, 3 link-checked.
🛠️ Tool
✓ Link checkedFreeIntermediate
The primary source for the SAFE itself, plus YC's plain-English primer explaining post-money mechanics. Use the official document, not a random copy, and read the primer before you sign.
The definitive book on how VC deals really work, written by two Foundry Group VCs. It demystifies the term sheet term-by-term so you negotiate from knowledge, not fear.
YC's fundraising library collects the canonical explainers on how SAFEs convert, how caps and discounts work, and how they dilute you. The most trustworthy free explanation of the instrument almost every seed round uses.
