# Cap table management: what AI models recommend, November 2026

Gane Index, November 2026 Edition. Asked as "cap table management software" and as "equity management platform", six framings each, to fourteen models with search on, on behalf of a mid-market B2B company. Page: https://www.gane.ai/index/finance/corporate/cap-table-management

**Standing:** Carta Equity leads with 50% of first choices; verdict clear leader. 56 first choices across the direct, paraphrase, budget and scale prompts.

## First-choice share

| Rank | Product | Share | Negative rate | Labels |
|---|---|---|---|---|
| 1 | [Carta Equity](https://www.gane.ai/index/finance/vendors/carta-equity/index.md) | 50% | 19% | 78 |
| 2 | [Eqvista](https://www.gane.ai/index/finance/vendors/eqvista/index.md) | 20% | 3% | 38 |
| 3 | [Ledgy](https://www.gane.ai/index/finance/vendors/ledgy/index.md) | 9% | 2% | 56 |
| 4 | [Cake Equity](https://www.gane.ai/index/finance/vendors/cake-equity/index.md) | 5% | 3% | 33 |
| 5 | [Fidelity Private Shares](https://www.gane.ai/index/finance/vendors/fidelity-private-shares/index.md) | 5% | 0% | 17 |
| 6 | [Qapita](https://www.gane.ai/index/finance/vendors/qapita/index.md) | 4% | 4% | 25 |
| 7 | [EquityList](https://www.gane.ai/index/finance/vendors/equitylist/index.md) | 2% | 0% | 16 |
| 8 | [Capboard](https://www.gane.ai/index/finance/vendors/capboard/index.md) | 2% | 15% | 13 |
| 11 | [Shareworks](https://www.gane.ai/index/finance/vendors/shareworks/index.md) | 0% | 25% | 32 |
| 52 | [AngelList Stack](https://www.gane.ai/index/finance/vendors/angellist-stack/index.md) | 0% | 54% | 28 |
| 53 | [Pulley](https://www.gane.ai/index/finance/vendors/pulley/index.md) | 0% | 59% | 59 |

Rank is by share of first choices among all 53 products named; products with the same share are tied, and the order among them carries no meaning. The table lists those with at least 10 labels.

## Each model's first choice on the direct prompt

- Claude Haiku 4.5: Qapita; alternatives Cake Equity, Pulley, Shareworks
- GPT-5.4 mini: Carta Equity; alternatives Eqvista, Ledgy, Pulley
- Gemini 3.5 Flash: Carta Equity; alternatives Ledgy, Pulley, Shareworks
- Perplexity Sonar: Carta Equity; alternatives Ledgy, Qapita, Shareworks
- Grok 4.20: Carta Equity; alternatives EquityList, Ledgy
- Mistral Small: Carta Equity, Ledgy; alternatives EquityList
- DeepSeek V4 Flash: Carta Equity; alternatives Ledgy, Qapita
- Llama 4 Maverick: Carta Equity
- Qwen 3.7 Flash: Carta Equity, Ledgy; alternatives Pulley
- Kimi K2: Carta Equity; alternatives Ledgy, Qapita
- GLM 4.7 FlashX: Carta Equity; alternatives AngelList Stack, Capboard, Fidelity Private Shares, Ledgy
- MiniMax M2.5: Carta Equity, EquityList; alternatives Ledgy, Qapita
- GPT-6 Luna: Carta Equity; alternatives Fidelity Private Shares, Shareworks
- Muse Glimmer 30B: Carta Equity; alternatives Ledgy, Morgan Stanley at Work Shareworks

## Sources the answers cite

75 of 84 answers came back with a source list, from 14 of 14 models. Sites named in the most answers:

- carta.com: 40 answers, 51 citations
- equitylist.co: 39 answers, 56 citations
- qapita.com: 30 answers, 36 citations
- valueaddvc.com: 29 answers, 33 citations
- cakeequity.com: 25 answers, 38 citations
- resources.rework.com: 22 answers, 29 citations
- g2.com: 19 answers, 37 citations
- eqvista.com: 19 answers, 35 citations

Pages named in the most answers:

- https://qapita.com/blog/best-cap-table-management-software (25 answers)
- https://valueaddvc.com/blog/best-cap-table-management-tools-in-2026-carta-pulley-angellist-capdesk-ranked (24 answers)
- https://equitylist.co/blog-post/best-cap-table-software-2024 (21 answers)
- https://equitylist.co/blog-post/top-5-cap-table-management-software (19 answers)
- https://waveup.com/blog/best-cap-table-management-software (19 answers)
- https://cakeequity.com/guides/best-cap-table-software (17 answers)
- https://carta.com/best-cap-table-software (17 answers)
- https://vcbeast.com/best-cap-table-management (17 answers)
- https://guideflow.com/blog/cap-table-management-software (15 answers)
- https://resources.rework.com/tools/equity-cap-table/best-cap-table-software-2026 (12 answers)

## Warned against

- Pulley: 35 of 59 labels negative. "Avoid Pulley: Pulley was a favorite among seed-stage startups but announced it will cease all operations on December 8, 2026." (Qwen 3.7 Flash, budget prompt)
- Carta Equity: 15 of 78 labels negative. "Carta — Multiple Red Flags... founders are being forced into "cancellation request" meetings with sales reps" (DeepSeek V4 Flash, negative prompt)
- AngelList Stack: 15 of 28 labels negative. "AngelList Stack: Avoid for new customers. It reportedly stopped accepting new customers in August 2026" (Perplexity Sonar, negative prompt)
- Shareworks: 8 of 32 labels negative. "avoiding the UX and support issues repeatedly reported for Shareworks and Certent for participant-facing equity administration" (Muse Glimmer 30B, negative prompt)

## Movement since October 2026

Floor: 10 points of share, measured on the calibration repeat.
Same leader: Carta Equity at 50%.

- Pulley: 18% to 0%, −18. Cleared the floor by 8 points · rank 2 → 53 of 53.
- Carta Equity: 33% to 50%, +17. Cleared the floor by 7 points · rank 1 of 53, unchanged.
- Eqvista: 12% to 20%, +8. Inside the floor by 2 points · rank 5 → 2 of 53.
- Qapita: 12% to 4%, −8. Inside the floor by 2 points · rank 3 → 6 of 53.
- Ledgy: 2% to 9%, +7. Inside the floor by 3 points · rank 6 → 3 of 53.
- Cake Equity: 12% to 5%, −7. Inside the floor by 3 points · rank 4 of 53, unchanged.
- Fidelity Private Shares: 2% to 5%, +3. Inside the floor by 7 points · rank 8 → 5 of 53.
- Capboard: 0% to 2%, +2. Inside the floor by 8 points · rank 13 → 8 of 53.
- Shareworks: 2% to 0%, −2. Inside the floor by 8 points · rank 7 → 11 of 53.
- AngelList Stack: 2% to 0%, −2. Inside the floor by 8 points · rank 12 → 52 of 53.
- EquityList: 2% to 2%, ±0. Inside the floor by 10 points · rank 9 → 7 of 53.

## Record

- Method: https://www.gane.ai/index/finance/methodology
- License: CC BY 4.0. Cite as Gane Index, November 2026 Edition, www.gane.ai/index/finance.