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🌍 US & Europe · Cap table & fundingFully diluted shares
Also called: fully-diluted basis
In one line
The total share count assuming every option, warrant and convertible has been exercised or converted into shares.
In plain English
It's the 'worst case' share count — what the pie looks like if everyone who could claim a slice did. Ownership percentages are usually quoted on this basis because it's the honest denominator.
If you were explaining it to a 5-year-old
It's counting not just the cookies already baked, but every cookie that could be baked from all the dough that's been promised away.
Why it matters when you sell
Dividing your shares by the fully-diluted total gives your true ownership — the number a buyer uses, not the flattering headline figure.
Related terms
Put it to use
When you're ready to go deeper, there's an optional Equity Toolkit and Report.
Sources
A general market-practice term. See how we define and source the glossary in our methodology. General information, not advice.
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