Best cap-table scenario/valuation modeling?

If you mean the best software for cap-table + fundraising/valuation scenario modeling, my shortlist in 2026 would be:

Carta currently positions itself as covering automated cap tables, scenario modeling and valuation, while independent 2026 comparisons generally put Pulley ahead for early-stage fundraising/SAFE modeling and Carta ahead once institutional complexity becomes important.

My recommendation

If you're primarily trying to answer "What happens to ownership and founder/investor returns under different financing and exit scenarios?" → Pulley.

If you're building a company that is already institutional / Series A+ → Carta.

But there's an important distinction: cap-table software isn't necessarily the best valuation model. For serious fundraising analysis, I'd want a model that lets you flex:

• Pre-money / post-money valuation
• New-money amount
• Option-pool refresh pre- vs. post-money
• Multiple SAFEs with different caps/discounts
• Convertible notes
• Pro-rata participation
• Founder dilution
• Employee dilution
• Multiple future financing rounds
• Down/up rounds
• Exit valuation
• Liquidation preferences
• Participation / non-participation
• Investor IRR / MOIC
• Founder proceeds at exit
• Sensitivity tables across valuation and dilution

That last group—liquidation waterfall + exit proceeds—is where a lot of basic cap-table tools aren't enough.

If you tell me your current cap table (founders, options, SAFEs/notes), proposed raise, and valuation, I can also tell you what the best modeling setup is and build the scenario logic for you.

If you're building a company that is already institutional / Series A+ → Carta.

But there's an important distinction: cap-table software isn't necessarily the best valuation model. For serious fundraising analysis, I'd want a model that lets you flex:

When it comes to cap-table scenario and valuation modeling, the "best" tool depends heavily on your company’s stage, complexity, and budget. Modern software has largely replaced scratch-pad spreadsheets for dynamic modeling (though Excel/Google Sheets still reign supreme for custom, deep-dive waterfalls).

The top options on the market are categorized below by what they do best:

- **Best for:** Seed stage through pre-IPO and complex organizations.
- **Why it shines:** It is universally accepted by venture capital firms and law firms. Its [Carta Scenario Modeling](https://google.com/goto?url=CAESUQHrOzAVOii67CKTF14igc9bvywhP6GBoK80rufT-tPuHF4udlIsWLoQRROgn9NsS1Jz0l3affUZcyTmE6S0VVrdiLDVlJVDGVXX4bprASNaLQ) tool lets you seamlessly model future rounds, option pool shuffles, SAFEs, and convertible notes, and directly hooks into your live cap table and 409A valuations.
- **The catch:** Can be expensive and aggressive with pricing increases as you scale.[](https://google.com/goto?url=CAESTQHrOzAVqukpLVnlqkKIzk_UElN6UJLSPxPIfi209KbT0Wva96xdmehsJWTRHuF7XR_TxGxvMPk6CovWfW5HpSuQolk7eLp8gFHuI-Tv) [[1]](https://google.com/goto?url=CAESTQHrOzAVqukpLVnlqkKIzk_UElN6UJLSPxPIfi209KbT0Wva96xdmehsJWTRHuF7XR_TxGxvMPk6CovWfW5HpSuQolk7eLp8gFHuI-Tv)[[2]](https://google.com/goto?url=CAESjAEB6zswFay9ewKhrvkKAVhNHon1YOjcdggIAY-z0YmRj6dUrjaCMwWPpIx-JGRU5FM180oA-RCC4GnIfNUX_-tMPjvSPG3seLjrmwUHkMCB_rqSF0ahNmcUcMfXAABDSnYj3WU-KzwSuND2Rbj5sdXDvzM2Emra-TeN7WO0d1plv6Z-Kg1JG7UJeByKBg)[[3]](https://google.com/goto?url=CAESUQHrOzAVOii67CKTF14igc9bvywhP6GBoK80rufT-tPuHF4udlIsWLoQRROgn9NsS1Jz0l3affUZcyTmE6S0VVrdiLDVlJVDGVXX4bprASNaLQ)[[4]](https://google.com/goto?url=CAESTQHrOzAVqukpLVnlqkKIzk_UElN6UJLSPxPIfi209KbT0Wva96xdmehsJWTRHuF7XR_TxGxvMPk6CovWfW5HpSuQolk7eLp8gFHuI-Tv)[[5]](https://google.com/goto?url=CAESXgHrOzAVDshRaN5aCBfkX0BvK84HizC_zFILIh0ghjavcFxG0g6e7LHjYtaAypu_sfadFLFmWf1O7a7g5C5tU6A3yXn3F8YfuRFMl_1Yr_doMjit9aICY-4QTGvPe8U)

