Best Cap Table Software in 2026

Cap table software used to be a "set it and forget it" purchase. You picked a tool at incorporation, uploaded your first SAFE, and moved on. In 2026 that approach is riskier than it looks. The market has consolidated fast, and a cap table tool shutting down is no longer a hypothetical.

The biggest change this year: Pulley is shutting down on December 8, 2026. Its own FAQ says the app will stop working on that date, data stays available in a limited format until January 31, 2027, and Pulley has an exclusive migration partnership with Carta. Pulley customers who do not move to Carta will not get migration help from Pulley for any other provider. If you are on Pulley today, the decision is not optional, and it has a deadline.

Two other names that still show up in older "best cap table software" lists have also changed:

• Capdesk is no longer sold as a separate product. Carta acquired it in 2022, and capdesk.com now redirects to Carta's UK site. UK and European companies now buy Carta's UK and Europe plans, which carry over the EMI, CSOP and Companies House features Capdesk was known for.
• AngelList's cap table product is now limited. AngelList's startups page says its cap table management is "only available for companies leveraging Roll Up Vehicles (RUVs) & Consolidation Vehicles (CV)." For a typical startup it is no longer a general option.
• Shareworks now sits inside Morgan Stanley at Work, Morgan Stanley's workplace financial benefits business. The product still uses the Shareworks name on Morgan Stanley's site, and it is sold and supported as part of Morgan Stanley at Work.

This guide compares six cap table platforms that are actively sold in October 2026: Carta, Cake Equity, Ledgy, Eqvista, Vestd and Shareworks (Morgan Stanley at Work). We compared them on the things founders and finance leads actually pay for: pricing by stakeholder count, free tiers, 409A valuations, option grants and vesting, ASC 718 reporting, scenario and waterfall modeling, multi-country support (including UK EMI), SAFE and fundraising tools, and investor portals. Every price and plan detail below comes from the vendors' own pricing and product pages as of October 2026.

Comparison Table

How We Evaluated Cap Table Software

Cap table tools look similar on a feature list. The differences show up in five places:

1. How the price scales. Almost every vendor prices by stakeholder count, but they define a stakeholder differently and set different thresholds. Carta charges a price per stakeholder with a minimum annual fee. Cake Equity includes a set number of stakeholders per plan and charges for extras. Eqvista charges per stakeholder per month. Vestd prices by support level and scheme members.
2. What is bundled versus sold separately. 409A valuations, ASC 718 reporting and QSBS letters are often add-ons. A cheap base plan can become expensive once you add the services your auditor or board expects.
3. Fundraising support. SAFE issuance, priced round modeling, pro forma cap tables and closing workflows matter most in the 12 months around a round.
4. Compliance outside the US. UK companies need EMI valuations, HMRC notifications and Companies House filings. A US-built tool without these features means extra work with your accountant.
5. Vendor stability. After Pulley's shutdown, this belongs on the list. Ask how data exports work and whether your documents, vesting schedules and transaction history leave with you.

Carta review

Overview. Carta is the largest name in startup equity management, and in 2026 it got bigger: Pulley picked Carta as its exclusive migration partner, and Capdesk already runs as Carta's UK and Europe business. Carta is a registered transfer agent with the SEC for US companies, which means it can handle stock exercises, repurchases and transfers as the official record-keeper.

Key features.

• Cap table and securities. Auto-updated digital cap table, electronic securities, vesting schedule templates, equity plan management, stock transfers, and online exercising and repurchasing.
• Fundraising. SAFE round modeling and SAFE fundraising workflows with closings are included even on the free Launch plan. Build adds priced round modeling, Deal Pro Forma and Deal Closings.
• Valuations and tax. 409A valuations and 409A audit support are included from the Grow plan. 83(b) forms are on every plan, ISO management is listed from Build in Carta's comparison table, Form 3921 comes with Grow and Rule 701 disclosure management with Scale.
• Financial reporting. ASC 718 US GAAP reporting, ASC 718 audit support, IFRS reporting and IFRS audit support are on the Scale plan.
• Investor relations. Investor management, data rooms, board consents and investor updates. Board meetings come with Grow.
• Exit modeling. Model exit scenarios and see the payout by share class. In the US, exit modeling is on Scale; on Carta's UK plans it is included from Grow.

