Accelerator equity terms compared: the 2026 dilution table
The published equity terms from YC, Techstars, EF, Antler, 500 Global and a16z speedrun in one table, with the post-accelerator dilution math attached.
Accelerator equity terms compared: the 2026 dilution table
Accelerator equity terms compared across the programs that publish them: Y Combinator takes a fixed 7% for $125,000 plus a $375,000 uncapped MFN SAFE, Techstars 5% common plus a $200,000 MFN SAFE, Entrepreneurs First 8% fully diluted, Antler Canada 10%, and a16z speedrun 10% for $500,000.
Every program below states its terms somewhere. Almost nobody puts them in one table with the dilution math attached, and the math is the part that decides whether the trade is worth taking.
Two rules govern this page. Only figures a program publishes on its own site, and accelerator dilution is never added to seed dilution, it is multiplied. Programs that publish nothing are marked "not published" rather than estimated.
Accelerator investment terms 2026: the published offers
Every cell below comes from the program's own terms page. Where a program publishes nothing, the cell says so.
| Program | Published cash | Fixed equity | Second instrument | Source |
|---|---|---|---|---|
| Y Combinator | $500,000 | 7% for $125,000 | $375,000 uncapped MFN SAFE | YC Standard Deal |
| Techstars | $220,000 | 5% common for $20,000, post-money CEA | $200,000 uncapped MFN SAFE | Techstars Investment Terms |
| Entrepreneurs First | up to $250,000 | 8% fully diluted for $125,000 | optional $125,000 uncapped MFN SAFE | EF pre-seed offer |
| Antler Canada | $150,000 | 10% fully diluted | up to $150,000 ARC capital tied to external fundraising | Antler Canada terms |
| Antler UK | £125,000 plus an £85,000 note | 8.5% for £125,000 | £85,000 convertible note, £40,000 service fee deducted, up to £330,000 follow-on | Antler UK terms |
| 500 Global Flagship | $150,000 | 6%, subject to terms and diligence | not published | 500 Global Flagship |
| a16z speedrun | up to $1,000,000 | 10% for $500,000 in a SAFE | $500,000 in the next round within 18 months | a16z speedrun FAQ |
| Sequoia Arc | not published | not published | not published | Sequoia Arc |
| Alchemist | optional investment, average proceeds $30,000 | not published | not published | Alchemist Programs |
The accelerator equity percentage is the floor, not the ceiling
The programs that pair fixed equity with an uncapped MFN SAFE are not telling you their final ownership when they quote a percentage. YC invests $500,000 in two pieces: $125,000 converts into a fixed 7% stake, and $375,000 goes in through an uncapped MFN SAFE whose ownership depends on the terms of the next financing (YC Standard Deal). Those YC SAFE terms convert on the most favorable terms issued before the priced round.
Techstars is the only program here that publishes a worked example of the second piece. Its $20,000 buys 5% common through a post-money CEA, and the published example says the $200,000 uncapped MFN SAFE would add 1% at a $20 million pre-money next round (Techstars Investment Terms). That is Techstars equity you will not see on the headline.
Write two numbers for every offer, never one: the fixed percentage, and the dollar amount sitting in an uncapped instrument. A 6% fixed offer with nothing attached can be a smaller giveaway than a 5% offer carrying $200,000 of uncapped paper. If the conversion mechanics are new to you, read SAFE vs priced round before you sign anything.
Accelerator dilution multiplies, it does not add
Adding your accelerator percentage to your seed dilution overstates the damage, and it talks founders out of programs they should take. The seed round dilutes the accelerator's stake at the same rate it dilutes yours. The arithmetic is one line:
stake after seed = stake after accelerator x (1 - seed round dilution)
Carta puts median dilution at the seed stage and Series A between 19% and 20% in 2025 (Carta, record-setting early-stage valuations). Run YC's published fixed 7% through that formula at 20% and the accelerator is left holding 5.6% after the round, not 7%. Additive math would have told you the program plus the seed cost 27%.
The number that actually describes your cap table is the founder benchmark, not the program's percentage. After a seed round the median founding team collectively owns 56.2%, falling to 36.1% by Series A (Carta Founder Ownership Report 2025). That figure already contains accelerator equity, angels, the option pool and the priced round. For context on the round doing the diluting, US seed medians in 2024 were a $2.5 million round at a $14.8 million valuation (Carta, top seven states for seed funding). The mechanics are worked through in dilution at seed and seed valuation benchmarks.