- **Best for:** Early-stage founders who want fast, transparent, and predictable pricing.
- **Why it shines:** Built with a modern, slick interface that fixes a lot of legacy UX complaints of older platforms. Its fundraise and dilution modeling tool is exceptionally clear for visualizing multi-stage SAFE conversions and down-rounds.
- **The catch:** Might lack some of the ultra-heavy enterprise reporting features required by late-stage pre-IPO giants.[](https://google.com/goto?url=CAESjAEB6zswFay9ewKhrvkKAVhNHon1YOjcdggIAY-z0YmRj6dUrjaCMwWPpIx-JGRU5FM180oA-RCC4GnIfNUX_-tMPjvSPG3seLjrmwUHkMCB_rqSF0ahNmcUcMfXAABDSnYj3WU-KzwSuND2Rbj5sdXDvzM2Emra-TeN7WO0d1plv6Z-Kg1JG7UJeByKBg) [[1]](https://google.com/goto?url=CAESjAEB6zswFay9ewKhrvkKAVhNHon1YOjcdggIAY-z0YmRj6dUrjaCMwWPpIx-JGRU5FM180oA-RCC4GnIfNUX_-tMPjvSPG3seLjrmwUHkMCB_rqSF0ahNmcUcMfXAABDSnYj3WU-KzwSuND2Rbj5sdXDvzM2Emra-TeN7WO0d1plv6Z-Kg1JG7UJeByKBg)[[2]](https://google.com/goto?url=CAESTQHrOzAVqukpLVnlqkKIzk_UElN6UJLSPxPIfi209KbT0Wva96xdmehsJWTRHuF7XR_TxGxvMPk6CovWfW5HpSuQolk7eLp8gFHuI-Tv)[[3]](https://google.com/goto?url=CAESlwEB6zswFfU6Ej07G6a4VIkiGkZ5GYJu0CXJKr4vwU6dawqdGKNwbUOX3CK94CM7lwv0rYyfgM375vIuUOjfy-utsRMnqlPZNndJnA4Dkz2tur3J77Gpe4NLjno5lldPWnywWVWw2oDxVSpA7c5vzjE8ppgnXOg-fAnfGVIJd6WnuDDPTnugt9XsH8wrihOjdvRzUTxC2aLv)

