---
title: "Can I compare two SAFE offers using only the valuation caps?"
slug: "direct-questions/can-i-compare-two-safe-offers-using-only-the-valuation-caps"
section: "Direct questions"
description: "No. Compare amount raised, post money SAFE structure, optional side letters, pro rata rights, conversion triggers, ownership implications and existing SAFE"
internal_only: false
---

# Can I compare two SAFE offers using only the valuation caps?

No. Compare amount raised, post-money SAFE structure, optional side letters, pro-rata rights, conversion triggers, ownership implications and existing SAFEs together; use a startup lawyer for interpretation.

Set up a cap-table model that shows each offer by itself and when stacked with earlier instruments. YC's US SAFE resources describe the difference between post-money and pre-money caps, and its own materials recommend seeking local legal advice. Investor status, side letters, board approvals and entity facts must be checked for the specific financing; a high headline cap can coexist with more restrictive terms. [The SAFE — Y Combinator](https://www.ycombinator.com/safe) [Startup securities building blocks — SEC](https://www.sec.gov/files/startup-securities-building-blocks.pdf)