SAFE Note Calculator
Model exactly how your SAFE converts at the next priced round. Compare cap and discount scenarios before you negotiate terms.
Used by founders and early investors modeling pre-seed instruments
The SAFE
The maximum valuation at which your SAFE converts. If the round values the company higher, the cap price protects you.
You receive shares at this % below the round price. Applies only if the discount price is lower than the cap price.
If checked, this SAFE automatically adopts better terms from any future SAFE issued before conversion. Common in pre-seed YC SAFEs.
Priced round (conversion event)
Total shares before the new round is issued. Include option pool in this number.
Round price = $0.8889
Cap price = $0.5556
Discounted price = $0.7111
Conversion price = $0.5556 (Cap price applies)
Based on your inputs, the Cap price applies.
Post-conversion summary
How to use this calculator
Enter your SAFE terms
Input the investment amount, valuation cap, and discount rate from your SAFE agreement. The calculator works for standard YC SAFEs and most cap-equivalent structures.
Enter the conversion round details
Input the expected pre-money valuation, share count, and round size at the priced round where the SAFE will convert. The calculator shows all three scenarios and flags which one applies.
Switch between investor and founder view
Investor view shows what the SAFE holder receives. Founder view shows what the SAFE costs you in dilution and effective valuation. Both views use the same inputs.
How SAFE conversion works
Frequently asked questions
Know your terms before you sign.
Investors who use Hockystick come in with verified track records. You should come in with verified financials.