Read your Cap Table: Summary, Fully diluted, and Outstanding views
Your Cake cap table opens to a live view of who owns what — no spreadsheet export needed. This article covers the three tabs (Summary, Fully diluted, and Outstanding shares), what each number means, and how to dig into the detail.
The Summary view
The Summary view is your cap table at a glance. Across the top you’ll see your headline numbers:
Total raised — total invested across shares, SAFEs, and notes
Fully diluted — total shares if all options, warrants, and convertibles converted
Outstanding — the shares actually issued today
Stakeholders — the number of people or entities on your cap table
Average share price — your latest valuation divided by total securities
Authorized — the total shares your company can issue
Last 409A — your most recent fair market value
Below the numbers, an equity breakdown bar shows how ownership splits across share classes, options, RSUs, warrants, and your unallocated pool — hover any segment for its share count and estimated value. Further down you’ll find tables for Share classes, SAFEs & notes, Warrants, and Incentive plans, each shown only if you have them.
The Share classes table shows two share counts. Total shares is the number actually issued. As-converted (CSE) is that same holding restated in common shares, after the class conversion ratio is applied — CSE stands for common share equivalent. If your share classes all convert 1:1, the two columns will match.
Switch between Fully diluted and Outstanding shares
Use the tabs at the top of the Cap Table page to change how ownership is calculated:
Fully diluted — assumes all options, warrants, and convertibles convert to shares. Conversion ratios are applied automatically, and any share class converting above 1:1 is labelled (CSE) for common share equivalent.
Outstanding — counts only the shares issued today, with no conversions applied.
The active tab stays highlighted so you always know which basis you’re reading before you read a single number.
The ownership table
On the Fully diluted and Outstanding shares tabs, each stakeholder appears as a row. By default you’ll see:
Status — whether they’ve been invited to their portal
Total holdings
Invested
Estimated value
Ownership %
Need more detail? Use the Columns button to add share-class columns, and click any row to open that stakeholder.
Vested shares. If your company has a share plan or founder vesting, the Columns button also offers a vested shares column for each of your share classes. They’re off by default — click Columns, tick the ones you want, then Apply. The figure is what has vested to date; shares issued without a vesting schedule show their full issued amount. On the Fully diluted tab, any class converting above 1:1 is labelled (CSE).
Find a stakeholder
Search by name, filter by Status or Type, and sort any column from its header. See Search, filter, and sort your cap table for the full how-to.
Issue equity or run an action
You don’t need to leave the page. From the Fully diluted or Outstanding shares tab:
Use the Add menu to issue shares, add an SPV, or bulk upload stakeholders.
Use the Actions menu for a share split, repurchase, or conversion.
Use a stakeholder’s row menu to issue shares, SAFEs, or convertibles, or to grant options, RSUs, RSAs, or warrants.
Download your cap table
Click Download Cap Table (top right) to export a full copy. See Export Your Cap Table Data for the file options.
Local variations
Outside the US, Cake matches your local terminology — for example you may see Total shares and Total securities in place of Outstanding and Fully diluted, and Ordinary / Preference in place of Common / Preferred. Authorized shares and 409A values are hidden.