Cap table (capitalization table)

A cap table is a record of who owns what percentage of a company, and how that ownership has changed across funding rounds. For a public company, this is disclosed in regulatory filings. For a private company — which is most of defense tech — it almost never is, which is why cap table data has to be reconstructed from public signals (round size, valuation, participating investors) rather than simply looked up.

A current cap table is a snapshot of ownership today. A round-by-round history shows the same information at each historical raise, letting you see dilution over time.