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Index › Finance › Equity and corporate › Cap table management › Cake Equity vs Fidelity Private Shares
Cap table management · November 2026 Edition

Cake Equity vs Fidelity Private Shares

Zero of fourteen models named Cake Equity first on the direct prompt; zero named Fidelity Private Shares. Cake Equity was named by thirteen of the fourteen models and Fidelity Private Shares by twelve and Cake Equity carries 33 labels and Fidelity Private Shares 17, so the shares are not directly comparable.

Cake Equity

accepted challenger

Named in one category this edition.

Fidelity Private Shares

accepted challenger

Named in one category this edition.

First-choice share5%5%Of first choices across the direct, paraphrase, budget and scale prompts, 0 to 100.
Negative rate3%0%Negative labels as a share of the product's labels, 0 to 100.
Rank in category#4#5A position in a field of 11; printed, not drawn.
Labels3317A count; the two differ.
The two percentage rows are drawn on one 0 to 100 track, Cake Equity reading right to left. Rank and label count are printed, not drawn.Carta Equity was named alongside these two in thirteen of the fourteen direct answers. Carta Equity vs Cake Equity · Carta Equity vs Fidelity Private Shares · Eqvista vs Cake Equity

Share is the count of first choices across the direct, paraphrase, budget and scale prompts over all fourteen models, for a mid-market B2B company; rank is within the category; every quote names the model and the prompt it came from. Both figures come from the cap table management page.

By framing

How many of the fourteen models made each the first choice, per way of asking, and how many argued against it.
Cake EquityFirst choices, of fourteen modelsFidelity Private Shares
Direct001 against Cake Equity
Paraphrase00
Comparative10
Budget-constrained33
Scale-constrained00
Negative10
Bars are first choices, 0 to 14 each sideModels that argued againstA model can name both, so the two sides of a row do not sum to fourteen.

Across every category in the November 2026 Edition, Cake Equity and Fidelity Private Shares were named in the same answer twenty-one times, of the 85 answers naming Cake Equity and the 40 naming Fidelity Private Shares. In those answers Fidelity Private Shares took the first choice two times and Cake Equity six.

Every model, every framing

The eighty-four answers behind the chart above, one cell each: where Cake Equity and Fidelity Private Shares stood in it.
ModelDirectParaphraseComparativeBudget-constrainedScale-constrainedNegative
Claude Haiku 4.5
GPT-5.4 mini
Gemini 3.5 Flash
Perplexity Sonar
Grok 4.20
Mistral Small
DeepSeek V4 Flash
Llama 4 Maverick
Qwen 3.7 Flash
Kimi K2
GLM 4.7 FlashX
MiniMax M2.5
GPT-6 Luna
Muse Glimmer 30B
Cake Equity Fidelity Private Shares first choice named as an alternative argued againstblank: not namedEach cell is one answer, Cake Equity on the left and Fidelity Private Shares on the right.

The direct prompt

The plain question, one answer per model, grouped by where Cake Equity and Fidelity Private Shares stood in it.

Neither was the first choice, one was named

3 of 14 modelsThe answer put something else first and named one of the two as an alternative.
Claude Haiku 4.5Qapita alternatives: Cake Equity, Pulley, Shareworks
GLM 4.7 FlashXCarta Equity alternatives: AngelList Stack, Capboard, Fidelity Private Shares, Ledgy, Pulley, Walter
GPT-6 LunaCarta Equity alternatives: Fidelity Private Shares, Shareworks

Neither was named

11 of 14 modelsThe answer made no first choice from these two in this category.
GPT-5.4 miniCarta Equity alternatives: Eqvista, Ledgy, Pulley
Gemini 3.5 FlashCarta Equity alternatives: Ledgy, Pulley, Shareworks
Perplexity SonarCarta Equity alternatives: Ledgy, Qapita, Shareworks
Grok 4.20Carta Equity alternatives: EquityList, Ledgy
Mistral SmallCarta Equity, Ledgy alternatives: EquityList
DeepSeek V4 FlashCarta Equity alternatives: Ledgy, Qapita
Llama 4 MaverickCarta Equity
Qwen 3.7 FlashCarta Equity, Ledgy alternatives: Pulley
Kimi K2Carta Equity alternatives: Ledgy, Qapita
MiniMax M2.5Carta Equity, EquityList alternatives: Ledgy, Qapita
Muse Glimmer 30BCarta Equity alternatives: Ledgy, Morgan Stanley at Work Shareworks

Bold names in an answer are the products the judge labeled a first choice; a model naming several gives each of them that label. The full answer text for every row is in the record.

By buyer segment

The same question asked on behalf of a different buyer. Each standing is computed within its segment and they are never added together. The figures above are the mid-market standing, which is the one the category orders by.
Small business
Cake Equity leads by seven points.
Cake Equity12%#3 of 12
Fidelity Private Shares5%#5 of 12
The full small business standing →
Mid-marketThe figures above
Level: the same share of first choices.
Cake Equity5%#4 of 11
Fidelity Private Shares5%#5 of 11
The full mid-market standing →
Enterprise
Level: the same share of first choices.
Cake Equity0%#– of 10
Fidelity Private Shares0%#– of 10
The full enterprise standing →

What the models said about Cake Equity

Every negative label with a quote, up to three, then the highest-weighted positives, up to three. Four of five in this category shown.

“Budget-friendly starters ... but they may lack depth for complex mid-market needs compared to Carta” Grok 4.20 · direct prompt · soft negative
“Often praised for affordability ($0–low monthly), strong compliance ... High G2 ratings (4.8/5)” Grok 4.20 · negative prompt · first choice
“Cake Equity: Offers a free plan for up to 5 stakeholders, then predictable annual tiers.” Llama 4 Maverick · budget prompt · first choice
“Cake Equity and Eqvista stand out as top recommendations for limited budgets” Claude Haiku 4.5 · budget prompt · first choice

What the models said about Fidelity Private Shares

Every negative label with a quote, up to three, then the highest-weighted positives, up to three. Three of four in this category shown.

“Fidelity Private Shares is the best free cap table tool for most early-stage founders in 2026” Muse Glimmer 30B · budget prompt · first choice
“For most early-stage founders, Fidelity Private Shares is the best free option” Mistral Small · budget prompt · first choice
“### 1. Fidelity Private Shares (Best Overall Free Option)” GLM 4.7 FlashX · budget prompt · first choice
Also compared
Carta Equity vs Cake EquityCarta Equity vs Fidelity Private SharesEqvista vs Cake EquityEqvista vs Fidelity Private SharesLedgy vs Cake EquityLedgy vs Fidelity Private SharesCake Equity vs QapitaCake Equity vs EquityListCake Equity vs CapboardFidelity Private Shares vs QapitaFidelity Private Shares vs EquityListFidelity Private Shares vs CapboardAll twenty-eight head-to-head pages and the full cap table management standing

Comparisons are drawn for the top eight products in each category, each against each. The output is the models' output; nothing here is a recommendation by the index.