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SAFE Note Calculator
Calculate how many shares a SAFE (Simple Agreement for Future Equity) converts into at a future priced round, using whichever of the discount or valuation cap is more favorable to the investor.
How to Use SAFE Note Calculator
- 1Enter the SAFE investment amount
- 2Enter the discount % and valuation cap
- 3Enter the priced round's price per share and pre-money valuation
- 4Click Calculate to see the conversion price used and shares received
Frequently Asked Questions
A SAFE is not debt — it has no interest rate and no maturity date, so your full investment amount converts as-is. A convertible note accrues interest over time, so a larger accrued value (principal + interest) converts instead. Both use the same discount-vs-cap conversion pricing.
The tool computes a conversion price both ways — discount % off the round's price per share, and separately a price implied by the valuation cap relative to the round's pre-money — then uses whichever is LOWER, giving the investor more shares. This is standard SAFE mechanics.
This version treats the valuation cap as a pre-money-style cap relative to the priced round's pre-money valuation. Post-money SAFEs (the current standard YC template) calculate ownership slightly differently — check your specific SAFE's terms.
You need at least a hypothetical future round's terms to run this calculation — it estimates what conversion WOULD look like, not today's value of an unconverted SAFE.
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