Capitalization table (cap table)
The cap table lists all holders of a company’s securities — founders, investors, employees — with their actual and fully diluted ownership percentages. It is the navigation chart for any negotiation involving the shareholder structure.
In practice
Before a Series A round, founders open the cap table to model the impact of several valuation scenarios. If a 5% BSPCE pool is exercised alongside a 20% fundraise, combined dilution can push founders below 50%. Managing the cap table from the first euro raised prevents unpleasant surprises at exit or when a large publishing group acquires the company.