Fully Diluted Shares
The total share count if all options, warrants and convertibles were exercised.
Fully diluted ownership accounts for every potential share — issued shares plus the option pool, warrants and convertibles. Investors price rounds and ownership on a fully diluted basis to understand true dilution.
Examples
A founder’s 40% on issued shares is 35% fully diluted. — A term sheet specifies a fully diluted pre-money.
How it relates to The Startup Foundry
A clear fully diluted cap table is essential in due diligence — the Foundry’s Deal Room helps you present it.