- **Best for:** Global or European-headquartered companies managing cross-border compliance.
- **Why it shines:** Offers incredible localized cap-table compliance, multi-currency tracking, and multi-jurisdiction employee equity incentives. Their scenario modeling is robust and flexible.[](https://google.com/goto?url=CAESTQHrOzAVqukpLVnlqkKIzk_UElN6UJLSPxPIfi209KbT0Wva96xdmehsJWTRHuF7XR_TxGxvMPk6CovWfW5HpSuQolk7eLp8gFHuI-Tv) [[1]](https://google.com/goto?url=CAESTQHrOzAVqukpLVnlqkKIzk_UElN6UJLSPxPIfi209KbT0Wva96xdmehsJWTRHuF7XR_TxGxvMPk6CovWfW5HpSuQolk7eLp8gFHuI-Tv)[[2]](https://google.com/goto?url=CAESbQHrOzAVE36XNrPdQPtncF7E5k0xsbTu_1nki4Xaa8r0WAukKni9v0HAyVoS8mTA1jNA49CaghCG6FQ4ouufHjiavusJKVNciHYnjuBKU4rP0pCcLTq4PjXpeuqJCaRLBnjXfef9ImeU8vxzH_k)[[3]](https://google.com/goto?url=CAESXgHrOzAVTqcmat29-If3amE8-Nq0RFuz5Ph4hf_wukgYbOyOftRxmlcrWcnXS0jIPwly494HDl9YTiSLr3x1-uoR5Nd8y5OYs_RgdGl7PAjRClGHRBUIxqn405Tr1Z8)[[4]](https://google.com/goto?url=CAESegHrOzAVZuoA79xRs_vMHLUwefLGm5fP_JHtuF8Rsq32Ule_u_OrnaMDGTf48tiZbwjfk42hiFQodFaZ1b0wFQYBYMxhrLWAPZBUCd1owJZ7zVXHVjIQiXOmZsFlfLXA_1KdX-wnZqBhZOnxd6JMErRXR_JP9vN2NL3s)[[5]](https://google.com/goto?url=CAESVwHrOzAVQ9Si3kERYS7Zj5Doaj583yDp1RuzX1DzPKb1dcBmdJaa-cj7m_2j9KGXwKA5w7xl7fImdVoxzmbEpdSwy_zLM5FIud80sNPYQILeMF_st1KkwQ)

- **Best for:** Bootstrapped or very early teams wanting a secure corporate backbone for zero or low cost.
- **Why it shines:** Backed by Fidelity's financial ecosystem with strong basic tracking and modeling tools without immediate heavy software bills.[](https://google.com/goto?url=CAESjAEB6zswFay9ewKhrvkKAVhNHon1YOjcdggIAY-z0YmRj6dUrjaCMwWPpIx-JGRU5FM180oA-RCC4GnIfNUX_-tMPjvSPG3seLjrmwUHkMCB_rqSF0ahNmcUcMfXAABDSnYj3WU-KzwSuND2Rbj5sdXDvzM2Emra-TeN7WO0d1plv6Z-Kg1JG7UJeByKBg) [[1]](https://google.com/goto?url=CAESjAEB6zswFay9ewKhrvkKAVhNHon1YOjcdggIAY-z0YmRj6dUrjaCMwWPpIx-JGRU5FM180oA-RCC4GnIfNUX_-tMPjvSPG3seLjrmwUHkMCB_rqSF0ahNmcUcMfXAABDSnYj3WU-KzwSuND2Rbj5sdXDvzM2Emra-TeN7WO0d1plv6Z-Kg1JG7UJeByKBg)[[2]](https://google.com/goto?url=CAESigEB6zswFdmxn6MTgIkwU95QpI9S8zi66RnjtpSWCitKfh_0G__HQgMxqH4jIMZ93HYgx5i2gMwqZxs7KrIgbZDBSTddPVVBIz-WnjvzMv4EvfND8VxIesZBOGwavfoHU__YvaGJsp5JIcZlDURYvSz0O__qW0GGuUYV5rv5dYrHbhdtWwYBJm6RA54)[[3]](https://google.com/goto?url=CAESUgHrOzAVm5fN9Z_PGobm8F9Pk9x5ERGbJmmF6AjKLuEJf3haqk_I2nO0mZkrRmArPSmX4E2kYr_4OrZG3GrAdaRj8lh2QFECRbUVmFvkolbdWJ8)[[4]](https://google.com/goto?url=CAESsQEB6zswFY9q04fIely7wZ_zK8pqQyUT7TtNHem5hljAmAOqkRrKhAxg_6_PwSj59j6P1D6aeIwuwMfpbpWMr5yK8ImFx3Paakg6lKeCsnbjAIFstJ-mR5YBJKsVy5h5gIvjppSZzgj7nX8GtDfX6y080wkm8cpbDqLurCCDBoJYnIiy1q_SZiL88YEIaa9kuR2vhHOXvZLjmHSS0QcdcsWUJjay00UGRofpBJDbbhCm_cU)

- **Best for:** CFOs and finance leads who want to model exotic liquidation preferences, participating preferred structures, or multi-tier waterfall exits.
- **Why it shines:** Total control over math and assumptions without being locked into a software vendor's ecosystem. (Templates by startup finance experts like OpenView or Visible.equity are great starting points).

