Gane Index

All indexesEvery index and its categories GTMMarketing, sales, customer and revenue operations software ITSecurity, IT operations, cloud, developer and data software HRHR, payroll, recruiting, performance and learning software FinanceAccounting, planning, spend, billing and treasury software

Claim your listing

Index › Finance › Equity and corporate › Cap table management › Carta Equity vs Ledgy

Cap table management · November 2026 Edition

Carta Equity vs Ledgy

Name: Carta Equity vs Ledgy: AI model recommendations for cap table management, November 2026 Edition
Creator: Gane
Published: 2026-11-01
License: https://creativecommons.org/licenses/by/4.0/

Thirteen of fourteen models named Carta Equity first on the direct prompt; two named Ledgy. Both were named by all fourteen models and Carta Equity carries 78 labels and Ledgy 56, so the shares are not directly comparable.

Carta Equity

endorsed leader

Named in one category this edition.

Ledgy

accepted challenger

Named in three categories this edition.

First-choice share50%9%Of first choices across the direct, paraphrase, budget and scale prompts, 0 to 100.

Negative rate19%2%Negative labels as a share of the product's labels, 0 to 100.

Rank in category#1#3A position in a field of 11; printed, not drawn.

Labels7856A 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.Carta Equity vs Eqvista · Carta Equity vs Cake Equity · 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 modelsLedgy

Direct132

Paraphrase93

Comparative140

Budget-constrained202 against Carta Equity · 1 against Ledgy

Scale-constrained402 against Carta Equity

Negative1011 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 Ledgy were named in the same answer 143 times, of the 223 answers naming Carta Equity and the 151 naming Ledgy. In those answers Ledgy took the first choice three times and Carta Equity seventy-three.

Every model, every framing

The eighty-four answers behind the chart above, one cell each: where Carta Equity and Ledgy stood in it.

Model	DirectCE	ParaphraseCE	ComparativeCE	Budget-constrainedCE	Scale-constrainedCE	NegativeCE
Claude Haiku 4.5			CE	CE		CE
GPT-5.4 mini	CE	CE	CE	CE		CE
Gemini 3.5 Flash	CE	CE	CE	CE	CE	CE
Perplexity Sonar	CE	CE	CE	CE		CE
Grok 4.20	CE	CE	CE	CE	CE	CE
Mistral Small	CE	CE	CE	CE	CE	CE
DeepSeek V4 Flash	CE	CE	CE	CE	CE	CE
Llama 4 Maverick	CE		CE			CE
Qwen 3.7 Flash	CE		CE	CE
Kimi K2	CE	CE	CE	CE		CE
GLM 4.7 FlashX	CE	CE	CE	CE	CE	CE
MiniMax M2.5	CE	CE	CE	CE	CE	CE
GPT-6 Luna	CE	CE	CE	CE		CE
Muse Glimmer 30B	CE	CE	CE	CE		CE

CE Carta Equity

LedgyCE first choiceCE named as an alternativeCE argued againstblank: not namedEach cell is one answer, Carta Equity on the left and Ledgy on the right.

The direct prompt

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

Both were the first choice

2 of 14 modelsThe answer named them together, and the judge labeled each a first choice.

Mistral SmallCarta Equity, Ledgy alternatives: EquityList

Qwen 3.7 FlashCarta Equity, Ledgy alternatives: Pulley

Carta Equity first, Ledgy an alternative

11 of 14 modelsLedgy 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

DeepSeek V4 FlashCarta Equity alternatives: Ledgy, Qapita

Llama 4 MaverickCarta Equity

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 named

1 of 14 modelsThe answer made no first choice from these two in this category.

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 twenty-six points.

Carta Equity#2 of 12

Ledgy#8 of 12

The full small business standing →

Mid-marketThe figures above

Carta Equity leads by forty-one points.

Carta Equity#1 of 11

Ledgy#3 of 11

The full mid-market standing →

Enterprise

Carta Equity leads by twenty-five points.

Carta Equity#2 of 10

Ledgy#6 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 Ledgy

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

“lean toward Capboard or Ledgy (though Ledgy is pricier)” Grok 4.20 · budget prompt · soft negative

“the most recommended equity management platforms are Ledgy and Carta” Mistral Small · paraphrase prompt · first choice

“the top recommended platforms are Ledgy, Eqvista, and Capboard” Qwen 3.7 Flash · paraphrase prompt · first choice

“two platforms consistently rank at the top: Carta and Ledgy” Qwen 3.7 Flash · direct prompt · first choice

Also compared

Carta Equity vs Eqvista Carta Equity vs Cake Equity Carta Equity vs Fidelity Private Shares Carta Equity vs Qapita Carta Equity vs EquityList Carta Equity vs Capboard Eqvista vs Ledgy Ledgy vs Cake Equity Ledgy vs Fidelity Private Shares Ledgy vs Qapita Ledgy vs EquityList Ledgy vs Capboard All 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.