Exit Value Projector
See what your startup equity is worth at various exit valuations, accounting for liquidation preferences and your strike price.
Understanding Exit Payouts & Liquidation Preferences
How exit proceeds are distributed
When a startup is acquired or goes public, proceeds are not distributed equally to all shareholders. Preferred shareholders (VCs and investors) typically have liquidation preferences that must be paid out first. Only after those preferences are satisfied does the remaining value flow to common shareholders — employees, founders, and optionholders.
Liquidation preferences
A 1x liquidation preference means investors get their invested capital back before common shareholders receive anything. At low exit values, preferred shareholders may take all proceeds, leaving common shares worth nothing. This calculator assumes non-participating preferred with a 1x preference, which is the most common structure.
Price per share calculation
Once liq prefs are covered, price per share for common stock = (exit valuation − total liquidation preference) ÷ total fully diluted shares. Your gross value = price per share × your shares. Net profit = gross value − (strike price × your shares).
Customize exit scenarios
Click the dollar amount in any scenario card to enter a custom exit valuation. The default scenarios model exits from $100M to $5B.