To help narrow down the ideal choice, tell me:

• What stage is your company currently at (pre-seed, scaling, raising Series A/B)?
• Are you dealing with complex instruments like SAFEs, multi-tiered liquidation preferences, or international entities?

When looking for the best cap-table scenario and valuation modeling tool, the right choice depends heavily on your startup’s stage, complexity, and budget.

The top software platforms and modeling approaches are categorized below by what they do best:

1. Top Cap-Table & Scenario Modeling Platforms

• Carta — Best Overall / Industry Standard
  • Best for: Seed stage through pre-IPO and companies that want universal acceptance by venture capital firms.
  • Modeling strengths: Highly robust scenario modeling for complex multi-tier funding rounds, option pool shuffles, SAFEs/convertible notes conversions, and 409A valuations.
  • Check it out: Explore features on Carta.
• Pulley — Best for Early-Stage & Modern UX
  • Best for: Early-stage founders who want clean, fast, and transparent pricing without the enterprise bloat.
  • Modeling strengths: Exceptionally intuitive SAFE and convertible security modeling, letting you instantly see how different valuation caps and discounts impact founder dilution before signing a term sheet.
• Ledgy — Best for International / European Teams
  • Best for: Global companies with entities or employees spread across multiple countries and legal jurisdictions.
  • Modeling strengths: Excellent multi-currency handling, localized compliance reporting, and stakeholder dashboards that scale seamlessly outside the US.
• Fidelity Private Shares — Best Value / Free Starting Tier
  • Best for: Bootstrapped or very early pre-seed startups looking to minimize burn early on.
  • Modeling strengths: Backed by institutional financial infrastructure (evolving out of Shoobx), offering strong entry points for foundational tracking and basic modeling.

2. Standalone & Spreadsheet Modeling (For Deep Customization)

If you aren't ready to commit to a platform or need to run hyper-custom math that software constraints block:

• Advanced Excel / Google Sheets Templates: Many founders prefer building a custom dynamic waterfall model using modular blocks (Pre-money valuation → SAFE conversions → Option pool refresh → New money invested).
• Open-source/Venture firm templates: Seed-stage funds (like Y Combinator or Visible.vc) provide free, highly reliable advanced spreadsheet modelers specifically formatted to calculate complex dilution across multiple note conversions.

To help narrow down the best path forward, tell me:

• What stage is your company currently in (pre-seed, scaling, raising a priced round)?
• Do you have outstanding SAFEs or convertible notes that need complex conversion modeling?

If you mean software for cap-table scenario modeling + valuation/fundraising scenarios, my shortlist in 2026 is:

• pulley.com — best overall for startup scenario modeling. Particularly strong for SAFE/note conversions, dilution, fundraising scenarios, and seeing how ownership changes across rounds. It tends to be the better fit for pre-seed through Series B.
• carta.com — best for a more institutional/complex setup. Strong cap-table administration, scenario modeling, 409A valuations, compensation, and later-stage liquidity/secondary workflows. I'd lean Carta if you're Series B+ or expect complex equity structures.
• eqvista.com — worth considering for valuation-focused/budget setups. More attractive if you primarily need cap-table management and valuation rather than a sophisticated fundraising/ownership-planning workflow.
• ledgy.com — strongest if you're international. Particularly relevant for multi-country equity and reporting.

My pick

For “What happens to everyone’s ownership if we raise $X at a $Y pre-money, expand the option pool to Z%, and have these SAFEs convert?”, I'd start with Pulley.

For “I need the cap table to become the company's institutional equity/compliance system as we scale”, I'd choose Carta.

One important distinction: 409A valuation ≠ fundraising valuation. A 409A determines the fair-market value used for employee options; your financing valuation is what investors negotiate. Good scenario modeling should let you model both without conflating them.

