How much do stacked SAFEs dilute at Series A?

Often 25-35% before the Series A lead's dilution — much more than founders expect.

Post-money or pre-money SAFE?

Post-money is now standard (YC changed the default in 2018). It makes dilution math predictable.

Compare priced equity rounds and SAFEs — dilution math, timing, and when each instrument fits.

SAFEs are fast and cheap. Priced rounds are clean and permanent. The wrong choice creates cap-table math that will hurt you at Series A.

Raising under $2M, closing rolling checks over 2-4 months, no lead investor setting terms.

Raising $2M+, a lead investor wants a board seat, or you want the cap table clean before Series A.

Stacking SAFEs with different caps hides real dilution. Model the post-money conversion before signing check #5.

How much do stacked SAFEs dilute at Series A?: Often 25-35% before the Series A lead's dilution — much more than founders expect.
Post-money or pre-money SAFE?: Post-money is now standard (YC changed the default in 2018). It makes dilution math predictable.

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•By Alejandro Cremades