Toggle rounds on as you'd raise them; type your actual numbers or drag each pre-money, raise, and option pool. The ribbon and headline track what you keep after the last active round — the point is the compounding, which a table can't show.
Read the later rounds as shape, not estimate. Pre-seed and seed reflect current 2026 medians (Carta / PitchBook). Series A–C are how the ladder generally behaves; for a pre-revenue company they're many unknowns deep and shouldn't anchor any plan. Option pools are modelled as carved from the founder side before each round (standard), so they dilute you, not the incoming investor. This ignores SAFEs/notes, liquidation preferences, pro-rata, and anti-dilution — all of which affect real outcomes. The AI premium that lifts early rounds fades by Series B/C as revenue and retention become the only things priced. A real valuation comes from competing term sheets, not this tool. Not investment advice.