Angel Initial Check
$250,000
2.50% initial stake at Seed
Final Exit Ownership
0.47%
Diluted by 81.2% over 5 rounds
Angel Exit Proceeds
$60,630,000
+$60.38M net gain
Multiple & Est. IRR
242.5x
~118.4% IRR over 6.5 yrs
Exit & Waterfall Parameters
Dynamic Liquidation
$12,900,000,000
$50M
$4.5B (Series D)
$12.9B (Nvidia)
$25B
Angel Pro-Rata Reinvestment
Invest follow-on capital to prevent dilution
Series C Secondary Cashout
Liquidate 35% of angel shares at $2.0B post
$250,000
Financing Rounds Pipeline
5 Rounds
Exit Proceeds Waterfall ($ Distributions)
$12.90B Distributed
Comparing Common, Preferred Seniority Tranches & Angel Payout
All Series convert to Common (Exit > Pref Hurdle)
Ownership Evolution Across Rounds (%)
Dilution Curve
Post-Financing Cap Table & Waterfall Payout Schedule
Fully Diluted Basis
| Shareholder Class | Invested ($) | Shares | Ownership % | Liquidation Pref | Exit Payout ($) | Net MOIC |
|---|
Key Venture Mechanic: In early-stage generative AI deals like Hugging Face, angel checks take the brunt of 4–5 subsequent massive dilution cycles (option expansions + successive $40M–$235M rounds). However, hyper-exponential valuation leaps from ~$10M post to $12.9B overpower an 80%+ dilution drag, turning a $250k bet into generational $60M+ liquidity.