UK and Europe (the former Capdesk). Carta's UK pricing page lists four plans (Launch, Build, Grow, Scale). Launch is free up to 25 stakeholders and $1M raised. Core features include round modelling, investor relations, data rooms and issuance of ASAs, SAFEs and CLNs. Build adds round closing support, S/EIS services and share plan management, and Carta's comparison table lists HMRC filings (EMI notifications, EMI annual returns, CSOP returns and other ERS returns) from Build. Grow adds EMI and CSOP valuations, EMI share plans and exit modelling. Scale adds 409A valuations (useful if you hire in the US) and IFRS/UK GAAP reporting.

Pricing. The US Launch plan is free for companies with up to 25 stakeholders and $1M raised. Build covers up to 50 stakeholders; Grow and Scale have flexible stakeholder limits. Carta does not publish prices for Build, Grow or Scale. Its FAQ says each package "has a price per stakeholder with a minimum annual fee," and you get a quote from sales. Add-ons (Total Compensation, Equity Advisory, Liquidity for tender offers, QSBS Attestation) are sold separately on paid plans.

Pros.

• The free Launch plan is a real product, not a trial: SAFE closings, investor management and HRIS integrations are included.
• One vendor can cover the cap table, 409A valuations, ASC 718 reporting and tender offers as the company grows.
• SEC-registered transfer agent status for US companies.
• Widely used (Pulley's shutdown FAQ cites over 55,000 companies on Carta), so investors and law firms are often already familiar with it.

Cons.

• No published prices for paid plans, so budgeting requires a sales call.
• ASC 718 reporting and US exit modeling sit on the top Scale plan.
• Once you cross 25 stakeholders or $1M raised, you move from free to a paid contract with a minimum annual fee.

Who it is for. US startups that expect to raise multiple rounds and want one system from first SAFE to IPO, and UK companies that want EMI tools inside the same platform as their US entity. Who should skip it: very small teams that want a published price list, and founders who want to avoid a jump from free to a sales-negotiated contract.

Cake Equity review

Overview. Cake Equity is the most transparent option in this group. Every plan shows a price, a stakeholder allowance and what is included, and there is a quote calculator on the pricing page. Cake says it is built for the US market with an LA-based team, though its pricing page has a country selector listing 20 countries, including Canada, the United Kingdom, Australia, Germany and India.

Key features.

• Cap table and SAFEs. Cap table management, SAFEs and convertible notes, founder share vesting, share classes, share certificates, transfers, repurchases and splits.
• Equity incentives. ISO, NSO, RSU and RSA grants (RSUs and RSAs from Team), board approval workflows, automated vesting and notifications, integrated e-signing and option exercising.
• 409A valuations. Team and Pro include two 409A valuations a year. On Build, a 409A is a $1,500/year add-on.
• Fundraising modeling on all paid plans, plus equity benchmarking for grants.
• Portals. "My Cake" private access for shareholders and employees, with two-way team and investor communications.

Pricing (US, as of October 2026).

• Free: $0, up to 5 stakeholders. Includes cap table, stock options and SAFE notes.
• Build: $1,000/year billed annually (quarterly billing available), 25 stakeholders included, plus $1 per additional stakeholder.
• Team: $2,750/year, annual billing only, 40 stakeholders included ($5 per additional stakeholder), two 409As a year, full contract editor, warrants, and AI access through an MCP connection.
• Pro: custom pricing, 100 stakeholders included and $60 per additional stakeholder. Adds audit-ready ASC 718 reporting, Form 3921, Rule 701 tracking, international option pools, bare trusts and a dedicated Slack support channel.