What the headline number leaves out
Cash in is not cash received, and the same program's terms change by country.
- Fees come out of the total. Antler UK's published offer separates £125,000 for 8.5% equity, a £40,000 service fee deducted from the total, and an £85,000 convertible note, with up to £330,000 of follow-on commitment (Antler UK terms).
- Geography changes the deal. Antler Canada invests $150,000 for 10% on a fully diluted basis, with a separate rolling-capital mechanism for follow-on funding (Antler Canada terms). Do not quote one country's terms at another country's cohort.
- Conditional capital is not capital. The second $500,000 from a16z speedrun is contingent on the company raising its next round within 18 months (a16z speedrun FAQ). Treat it as zero until the trigger fires.
- Optional tranches carry eligibility rules. EF's additional $125,000 MFN SAFE is optional and restricted to founders meeting EF's incorporation and relocation conditions (EF pre-seed offer).
- Some programs publish nothing. Sequoia's official Arc page describes a biannual open call for pre-seed and seed founders without a standardized investment amount or equity percentage (Sequoia Arc). Alchemist describes an optional small cash investment on founder-friendly terms and reports average proceeds of $30,000, with no standardized equity percentage published (Alchemist Programs).
Cohort dates and application windows move constantly. Check the program's site for the current cycle rather than trusting any comparison page, including this one.
How to compare two accelerator offers in five minutes
- Write down the fixed equity percentage only. Ignore the total-cash headline at this step.
- Note the uncapped or MFN amount on a separate line. Its ownership depends on your next financing, in YC's own wording (YC Standard Deal).
- Subtract published fees from the cash. Antler UK deducts a £40,000 service fee from the total (Antler UK terms).
- Check the geography label on the terms page you are reading. Antler publishes different economics per location.
- Zero out conditional follow-on until the condition attached to it is met.
- Multiply, do not add, when you layer the seed round on top of the accelerator stake.
Absent pro rata, the accelerator's percentage is the only number on your cap table that gets smaller every round after.
Most founders applying to these programs are raising either way, and the ones who do not get in still need a round. Causo matches you to the investors most likely to fund your stage and sector and drafts the outreach, so a rejection does not cost you a quarter. If YC is your first choice, the form itself is broken down in how to apply to YC in 2026.
Program-by-program detail lives in the individual guides: the South Park Commons application and the Sequoia Arc application are the two most-read. See also 2026 accelerator application deadlines and published accelerator acceptance rates.
FAQ
How much equity do accelerators typically take? Among programs that publish terms, the fixed piece runs from 5% to 10%: Techstars 5% (Techstars), 500 Global Flagship 6% (500 Global), YC 7% (YC), EF 8% fully diluted (EF), Antler Canada and a16z speedrun 10% (Antler, a16z speedrun). Several of those also issue an uncapped MFN SAFE on top, so the fixed percentage is not the program's total ownership.
What are Y Combinator's investment terms? YC invests $500,000 in two parts. $125,000 converts into a fixed 7% ownership stake, and $375,000 goes in through an uncapped MFN SAFE whose ownership depends on the terms of the next financing (YC Standard Deal). That second piece is also diluted by the financing itself and by any option-pool increase.
Does Techstars take equity? Yes. The 2025 standard offer is $220,000: $20,000 through a post-money CEA for 5% common stock, plus $200,000 through an uncapped MFN SAFE (Techstars Investment Terms). The published example says that SAFE would add 1% at a $20 million pre-money next round.
How much do you get diluted by an accelerator? The guaranteed dilution equals the fixed equity percentage the program publishes, from 5% to 10% across the programs that publish anything. Any uncapped or MFN instrument adds more, and that amount is not knowable until your next priced round sets the terms (YC Standard Deal). Programs that do not publish equity terms, such as Sequoia Arc, cannot be compared on dilution at all.
How do I calculate dilution after an accelerator and seed round? Multiply, do not add. Take your ownership after the accelerator and multiply it by one minus the seed round dilution, because the round dilutes the accelerator's stake alongside yours. Carta reports median seed and Series A dilution between 19% and 20% in 2025 (Carta), and a median founding team owning 56.2% after a seed round (Carta Founder Ownership Report 2025).
Related on the hub
- The H1 2026 Startup Accelerator Report — Related accelerators guide.
- How to apply to Techstars in 2026 (application guide) — Related accelerators guide.
- Seed valuation 2026: fair ranges, SAFE caps, and dilution math — Related valuation guide.
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