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Index › Finance › Equity and corporate › Cap table management › Carta Equity vs Cake Equity
Cap table management · November 2026 Edition

Carta Equity vs Cake Equity

Thirteen of fourteen models named Carta Equity first on the direct prompt; zero named Cake Equity. Carta Equity was named by fourteen of the fourteen models and Cake Equity by thirteen and Carta Equity carries 78 labels and Cake Equity 33, so the shares are not directly comparable.

Carta Equity

endorsed leader

Named in one category this edition.

Cake Equity

accepted challenger

Named in one category this edition.

First-choice share50%5%Of first choices across the direct, paraphrase, budget and scale prompts, 0 to 100.
Negative rate19%3%Negative labels as a share of the product's labels, 0 to 100.
Rank in category#1#4A position in a field of 11; printed, not drawn.
Labels7833A count; the two differ.
The two percentage rows are drawn on one 0 to 100 track, Carta Equity reading right to left. Rank and label count are printed, not drawn.Ledgy was named alongside these two in eleven of the fourteen direct answers. Carta Equity vs Eqvista · Carta Equity vs Ledgy · Carta Equity vs Fidelity Private Shares

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.
Carta EquityFirst choices, of fourteen modelsCake Equity
Direct1301 against Cake Equity
Paraphrase90
Comparative141
Budget-constrained232 against Carta Equity
Scale-constrained402 against Carta Equity
Negative1111 against Carta Equity
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, Carta Equity and Cake Equity were named in the same answer seventy-eight times, of the 223 answers naming Carta Equity and the 85 naming Cake Equity. In those answers Cake Equity took the first choice ten times and Carta Equity thirty-two.

Every model, every framing

The eighty-four answers behind the chart above, one cell each: where Carta Equity and Cake Equity stood in it.
ModelDirectCEParaphraseCEComparativeCEBudget-constrainedCEScale-constrainedCENegativeCE
Claude Haiku 4.5CECECE
GPT-5.4 miniCECECECECE
Gemini 3.5 FlashCECECECECECE
Perplexity SonarCECECECECE
Grok 4.20CECECECECECE
Mistral SmallCECECECECECE
DeepSeek V4 FlashCECECECECECE
Llama 4 MaverickCECECE
Qwen 3.7 FlashCECECE
Kimi K2CECECECECE
GLM 4.7 FlashXCECECECECECE
MiniMax M2.5CECECECECECE
GPT-6 LunaCECECECECE
Muse Glimmer 30BCECECECECE
CE Carta Equity Cake EquityCE first choiceCE named as an alternativeCE argued againstblank: not namedEach cell is one answer, Carta Equity on the left and Cake Equity on the right.

The direct prompt

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

Carta Equity first, Cake Equity not the choice

13 of 14 modelsCake Equity was named in the answer but not as the choice, or not at all.
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
GLM 4.7 FlashXCarta Equity alternatives: AngelList Stack, Capboard, Fidelity Private Shares, Ledgy, Pulley, Walter
MiniMax M2.5Carta Equity, EquityList alternatives: Ledgy, Qapita
GPT-6 LunaCarta Equity alternatives: Fidelity Private Shares, Shareworks
Muse Glimmer 30BCarta Equity alternatives: Ledgy, Morgan Stanley at Work Shareworks

Neither was the first choice, one was named

1 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

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
Carta Equity leads by fourteen points.
Carta Equity26%#2 of 12
Cake Equity12%#3 of 12
The full small business standing →
Mid-marketThe figures above
Carta Equity leads by forty-five points.
Carta Equity50%#1 of 11
Cake Equity5%#4 of 11
The full mid-market standing →
Enterprise
Carta Equity leads by twenty-eight points.
Carta Equity28%#2 of 10
Cake Equity0%#– of 10
The full enterprise standing →

What the models said about Carta Equity

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

“Carta — Multiple Red Flags... founders are being forced into "cancellation request" meetings with sales reps” DeepSeek V4 Flash · negative prompt · hard negative
“Carta (Proceed with Clear Eyes) ... Aggressive & Opaque Pricing: Carta is notorious for steep price escalations as companies scale.” Gemini 3.5 Flash · negative prompt · soft negative
“powerful, but usually better for companies that can support a higher spend; it also tends to be less transparent on pricing” GPT-5.4 mini · budget prompt · soft negative
“The market leader for mid-to-late stage companies. Strong ecosystem, built-in 409A, liquidity/tender offer execution, and public transfer agent capabilities, though generally the most expensive.” Gemini 3.5 Flash · scale prompt · first choice
“A practical default for a typical mid-sized B2B company in the US is Carta for its breadth, 409A valuation, investor reporting and ecosystem.” Muse Glimmer 30B · paraphrase prompt · first choice
“I would recommend Carta if you're US-centric and have complex equity needs, or EquityList if you have international operations.” MiniMax M2.5 · direct prompt · first choice

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
Also compared
Carta Equity vs EqvistaCarta Equity vs LedgyCarta Equity vs Fidelity Private SharesCarta Equity vs QapitaCarta Equity vs EquityListCarta Equity vs CapboardEqvista vs Cake EquityLedgy vs Cake EquityCake Equity vs Fidelity Private SharesCake Equity vs QapitaCake Equity vs EquityListCake Equity 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.