Square Cap

Just for fun, here is a roughly reconstructed cap table for Square, the company with the marquee founder, Jack Dorsey of Twitter. Square commercializes a credit card reader for phones and iPads.

Square Cap

I'm making all kinds of assumptions, and frankly I don't really understand the FF Preferred Stock. But this reconstruction is based on a review of Square's Delaware charter filings (which are public documents). From the charter, you can know the number of shares authorized in each round of preferred stock, and you can infer how each round was priced from the stated liquidation preferences and antidilution adjustment ratios.

My cap table differs in some respects from the information about Square's financings on CrunchBase. For example, CrunchBase treats the Series B-1 and Series B-2 rounds as a single round, whereas the charter strongly suggests that the two classes were priced differently.

There may be arithmetical errors in this table. If you find one, let me know and I'll re-run it.

The aggregate number of Common and Series FF shares outstanding is entirely an educated guess, based on reports (e.g., this one) of the company's pre-money valuation for the current round that involved Starbucks and others. I did not attempt in any way to verify the rumored valuations.


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