Fully Diluted Shares
定義
Fully diluted shares count all shares outstanding plus everything convertible into shares: options (granted and often the unallocated pool), warrants, SAFEs, and notes.
資金調達における位置づけ
Valuations and ownership percentages are negotiated on a fully diluted basis, so a “10 percent” stake means 10 percent after all instruments convert.
よくある質問
Why do investors insist on fully diluted math?
It prevents ownership from being quietly eroded by instruments that convert later; everyone negotiates against the same complete denominator.
Does the unallocated option pool count?
Usually yes in venture negotiations, which is why pool expansions before a round effectively come out of founder ownership.