Where to get the official template
The canonical post-money SAFE documents live at ycombinator.com/documents, free, as editable Word files. Never pay for a SAFE template. Never use a scanned PDF of one. Every US startup lawyer already knows these forms by sight, which is exactly why using an unmodified version closes rounds faster.
The three standard US SAFE templates
| Template | What it does | When to use it |
|---|---|---|
| Valuation cap, no discount | Most common seed SAFE. Investor converts at the lower of the cap or the priced-round price. | Default choice when you and the investor can agree a number. |
| Discount, no valuation cap | Investor converts at a percentage discount (typically 10–20%) to the priced round. | Useful when a round is imminent and valuation is genuinely unknown. |
| MFN, no cap, no discount | Investor automatically gets the best terms you give any later SAFE investor. | What YC uses for the $375K half of its own $500K deal. |
Post-money vs pre-money, in one example
You raise $500K on a $10M cap. Under a post-money SAFE, the cap-based estimate is 5% before the next priced round adds new money or expands the option pool. Conversion at a low round valuation can produce a different percentage. Under the old pre-money SAFE, their percentage moved every time you signed another SAFE, and founders routinely discovered at Series A that they had given away 10–15% more than they modelled.
This is the whole reason YC rewrote the form in 2018. Post-money SAFEs shift the dilution uncertainty from the investor to you, which is fair, because you are the one who knows how much more you plan to raise.
Three mistakes founders make with SAFEs
- Stacking without a model. Four SAFEs at four different caps is a cap table you cannot explain to a Series A lead. Keep a running dilution sheet.
- Editing the body. Custom clauses turn a two-day close into a two-week legal review. Put anything unusual in a side letter.
- Treating the cap as a valuation. A cap is a ceiling on conversion price, not a statement that your company is worth that number.
Go deeper
For the full mechanics of how the SAFE converts, what happens at an acquisition, and how it interacts with your option pool, read our longer breakdown of the YC SAFE. For how YC's own $500K is structured across two SAFEs, see the YC deal. Before any of it matters, settle your co-founder equity split.
SAFE template download questions
Where do I get the official SAFE note template?
Y Combinator publishes three standard post-money SAFE forms for US companies free on its documents page, plus an optional pro-rata side letter and a user guide. Use the official page for the latest versions.
What is a post-money SAFE?
A post-money SAFE fixes the investor's ownership percentage at the moment of conversion, based on the company valuation after the SAFE money is counted. YC switched from pre-money to post-money SAFEs in 2018 precisely so founders could calculate dilution exactly instead of guessing.
What is the difference between pre-money and post-money SAFE?
Under a pre-money SAFE, the investor's final ownership depends on how much other SAFE money comes in later, so dilution is unknowable until the priced round. Under a post-money SAFE, the cap-based estimate for $500K on a $10M post-money cap is 5% before new priced-round investment and any option-pool expansion. The actual conversion can differ if the priced-round valuation is low.
Which official YC SAFE template should I use?
The current US forms are valuation cap with no discount, discount with no valuation cap, and uncapped MFN with neither. Choose based on the terms you have agreed with your investor. The pro-rata side letter is separate; a combined cap-and-discount form is not one of the current standard US downloads.
Does a SAFE dilute the founders immediately?
No. A SAFE is not equity until it converts at a priced round or liquidity event. But the dilution is real and already committed — model it on your cap table from day one, because stacked SAFEs surprise founders at Series A.
Do I need a lawyer to sign a SAFE?
Ask a qualified startup lawyer to check that the form fits your company, country and agreed terms. Review side letters and any edits too. A free template is not a substitute for advice about your particular fundraise.
Can I download a YC SAFE agreement template for free?
Yes. The official YC documents page provides free SAFE forms and a user guide. Follow that page rather than paying for a third-party copy or relying on an old download.
Is the pro-rata side letter part of the SAFE template?
No. YC publishes it as a separate, optional document. It gives an investor the right, but not the obligation, to invest in a future priced round to maintain their ownership percentage. Review it alongside the SAFE.
Can a non-US startup use the YC SAFE template?
YC provides valuation-cap forms for companies formed in Canada, the Cayman Islands and Singapore, with optional side letters. A US form is not automatically suitable elsewhere. YC advises consulting a lawyer licensed in the relevant country before using its non-US forms.
Source: YC official SAFE forms and user guide. Not legal advice. Independent research, not affiliated with Y Combinator.