Cap Table (Fully Diluted)
Definition
A complete record of all equity ownership and equity-linked obligations in a company, maintained on a fully diluted basis, reflecting all outstanding shares, issued and unissued options within granted pools, warrants, SAFEs, and convertible notes as if all convertible instruments had converted to equity at the terms in effect at the record date. A record that does not reflect all convertible instruments on a fully diluted basis does not constitute a fully diluted cap table for the purposes of this Standard.
Common Misapplication
The most common misapplication is excluding the ungranted portion of an authorised option pool from the fully diluted count. The ungranted reserve is authorised for future issuance and must be included in the fully diluted share count, as it represents a real dilutive claim on ownership.
FFI Standard Reference
This term is defined and applied in Book 3, Section 3.1: The Cap Table Standard.
Related Terms
Citable URL
This term may be cited using the following permanent URL.
Full citation format: Founder Financial Infrastructure Standard, Beta v0.5, Glossary: Cap Table (Fully Diluted). https://ffistandard.org/glossary/cap-table-fully-diluted/. 2026.