Cap Table
Definition
A record of the equity ownership of a company. In common usage, cap table refers to the document tracking who owns shares in the company and in what quantities. For the purposes of the FFI Standard, the operative term is cap table on a fully diluted basis, which includes all instruments that can become equity. A cap table that records only issued shares is a share register, not a cap table adequate for financial infrastructure purposes.
Common Misapplication
The most common misapplication is maintaining a cap table that records only issued shares and granted options without reflecting outstanding SAFEs, convertible notes, ungranted option pool reserves, and warrants. Such a cap table materially overstates founder and common shareholder 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. https://ffistandard.org/glossary/cap-table/. 2026.