Fully-diluted ownership after three priced rounds, and how exit proceeds actually split across the stack — including which preferred rounds convert to common at each exit value.
Fully-diluted ownership
Post-Series B, before any exit — founders retain 38.4% after three rounds of dilution.
Exit waterfall by scenario
At a $30M exit, Series A and B take their 1x liquidation preference instead of converting. By $300M, every round converts to common.