Add-ons on annual plans: 409A ($1,500/year), QSBS ($500/year), SPV ($500/year) and stock-based compensation ($500/year). Pro includes all of them. Cake offers free managed migration from Carta, Pulley or spreadsheets, and says you can see your cap table in Cake before you pay.

Pros.

• Clear, published pricing at every tier, with a calculator.
• Two 409As a year included on Team, which can make it cheaper than buying valuations separately.
• Free managed migration, a timely offer for Pulley customers.
• Free plan for the very earliest stage (up to 5 stakeholders).

Cons.

• ASC 718 reporting, Form 3921 and Rule 701 tracking are Pro features, and Pro is custom-priced.
• The free plan's 5-stakeholder limit is tight once you add angels.
• Add-ons are annual-only, so quarterly Build customers cannot buy them.

Who it is for. Seed and Series A companies that want a known annual cost and 409As in the same bill. Who should skip it: companies that already need audited ASC 718 reporting on a fixed budget, since that requires the custom Pro plan.

Ledgy review

Overview. Ledgy is a European equity management platform that covers private and public companies. Its strength is automating the equity plan around the cap table: HRIS sync, onboarding and offboarding workflows, automated granting and employee dashboards. Ledgy prices in euros.

Key features.

• Cap table. Multi-entity cap table management, full transaction history with documents, data rooms and selective publishing. Convertible loans and SAFEs can be recorded with caps, discounts and interest, then converted to shares.
• Equity plan automation. 70+ HRIS integrations (including BambooHR, Personio, HiBob, Workday and Deel), automated granting, a vesting tranche builder with performance conditions, end-to-end exercising and DocuSign integration.
• Scenario and exit modeling. Model multiple future rounds, convertible triggers, pro-rata investments and an exit, with a waterfall breakdown of proceeds.
• UK and multi-country compliance. EMI1 and EMI40 reports, register of members, UK Companies House reporting, tax rate and payroll reporting, and independent HMRC, 409A, BSPCE and fair market valuations on Scale.
• Financial reporting add-on. Calculates share-based payments under IFRS 2, FRS 102 and ASC 718, with Black-Scholes valuations, graded or straight-line amortization and disclosure reports.

Pricing (as of October 2026).

• Launch: free. Includes cap table management, equity plans and grants, simple vesting, stakeholder dashboards and employee scenarios, self-serve support. The plan card says a maximum of 50 stakeholders, while a note further down the page says the free plan covers up to 25 stakeholders, so confirm your limit at sign-up.
• Scale: starts at €5k/year, 50+ stakeholders included. Adds HRIS integrations, offboarding workflows, automated granting, investor dashboard, valuation calculator, EMI and Companies House reports, and valuation services.
• Enterprise: starts at €18k/year, 200+ stakeholders included. Adds unlimited performance conditions, global mobility reporting, GraphQL API, dividends, SAML SSO, SCIM and IPO readiness support.
• Financial reporting add-on: Essentials from €3k/year, Advanced from €5k/year.

Pros.

• Strong HR and payroll automation for companies with many employee option holders.
• UK-specific reports (EMI1, EMI40, Companies House) alongside 409A and BSPCE valuations.
• Expensing under IFRS 2, FRS 102 and ASC 718 in one add-on.
• Free plan for small cap tables.

Cons.

• The jump from free to Scale is large (from €0 to at least €5k/year).
• Financial reporting is a separate add-on from €3k/year.
• The free plan's stakeholder limit is stated two different ways on the pricing page.

Who it is for. European and UK companies with growing teams across several countries, especially those with an HR stack Ledgy integrates with. Who should skip it: US-only seed companies, where cheaper US tools cover the basics.

Eqvista review

Overview. Eqvista combines a cap table platform with an in-house valuation business. Its pricing page leads with a free cap table and 409A valuation bundles, and it currently runs a migration offer for Pulley customers.

Key features.

