# Cap Table **Capitalization table** — the ledger that records every equity holder in a company: founders, employees (stock options/RSUs), investors (by round), and any special share classes. The cap table answers the most important question in corporate governance: who owns what, and who controls what. The distinction between economic ownership and voting control is the cap table's most politically significant feature. [[Palantir]]'s Class F shares give three founders near-majority voting power despite owning a fraction of the economic equity — a structure visible only on the cap table. [[OpenAI]]'s cap table will become public with the S-1 filing, revealing the actual power relationships behind the $852B valuation documented in [[OpenAI Investors]]. Dilution is the cap table's central dynamic: each new funding round creates new shares, reducing existing holders' percentage ownership. When [[OpenAI]] raised $122B at $852B, every prior investor's percentage stake shrank even as their dollar value increased. The OpenAI Foundation's 25.8% stake may dilute further in future rounds or the IPO — a slow-motion transfer of ownership from the nonprofit mission to private capital. ## See Also - [[ARR]] — what the company earns - [[Palantir Leadership]] — Class F voting structure - [[OpenAI Investors]] — the cap table in practice