Glossary · Ownership
Fully diluted ownership
Ownership calculated as if every promised slice of the pie counted today: exercised and unexercised options, the full option pool, and sometimes converting SAFEs and notes. It answers “what percent is this really?”
Related: Cap table · Stock options · Option pool · Post-money valuation
A bit more nuance▾
- Investors often quote fully diluted to compare grants and rounds fairly.
- Different spreadsheets include or exclude certain converts — always ask what is in the denominator.
Go deeper▾
Discussion questions▾
- What would your fully diluted stake look like after the next two hires?
- Does your model treat the option pool as empty or as already allocated?
Educational reference only — not legal, tax, or investment advice. Terms vary by country and deal; ask a qualified professional when it matters.