• Free cap table. Cap table and ESOP management, vesting schedules, stakeholder accounts and a data room for companies under 20 stakeholders.
• Premium cap table. E-signed certificates and SAFE agreements, board resolutions and voting, Rule 701, Form 3921, funding round modeling and waterfall (exit) modeling.
• 409A valuations. Bundled with the Premium cap table, priced by company stage, with unlimited 409A updates and renewals.
• Add-on compliance services. ASC 718 from $500, QSBS attestation from $1,000 and expedited processing from $490.
• Other valuations. Fair market, software and IP, gift and estate tax, and ASC 820 portfolio valuations.

Pricing (US, as of October 2026).

• Freemium Cap Table: $0, under 20 stakeholders, no credit card required.
• Premium Cap Table: $2 per stakeholder per month; custom pricing above 50 stakeholders.
• 409A Valuation and Premium Cap Table bundle: Pre-revenue/pre-funding $990/year, Friends and family/angel $1,290/year, Seed $1,990/year, Series A $2,590/year, Series B+ custom. Eqvista notes that 409A pricing can vary with revenue, stakeholder count and capital structure.

Pros.

• Low entry price for both the cap table and the 409A.
• Waterfall and funding round modeling on the Premium plan rather than the top tier.
• ASC 718 available as a service from $500.
• Unlimited 409A updates and renewals within the bundle.

Cons.

• Focused on US companies; we found no UK EMI or HMRC features on its pricing page.
• No published investor portal or HRIS automation comparable to Carta or Ledgy.
• Custom pricing begins above 50 stakeholders on Premium.

Who it is for. US startups that want a compliant 409A and a working cap table at the lowest published cost. Who should skip it: UK and European companies, and later-stage companies that need HRIS-driven equity automation.

Vestd review

Overview. Vestd is a UK equity management platform built around share schemes. Its plans focus on EMI, growth shares, CSOP and unapproved options, with a two-way Companies House integration on every plan. Prices are in pounds and exclude VAT.

Key features.

• Share schemes. EMI, growth shares, unapproved options, CSOP, phantom shares and options over shareholder shares (scheme types vary by plan).
• HMRC support. HMRC ERS notification assistance with prefilled data and guidance, plus a live HMRC submission support add-on.
• Valuations. Unlimited EMI, CSOP and growth share valuations from Vestd's in-house team on the Guided plan; 409A valuations available from £700.
• Company secretarial. Confirmation statements, board and shareholder resolutions, director and PSC changes, stock transfers, buybacks and share subdivisions.
• Fundraising. InVestd Raise (£150/month) covers a funding consultation, S/EIS Advance Assurance, founders agreements, legal docs, data rooms and share issuance.

Pricing (UK, as of October 2026, excluding VAT).

• Essentials: from £25/month. Cap table, share movements, share class creation and Companies House filings.
• Starter: from £220/month. Self-serve, for zero-value companies; unapproved options and growth shares for up to five recipients; shareholder dashboards for up to 100.
• Guided service: from £420/month. Scheme design support, EMI, growth shares, unapproved options, CSOP and phantom shares, unlimited HMRC valuations, scenario modelling and HR integrations.
• Enterprise: custom, for 200+ stakeholders, with fully managed scheme administration and IFRS 2 reporting support.

All plans have a 12-month minimum term that renews automatically. Annual billing gives two months free.

Pros.

• Built for UK share schemes, with HMRC and Companies House workflows in the product.
• Unlimited HMRC valuations on Guided, useful for companies granting EMI options often.
• Human support for scheme design, not only software.
• Low-cost Essentials plan for pre-scheme companies.

Cons.

• No free plan, and a 12-month minimum term.
• EMI requires Guided (from £420/month); Starter covers only unapproved options and growth shares.
• Less suited to companies whose main entity is a US C-corp.

Who it is for. UK companies setting up or running an EMI scheme that want guided support. Who should skip it: US-incorporated startups and anyone who needs a free tier.

