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← Glossary
Cap Table & Equity

Fully diluted

The share count assuming every option, SAFE and convertible has been exercised and converted.

Why it matters

Always do ownership maths on a fully-diluted basis — the 'issued shares' number flatters your percentage.

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Get the real-world version of "Fully diluted" drawn from hundreds of conversations with founders and investors.

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Trust Over Likability: How Charles Hudson Built a 450-Company Portfolio
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Pick My Brain with Alan Jones · 26 August 2026

The Buzzword That's Killing Your Pitch: Billy Chan on Alfred Travel
Building with Atoms and Bits: 5 Founders Making Hard Tech in Australia | HEO, Alloy, Vexev, Zabidou, Antares

Oversubscribed with Brendan Hill · 20 August 2026

Building with Atoms and Bits: 5 Founders Making Hard Tech in Australia | HEO, Alloy, Vexev, Zabidou, Antares
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Related terms

Cap table

The ledger of who owns what — every shareholder, their share class and their percentage.

Option pool / ESOP

Equity set aside to grant to employees as options, usually 10–15% of the company.

Dilution

The drop in your ownership percentage each time the company issues new shares.

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