In Unlisted, you can simulate the fully diluted view based on your company’s valuation. This allows you to see how dilution and future conversions could affect each stakeholder’s ownership percentage.
You can find this feature directly on your cap table page by toggling the “Fully diluted” option at the top left corner.
What you can do with the fully diluted cap table
From the Cap Table, you can:
Toggle between the standard and fully diluted views
Simulate ownership changes based on your current or custom valuation
See how dilution impacts each stakeholder through stake fully diluted and diluted share change indicators
Let’s walk through these options:
Toggle the fully diluted view
By clicking the “Fully diluted” toggle on your cap table, you switch from the current ownership view to a projection that includes all potential shares that could be created through future events (e.g., exercising options or converting loans).
This gives you a complete picture of what ownership would look like if every instrument were converted into shares.
Simulate based on your valuation
Once the fully diluted view is active, you can manually adjust the valuation to see how it affects the ownership distribution. By default, it uses your current company valuation.
Changing the valuation updates the calculations in real time, a powerful way to model different fundraising or exit scenarios.
You can use this simulation to understand how issuing new shares, granting options, or changing valuation assumptions might impact your existing stakeholders.
Simulate the impact of convertible loan interest
In the fully diluted cap table, you can also simulate how interest on convertible loans affects ownership and share conversion. This setting defines how loan interest is calculated and how it is included when converting loans into shares.
You can choose between three calculation methods:
On loan maturity date (default): interest is accrued until the loan’s maturity date and included in the conversion.
No interest: the loan converts without adding any interest.
On a specific date: interest is calculated up to a chosen date, allowing you to simulate conversion at a given point in time.
This flexibility helps you understand how different interest scenarios impact dilution and ownership before an actual conversion takes place.
Analyze the Fully Diluted metrics
In the fully diluted view, you’ll see two additional columns:
Stake fully diluted → shows each stakeholder’s ownership percentage after all potential shares are accounted for.
Diluted share change → displays the number of additional shares each stakeholder could gain as convertible instruments or options are exercised.
Together, these metrics help you understand the future shape of your cap table, who gains, who gets diluted, and how the company’s capital structure evolves.
Conclusion
The fully diluted cap table in Unlisted gives you a forward-looking view of ownership, helping you make smarter equity and funding decisions.
By simulating different valuations and assessing how dilution affects stakeholders, you can plan strategically, communicate transparently with investors, and maintain control over your company’s capital structure.