Shareworks (Morgan Stanley at Work) review

Overview. Shareworks is Morgan Stanley's equity compensation platform for private and public companies, sold through Morgan Stanley at Work. Its private company offering covers cap table management, 409A valuations, liquidity events, equity administration, financial reporting and global equity plans.

Key features.

• Cap table management. Real-time cap table, a master cap table workbook report, drag-and-drop reporting and modeling of new financing rounds, management carve-outs and exits. Supports certificated, uncertificated and electronic stock certificates.
• 409A valuations from Morgan Stanley's valuation team, scheduled annually or after a round.
• Equity administration. A "sandbox" test site to model new grants, budget expenses and compare forecasting scenarios, plus tracking of tax rates and rules across jurisdictions.
• Financial reporting. Equity compensation expense reporting with customizable templates, expense allocation to cost centers and expense snapshots for audit trails.
• Global Intelligence. A database of international legal and tax rules covering more than 160 countries, with a compliance dashboard and global share-plan health checks.

Pricing. Quote-based. Morgan Stanley at Work does not publish prices; you contact sales.

Pros.

• Built for complex, global equity plans and large participant counts.
• Liquidity event and tender offer support from a major financial institution.
• A path from private company to public company administration inside one provider.
• Employees get access to Morgan Stanley financial education and wellness resources.

Cons.

• No published pricing and no free tier.
• Heavier than an early-stage company needs.
• Sales-led buying process: there is no self-serve signup.

Who it is for. Late-stage private companies preparing for an IPO or running regular liquidity programs. Who should skip it: seed and Series A startups.

Head-to-Head by Criteria

Pricing by stakeholder count

For a company with about 25 stakeholders, the published prices look like this: Carta Launch is free if you have also raised $1M or less; Cake Equity Build is $1,000/year; Eqvista Premium is about $50/month ($2 x 25); Ledgy may still be on the free Launch plan depending on which limit applies; Vestd Starter is from £220/month. At 40 stakeholders, Cake Equity Team is $2,750/year with two 409As included, while Carta and Shareworks require a quote. Larger cap tables push most vendors to custom pricing: Eqvista above 50 stakeholders, Cake Equity's Pro plan (100 stakeholders included, $60 per extra), Ledgy Enterprise from €18k/year (200+ included) and Vestd Enterprise at 200+ stakeholders.

Free tiers for early startups

• Carta: free up to 25 stakeholders and $1M raised, with SAFE fundraising and closings.
• Eqvista: free under 20 stakeholders.
• Ledgy: free Launch plan (25 or 50 stakeholders, per the two statements on its pricing page).
• Cake Equity: free up to 5 stakeholders.
• Vestd and Shareworks: no free plan.

409A valuations

Cake Equity includes two 409As a year on Team and Pro, or $1,500/year as an add-on. Eqvista bundles a 409A with its Premium cap table from $990/year. Carta includes 409As from the Grow plan (US) and the Scale plan (UK). Ledgy offers 409A, HMRC and BSPCE valuations on Scale and Enterprise. Vestd offers 409As from £700. Shareworks provides 409As through its valuation team.

Option grants and vesting

All six handle grants and vesting. Ledgy and Carta have the deepest automation (HRIS sync, automated granting and exercising). Cake Equity includes board approval flows and e-signing from Build. Vestd focuses on UK schemes, with EMI on Guided.

ASC 718 reporting

Carta (Scale plan), Cake Equity (Pro plan), Ledgy (financial reporting add-on from €3k/year, also covers IFRS 2 and FRS 102) and Eqvista (service from $500) all offer ASC 718. Shareworks provides equity compensation expense reporting. Vestd's Enterprise plan lists IFRS 2 reporting support rather than ASC 718.