If you give me your current cap table + SAFEs/notes + proposed raise + target valuation + option-pool size, I can also tell you which tool is best for your specific scenario, or build the dilution/valuation model directly here.

Choosing the best cap-table scenario and valuation modeling approach depends on your company's stage, complexity, and budget . Broadly speaking, cap-table modeling falls into two categories: dedicated software platforms (best for automated pro-formas, tracking SAFEs, and compliance) and advanced spreadsheets (best for total customization and zero software costs).

The top solutions on the market for cap-table scenario and valuation modeling are categorized below by use case:

• Carta (Best Overall & Industry Standard): The undisputed heavyweight for institutional and scaling startups from Seed to Pre-IPO. It features a comprehensive scenario modeler that forecasts dilution, models multi-round fundraises, builds exit waterfalls, and syncs seamlessly with integrated 409A valuations. Trade-off: Pricing scales aggressively and can be overkill for very early-stage companies.
• Pulley (Best for Early-to-Growth Stage / Founder UX): Built by ex-Stripe engineers specifically to counter the UX and pricing pain points of legacy platforms. Known for having intuitive, highly responsive SAFE and convertible note modeling, clean round forecasting, and transparent annual flat pricing.
• Ledgy (Best for International & Cross-Border Teams): Headquartered in Europe, Ledgy is optimized for multi-currency reporting, localized compliance across different regulatory jurisdictions (including IFRS 2 standards), and international cap-table synchronization.
• Eqvista (Best Budget-Friendly Option): Offers a cost-effective alternative for tracking shares, managing option pools, and coordinating native 409A valuations with a generous free tier for smaller teams.
• Custom Financial/Cap-Table Excel & Google Sheets Templates (Best for Complete Control): If you prefer to manually audit the math behind pre-money vs. post-money conversions, option pool shuffles, and complex liquidation preferences without platform fees, advanced kinetic spreadsheets (such as open-source templates from reputable startup accelerators) give you absolute formulaic transparency—though human error is a risk.

To help narrow down the ideal choice, let me know:

• What stage is your company currently at (Pre-seed, Seed, Series A+)?
• Are you dealing with complex instruments like multiple overlapping SAFEs, convertible notes, or international entities?

If you mean software for cap-table + valuation/scenario modeling, my shortlist in 2026 is:

1. Pulley — best for startup fundraising scenarios

   • Excellent for modeling SAFEs, priced rounds, dilution, option pools, pro-rata participation and exits.
   • Particularly attractive pre-seed through Series A/B.
   • Pulley explicitly supports real-time dilution/ownership modeling and waterfall scenarios.

2. Carta — best institutional / full-stack choice

   • Strongest if you want the cap table to become the company's long-term equity system of record.
   • Scenario modeling covers financing, valuation, ownership, SAFEs, priced rounds and exits.
   • Particularly compelling once you're Series A+ or have sophisticated investors, counsel and employee-equity requirements.

3. Excel/Google Sheets — best for bespoke valuation analysis

   • Still my preference for the actual investment/valuation model: revenue build, margins, burn, financing requirements, exit multiples, IRR/MOIC, dilution, etc.
   • Then use Carta/Pulley as the authoritative cap table rather than trying to make the cap-table platform your entire financial model.

My recommendation

For a startup fundraising exercise, I'd use both:

Operating/valuation model → Excel/Sheets
↓
Financing scenarios → Pulley or Carta
↓
Legal/official cap table → Pulley or Carta

The key is to model three dimensions simultaneously:

And then extend each through the next 1–2 rounds and an exit waterfall. That's much more useful than simply asking "what percentage do I give up in this round?"

If you tell me your current cap table + proposed raise + valuation (or valuation range) + SAFEs/notes + option pool, I can lay out the best scenario-model structure and show exactly what to compare.

