This page lists three turns, the messages you send to the AI one after another in the same chat, and then a check of the answer. Keep it open next to your chat. Each turn shows the next thing to paste, with the values you entered already filled in. Nothing is sent from this page, and your conversation stays in the AI tool you are using.
Size, pre-money, lead, pool change and whether it is pre- or post-money, preference structure, anti-dilution.
Holders with actual share counts, plus prior-round preference amounts and multiples.
Every instrument that converts at this round, with cap, discount, and whether the SAFE is pre- or post-money.
The exit values the waterfall should run. Include a downside case if the reader needs one.
Who reads this memo; it sets the depth and the vocabulary.
Watch for these throughout
The model will confidently produce arithmetic that is subtly wrong. Re-run the price per share, the fully diluted denominator, and the conversion threshold in a spreadsheet before the memo leaves your desk.
SAFE conversion is where models break: pre-money and post-money SAFEs on the same cap table produce different share counts, and the memo must say which convention it applied.
Liquidation preferences stack by class and do not average. Model each class in seniority order, and re-check whether participation is capped.
The 409A fair market value is determined separately from the preferred price. Never tell an employee the strike will equal the round price.
Broad-based weighted-average anti-dilution math is easy to state and easy to get wrong. Verify the formula against the charter language, not against a remembered template.