➡️ 1. Your cap table is not just a ledger, it’s latent math. Most teams treat it as a record of past transactions. In reality, it’s the foundation for modeling how value will flow in the future. ➡️ 2. Breakpoints are the cap table in future tense. A breakpoint is the moment when the next dollar of value switches lanes to a different share class. Ownership today. Distribution tomorrow. ➡️ 3. Value allocation is not linear. Preferences, participation rights, ESOP, SAFEs, warran