SaaS founders — if and when you IPO, how much of the company will you own?
Disclaimer up top, this is not Carta data and it's only 34 companies. But I still find the data collected by Jason M. Lemkin at SaaStr fascinating.
A couple major points stand out:
1. The average ownership across the entire founding team at IPO was 22%.
2. The "first founder" (usually the CEO) had significantly more equity in companies with 2 co-founders (often about 2:1 ratio).
Now - there are significant outliers here. The founding teams at Atlassian, Klaviyo, and ZoomInfo all IPO'd with majority ownership. Atlassian at 75.4% is an outrageous mark, kudos to them!
If you remove the three high outliers, the key benchmarks look like:
75th percentile ownership across the founders: 22.3%
50th percentile: 17.1%
25th percentile: 14.4%
Does that feel like too much? Too little? The range is gigantic, from 75% down to 2%.
Seems like every path to IPO is distinct enough that comparison is just an academic exercise. And hey, 2% of billions is still a lottery-level outcome.
This concept of dilution through fundraising rounds is slippery - at first glance, it's simple. But add in the SAFE conversions, the option pools, the priced round extensions, and the exact amount everyone owns becomes hazy.
So on Monday morning, I'm going to do a LinkedIn Live presentation on dilution at the early stages, including pre-seed, seed, Series A, and Series B!
Market benchmarks + a little live modeling in Carta Launch to give a the numbers some real impact.
Give me a shout in the comments for a direct link to the event once we open registration. You'll have the ability to ask questions in the comments as well.
Here's to this damn IPO market opening back up soon, for everyone's sake 🙏
#founders #startups #dilution #fundraising #IPO
DISCLOSURE: This communication is on behalf of eShares, Inc. dba Carta, Inc. ("Carta"). This communication is for informational purposes only, and contains general information only. Carta is not, by means of this communication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services. This publication is not a substitute for such professional advice or services nor should it be used as a basis for any decision or action that may affect your business or interests. Before making any decision or taking any action that may affect your business or interests, you should consult a qualified professional advisor. This communication is not intended as a recommendation, offer or solicitation for the purchase or sale of any security. Carta does not assume any liability for reliance on the information provided herein. © 2026 Carta. All rights reserved. Reproduction prohibited.
