---
author: "Cake"
published: 2026-06-18T01:00:04.746Z
updated: 2026-09-07T00:32:33.354Z
---

# Read your Cap Table: Summary, Fully diluted, and Outstanding views

How to read your Cap Table in Cake as one source of truth: what the Summary, Fully diluted, and Outstanding views each show, what every number means, and where to find the detail.

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.