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Cap table management · November 2026 Edition

Ledgy vs EquityList

Two of fourteen models named Ledgy first on the direct prompt; one named EquityList. Ledgy was named by fourteen of the fourteen models and EquityList by seven and Ledgy carries 56 labels and EquityList 16, so the shares are not directly comparable.

Ledgy

accepted challenger

Named in three categories this edition.

EquityList

accepted challenger

Named in one category this edition.

First-choice share9%2%Of first choices across the direct, paraphrase, budget and scale prompts, 0 to 100.
Negative rate2%0%Negative labels as a share of the product's labels, 0 to 100.
Rank in category#3#7A position in a field of 11; printed, not drawn.
Labels5616A count; the two differ.
The two percentage rows are drawn on one 0 to 100 track, Ledgy 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 Ledgy · Carta Equity vs EquityList · Eqvista vs Ledgy

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.
LedgyFirst choices, of fourteen modelsEquityList
Direct21
Paraphrase30
Comparative00
Budget-constrained001 against Ledgy
Scale-constrained00
Negative00
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, Ledgy and EquityList were named in the same answer thirty-two times, of the 151 answers naming Ledgy and the 43 naming EquityList. In those answers EquityList took the first choice one time and Ledgy one.

Every model, every framing

The eighty-four answers behind the chart above, one cell each: where Ledgy and EquityList 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
Ledgy EquityList first choice named as an alternative argued againstblank: not namedEach cell is one answer, Ledgy on the left and EquityList on the right.

The direct prompt

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

Ledgy first, EquityList an alternative

2 of 14 modelsEquityList was named in the answer but not as the choice, or not at all.
Mistral SmallCarta Equity, Ledgy alternatives: EquityList
Qwen 3.7 FlashCarta Equity, Ledgy alternatives: Pulley

EquityList first, Ledgy an alternative

1 of 14 modelsLedgy was named in the answer but not as the choice, or not at all.
MiniMax M2.5Carta Equity, EquityList alternatives: Ledgy, Qapita

Neither was the first choice, one was named

8 of 14 modelsThe answer put something else first and named one of the two as an alternative.
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
Kimi K2Carta Equity alternatives: Ledgy, Qapita
GLM 4.7 FlashXCarta Equity alternatives: AngelList Stack, Capboard, Fidelity Private Shares, Ledgy, Pulley, Walter
Muse Glimmer 30BCarta Equity alternatives: Ledgy, Morgan Stanley at Work Shareworks

Neither was named

3 of 14 modelsThe answer made no first choice from these two in this category.
Claude Haiku 4.5Qapita alternatives: Cake Equity, Pulley, Shareworks
Llama 4 MaverickCarta Equity
GPT-6 LunaCarta Equity alternatives: Fidelity Private Shares, 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
EquityList leads by two points.
EquityList2%#6 of 12
Ledgy0%#8 of 12
The full small business standing →
Mid-marketThe figures above
The order flips: Ledgy leads at mid-market.
Ledgy9%#3 of 11
EquityList2%#7 of 11
The full mid-market standing →
Enterprise
Ledgy leads by four points.
Ledgy4%#6 of 10
EquityList0%#– of 10
The full enterprise standing →

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

What the models said about EquityList

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

“or EquityList if you have international operations. Both offer the scalability, compliance features, and integrations necessary for mid-market complexity” MiniMax M2.5 · direct prompt · first choice
“For regional compliance and AI features, especially in India/Singapore, EquityList is a strong contender.” Mistral Small · comparative prompt · alternative
“alternatives like Qapita, EquityList, Ledgy, and Cake Equity offer compelling features” MiniMax M2.5 · comparative prompt · alternative
Also compared

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.