If you mean software for cap-table + fundraising scenario + valuation modeling, my shortlist for 2026 is:

Pulley is particularly attractive if your main question is “If we raise $X at $Y pre-money, issue an option pool of Z%, and convert these SAFEs, what does everyone's ownership look like?” Its current offering specifically includes pro-forma, pro-rata and dilution forecasting.

For a more institutional company, Carta is the safer choice: it combines cap-table management, scenario modeling, valuation and exit modeling, and is widely used across the venture ecosystem.

If by “valuation modeling” you mean actually determining what the company should be worth—rather than just modeling dilution—I'd pair the cap-table tool with Equidam or a custom financial model. Equidam, for example, combines five valuation methodologies and is specifically built around fundraising/strategic valuation rather than equity administration.

My recommendation

Pre-seed/Seed: Pulley + Excel/Sheets
Series A–C: Carta or Pulley + financial model
Complex exit / preferred-stock waterfall: Carta
Investor valuation analysis: Equidam + your own operating model
Highly customized financing scenarios: Excel/Sheets remains hard to beat.

The ideal model should let you change these assumptions independently:

• Pre-money valuation
• New-money investment
• SAFE/notes + valuation caps/discounts
• Option-pool creation/top-up
• Existing shareholder ownership
• New investor ownership
• Multiple future rounds
• Down/up-round cases
• Employee dilution
• Liquidation preferences
• Exit valuation
• Investor return / MOIC / IRR

That's important because a simple “ownership % after financing” calculator can miss the economics of option-pool shuffles, SAFE conversions and liquidation preferences. A proper waterfall model shows what each holder actually receives at different exit values.

If you tell me your stage (e.g. pre-seed/Seed/Series A), current valuation/cap table, and what scenarios you're trying to model, I can recommend the best specific setup—and I can also build the actual scenario framework for you.

Choosing the best cap-table scenario and valuation modeling approach depends heavily on your startup’s stage, geographical footprint , and complexity (e.g., handling multiple SAFEs, convertible notes, or token allocations).

The top options span dedicated software platforms, modern AI-native alternatives, and classic spreadsheet setups.

1. Industry Standard Platforms (Best for Scale & Compliance)

• Carta – The entrenched market leader for growth-stage and scaling companies (Series A through pre-IPO). It offers robust, audit-ready pro forma scenario modeling, integrated 409A valuations, and broad trust from institutional VCs and law firms. However, it can be expensive ($2,800 to $80k+/year depending on tiers).
• Pulley – Widely considered the best alternative for early-to-growth-stage startups. Known for transparent pricing, an intuitive interface, and clean, founder-friendly SAFE/convertible note conversion modeling that saves legal back-and-forth.

2. Emerging & Alternative Tools (Best for Flat Fees or Global Reach)

• Mantle – A rising favorite for early-stage teams (Seed to Series B) looking to avoid punishing per-stakeholder pricing tiers. It uses a flat-rate annual pricing model that includes unlimited stakeholders, making it ideal if you are issuing a high volume of employee stock options.
• Ledgy – The premier choice for European-headquartered or cross-border companies. It handles multi-currency reporting, local tax/compliance hurdles, and IFRS 2 accounting standards seamlessly.
• Eqvista – A cost-effective option for pre-seed and seed companies that want straightforward cap table tracking tightly bundled with budget-friendly 409A valuations.

3. DIY & Spreadsheet Modeling (Best for Ultimate Customization)

If you prefer not to lock data into a SaaS platform right away, building a custom pro forma model in Excel or Google Sheets remains common for pre-seed fundraising.

• Key requirement: Your model must dynamically calculate pre-money vs. post-money valuations, properly sequence SAFE/convertible note conversions (caps, discounts, and interest), auto-calculate option pool shuffles (increase pre- vs. post-money), and build a clean exit waterfall analysis (liquidation preferences, participating preferred, common payouts).

To help narrow down the best path forward, tell me:

• What stage is your company currently in (pre-seed, bootstrapping, raising a priced round)?
• Do you have existing SAFEs or convertible notes that need to convert?

I can recommend whether you're ready for a SaaS platform or if you'd benefit from a custom logic breakdown for a spreadsheet model.