Scenario and waterfall modeling

Carta includes SAFE modeling on Launch, priced round modeling and Deal Pro Forma on Build, and exit modeling on Scale (Grow in the UK). Eqvista includes waterfall and funding round modeling on Premium. Ledgy models multiple rounds and exits with a waterfall breakdown. Cake Equity includes fundraising modeling on all paid plans. Shareworks models financing rounds, carve-outs and exits. Vestd includes scenario modelling on Guided.

Multi-country support (UK EMI and more)

For UK EMI, the strongest options are Vestd (built for it), Carta's UK plans (EMI share plans and EMI and CSOP valuations on Grow, HMRC ERS filings from Build) and Ledgy (EMI1, EMI40 and Companies House reports on Scale). Cake Equity says it is built for the US market, though its Pro plan lists international option pools. Shareworks covers global plans with tax rules for 160+ countries. Eqvista is US-focused.

Fundraising and SAFE tools

Carta has SAFE fundraising and closings on the free plan, plus Deal Closings on Build. Cake Equity supports SAFEs and convertible notes from the free plan. Eqvista includes e-signed SAFE agreements on Premium. Carta UK supports ASAs, SAFEs and CLNs, and Vestd sells InVestd Raise for UK fundraising prep.

Investor portals

Carta offers investor management, investor updates and data rooms. Cake Equity's My Cake gives shareholders private access and two-way investor communications from Build. Ledgy adds an investor dashboard on Scale. Vestd includes shareholder dashboards. Eqvista provides stakeholder accounts and a data room.

How to Choose

Questions to ask before you buy

1. Where is the parent company incorporated? A Delaware C-corp points to Carta, Cake Equity or Eqvista. A UK limited company with an EMI scheme points to Vestd, Carta UK or Ledgy.
2. How many stakeholders will you have in 18 months? Count angels, employees with options, advisors and note holders. Price the plan you will need after your next round, not today's.
3. Who does your 409A or HMRC valuation today? If you pay a separate firm, a bundle (Cake Equity Team, Eqvista) may save money.
4. Does your auditor need ASC 718 or IFRS 2 reports? If yes, check which tier includes it: Carta Scale, Cake Equity Pro, or Ledgy's add-on.
5. Are you on Pulley? Decide before Pulley's November 30, 2026 opt-in date for the Carta migration offer, or line up another provider's migration before December 8, 2026.

Red flags

• No clear data export (cap table, documents, vesting schedules and transaction history).
• Free plans that cap stakeholders so low you will be forced to upgrade in the middle of a round.
• 409A or ASC 718 prices you can only get after signing.
• Minimum terms that renew automatically without a clear notice period (Vestd, for example, states a 12-month minimum that auto-renews).

What to test in a trial

• Import a real SAFE and model its conversion in a priced round.
• Issue a test option grant with a cliff and monthly vesting, then run an early exercise or termination.
• Export the cap table and a vesting report to a spreadsheet.
• Check what an employee or investor sees when they log in.
• UK companies: generate an EMI notification or annual return draft.

The Verdict

Carta is the best cap table software for most startups in 2026. Its free Launch plan covers SAFE fundraising and investor management up to 25 stakeholders and $1M raised, and the same system later handles 409As, ASC 718 and IFRS reporting, exit modeling and tender offers. With Pulley closing and Capdesk folded into Carta, it is also the most widely used platform in this group. The trade-off is pricing you cannot see until you talk to sales.

If you want to know exactly what you will pay, Cake Equity is the strongest alternative: $1,000/year for 25 stakeholders and $2,750/year for 40 stakeholders with two 409As a year. Eqvista is the low-cost choice for US startups that mainly need a 409A and a clean cap table. Ledgy fits European scale-ups with growing teams, Vestd fits UK companies running EMI schemes, and Shareworks (Morgan Stanley at Work) fits late-stage companies heading toward an IPO.

Conclusion

Pick a cap table tool for where your company will be after the next round, not where it is today. Check how pricing scales with stakeholders, which tier includes 409A and ASC 718, and how you would get your data out if the vendor changed course. In a year when Pulley is shutting down, a clean exit path is as important as any feature.