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by Undo Capital
December 15, 2025
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What Is a Fully Diluted Cap Table?

A fully diluted cap table shows company ownership assuming all convertible instruments, options and warrants are exercised and converted into shares.

Fully Diluted Cap Table Meaning

The fully diluted cap table centres on understanding true future ownership. To define a fully diluted cap table in practice, it includes issued shares plus all potential shares from employee options, ASAs, CLNs and other convertible securities. A clear, fully diluted cap table definition helps founders model dilution accurately and allows investors to assess their real economic stake after future conversions. Unlike a basic cap table, which only reflects current shareholders, the fully diluted view stands for transparency around long-term ownership, control and exit outcomes.

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Disclosure Notice: This communication is issued by Undo Capital Limited (“Undo Capital”) and is provided strictly for informational purposes only. It contains general information and should not be relied upon as accounting, business, financial, investment, legal, tax, or other professional advice. Undo Capital is not regulated by the Financial Conduct Authority (FCA) and does not provide investment, financial, or tax advice. Our services are designed to assist startups and businesses with company formation, legal agreements, and funding-related documentation. Nothing in this communication constitutes, or should be construed as, a recommendation, offer, or solicitation to purchase or sell any security or financial instrument.
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Disclaimer: Our services are designed to assist startups and businesses with company formation, legal agreements, and funding-related documentation. We do not provide investment advice, financial advice, or tax advice, nor are we regulated by the Financial Conduct Authority (FCA). Participating in startups and early-stage enterprises carries inherent risks, including limited liquidity, absence of dividends, potential loss of investment, and dilution. Any decisions regarding investments should be made independently by the investor as part of a well-diversified portfolio.