Cap table basics
What is Outstanding Shares?
Shares that have been issued and are currently held by shareholders - including founders, investors, and employees with vested stock.
Outstanding shares are the shares that have left the company's treasury and are now held by real owners. This excludes authorized-but-unissued shares (still in the company's pool) and reserved-but-unissued option pool capacity. Outstanding shares × current share price = the basic market capitalization. Outstanding plus all dilutive securities (options, warrants, convertibles, unallocated pool) = fully diluted.