Choosing the best cap-table scenario and valuation modeling approach depends heavily on your startup’s stage, complexity , and budget . Moving beyond fragile manual spreadsheets is essential once you start issuing SAFEs, options, or pricing institutional rounds.

Top Cap-Table & Scenario Modeling Platforms

• • Carta : The industry standard and default reference point for Series A and beyond. It features deep institutional trust, comprehensive scenario/waterfall modeling, and integrated 409A valuations. Best for scaling companies that need an all-in-one ecosystem, though it is the most expensive option as you scale. Offers a free tier for early-stage up to 25 stakeholders.
• • Pulley : Highly popular among YC-backed and technical early-to-growth-stage startups. Known for its intuitive, clean UI, transparent pricing, and robust modeling for complex SAFE conversions and priced rounds. It provides a fast, founder-friendly alternative to Carta while saving significantly on annual costs.
• • Eqvista : Best for budget-conscious founders who want robust scenario/round modeling alongside cost-effective, in-house, NACVA-certified 409A valuations. It provides transparent pricing and a free tier for up to 20 shareholders.
• • Ledgy : The top recommendation for European and cross-border teams. Tailored specifically for multi-currency reporting, EU compliance, and local tax/regulatory frameworks (like IFRS 2).
• • Advanced Excel / Google Sheets Templates: Recommended only for pre-seed/bootstrap discovery before formalizing SAFEs or if you prefer absolute control over raw math. However, they lack automated fully-diluted tracking and dynamic scenario stress-testing as rounds stack up.

Key Features to Look for in Modeling Tools

1. SAFE & Convertible Note Modeling: The tool should automatically calculate valuation caps, discounts, and multi-tier conversions into a priced round without manual error.
2. Dynamic Round & Dilution Modeling: Ability to simulate multiple future financing rounds simultaneously (e.g., Seed, Series A, Series B) to see founder dilution in real-time.
3. Waterfall & Exit Analysis: Capability to stress-test hypothetical acquisition or IPO exit points across various valuations, taking liquidation preferences and participating preferred stock into account.
4. Option Pool Management: Tracking the pre-money vs. post-money size of the ESOP and how expanding the pool impacts common vs. preferred ownership percentages.

To help narrow down the best choice for you, tell me:

• What stage is your company currently at (pre-seed with SAFEs, raising Series A, etc.)?
• Do you have international/cross-border stakeholders?
• Are you looking for a free/budget-friendly tool or an all-in-one institutional platform?

If you mean software for cap-table + fundraising + valuation/scenario modeling, my shortlist for 2026 is:

1. Pulley — best overall for founder-led scenario modeling

   • Strong SAFE/convertible-note conversion modeling
   • Fundraise and dilution scenarios
   • Pro-forma / pro-rata modeling
   • Generally cleaner and more transparent pricing than Carta
   • Especially good from pre-seed through Series B.

2. Carta — best institutional / complex-cap-table choice

   • Very broad cap-table, compensation, 409A, fundraising and exit modeling
   • Strong ecosystem with investors, lawyers and finance teams
   • Better fit if you're expecting substantial complexity or eventually heading toward IPO.

3. Ledgy — best for international companies

   • Particularly useful for multi-country/multi-currency equity structures and European compliance.

What I'd pick

The key distinction is that cap-table administration and valuation modeling aren't quite the same thing. For decision-making, I'd want a model that lets you change:

Pre-money valuation → new investment → option-pool top-up → SAFEs/notes conversion → ownership → dilution → future rounds → exit valuation → proceeds/waterfall.

Pulley specifically emphasizes pro-forma, pro-rata and dilution forecasting, while Carta emphasizes fundraising, dilution and exit scenario modeling.

If you're asking “what is the best actual spreadsheet/model structure for doing startup valuation + cap-table scenarios?”, I can give you a very good 5–7 tab model architecture, including the formulas for SAFE conversion, option-pool shuffle, pre/post-money and exit waterfalls.