# Cap table management for small business buyers: 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 small B2B company. Page: https://www.gane.ai/index/finance/corporate/cap-table-management/smb

**Standing:** Eqvista leads with 38% of first choices; verdict contested. 58 first choices across the direct, paraphrase, budget and scale prompts.

## First-choice share

| Rank | Product | Share | Negative rate | Labels |
|---|---|---|---|---|
| 1 | [Eqvista](https://www.gane.ai/index/finance/vendors/eqvista/index.md) | 38% | 3% | 62 |
| 2 | [Carta Equity](https://www.gane.ai/index/finance/vendors/carta-equity/index.md) | 26% | 38% | 73 |
| 3 | [Cake Equity](https://www.gane.ai/index/finance/vendors/cake-equity/index.md) | 12% | 6% | 48 |
| 4 | [Pulley](https://www.gane.ai/index/finance/vendors/pulley/index.md) | 12% | 53% | 59 |
| 5 | [Fidelity Private Shares](https://www.gane.ai/index/finance/vendors/fidelity-private-shares/index.md) | 5% | 13% | 15 |
| 7 | [EquityList](https://www.gane.ai/index/finance/vendors/equitylist/index.md) | 2% | 0% | 20 |
| 8 | [Capboard](https://www.gane.ai/index/finance/vendors/capboard/index.md) | 2% | 0% | 13 |
| 9 | [Ledgy](https://www.gane.ai/index/finance/vendors/ledgy/index.md) | 0% | 9% | 44 |
| 10 | [Mantle](https://www.gane.ai/index/finance/vendors/mantle/index.md) | 0% | 0% | 11 |
| 11 | [Qapita](https://www.gane.ai/index/finance/vendors/qapita/index.md) | 0% | 0% | 11 |
| 40 | [AngelList Stack](https://www.gane.ai/index/finance/vendors/angellist-stack/index.md) | 0% | 59% | 22 |
| 41 | [Shareworks](https://www.gane.ai/index/finance/vendors/shareworks/index.md) | 0% | 79% | 14 |

Rank is by share of first choices among all 41 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: Eqvista, Pulley; alternatives Cake Equity, Mantle
- GPT-5.4 mini: Pulley; alternatives Cake Equity, Eqvista
- Gemini 3.5 Flash: Carta Equity; alternatives Cake Equity, Eqvista, Ledgy
- Perplexity Sonar: Pulley; alternatives Carta Equity, Eqvista, Ledgy, Mantle
- Grok 4.20: Eqvista, Pulley; alternatives Ledgy, Qapita
- Mistral Small: Eqvista; alternatives Cake Equity, Carta Equity, Ledgy
- DeepSeek V4 Flash: Carta Equity, Eqvista; alternatives Cake Equity, Capboard, Ledgy
- Llama 4 Maverick: no first choice
- Qwen 3.7 Flash: Eqvista; alternatives Cake Equity, Carta Equity, Ledgy
- Kimi K2: Carta Equity, Eqvista; alternatives Cake Equity, Capboard, Ledgy
- GLM 4.7 FlashX: Carta Equity; alternatives Cake Equity, Eqvista
- MiniMax M2.5: Carta Equity, Eqvista; alternatives Cake Equity, Capbase, EquityList, Ledgy
- GPT-6 Luna: Carta Equity; alternatives Cake Equity
- Muse Glimmer 30B: Capboard, Eqvista; alternatives Capbase, Carta Equity, Fidelity Private Shares

## Sources the answers cite

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

- equitylist.co: 41 answers, 58 citations
- qapita.com: 41 answers, 45 citations
- eqvista.com: 29 answers, 48 citations
- cakeequity.com: 27 answers, 40 citations
- carta.com: 25 answers, 34 citations
- valueaddvc.com: 25 answers, 28 citations
- waveup.com: 25 answers, 25 citations
- capboard.io: 22 answers, 25 citations

Pages named in the most answers:

- https://qapita.com/blog/best-cap-table-management-software (35 answers)
- https://equitylist.co/blog-post/best-cap-table-software-2024 (33 answers)
- https://waveup.com/blog/best-cap-table-management-software (25 answers)
- https://gane.ai/index/finance/corporate/cap-table-management/smb (21 answers)
- https://valueaddvc.com/blog/best-cap-table-management-tools-in-2026-carta-pulley-angellist-capdesk-ranked (20 answers)
- https://cakeequity.com/guides/best-cap-table-software (18 answers)
- https://capboard.io/en/best-cap-table-management-tools-2024 (16 answers)
- https://guideflow.com/blog/cap-table-management-software (15 answers)
- https://equitylist.co/blog-post/top-5-cap-table-management-software (13 answers)
- https://frontdeskreview.com/best/cap-table-management (13 answers)

## Warned against

- Carta Equity: 28 of 73 labels negative. "Avoid Carta for now—it has the deepest features but pricing scales aggressively" (Kimi K2, budget prompt)
- Pulley: 31 of 59 labels negative. "it announced it is shutting down on December 8, 2026... If you were considering Pulley, you'll need to choose a different platform now." (DeepSeek V4 Flash, comparative prompt)
- Shareworks: 11 of 14 labels negative. "Enterprise & Late-Stage Platforms (Avoid)... Completely avoid these platforms until you are nearing an IPO" (Gemini 3.5 Flash, negative prompt)
- AngelList Stack: 13 of 22 labels negative. "AngelList Stack stopped accepting new customers in August 2026, making it unavailable for new users" (Mistral Small, negative prompt)

## Movement since October 2026

Floor: 10 points of share, measured on the calibration repeat.
Same leader: Eqvista at 38%.

- Eqvista: 29% to 38%, +9. Inside the floor by 1 point · rank 1 of 41, unchanged.
- Pulley: 21% to 12%, −9. Inside the floor by 1 point · rank 3 → 4 of 41.
- Carta Equity: 21% to 26%, +5. Inside the floor by 5 points · rank 2 of 41, unchanged.
- Fidelity Private Shares: 0% to 5%, +5. Inside the floor by 5 points · rank 11 → 5 of 41.
- Cake Equity: 16% to 12%, −4. Inside the floor by 6 points · rank 4 → 3 of 41.
- Qapita: 4% to 0%, −4. Inside the floor by 6 points · rank 5 → 11 of 41.
- EquityList: 4% to 2%, −2. Inside the floor by 8 points · rank 6 → 7 of 41.
- Capboard: 2% to 2%, ±0. Inside the floor by 10 points · rank 7 → 8 of 41.
- Ledgy: 0% to 0%, ±0. Inside the floor by 10 points · rank 10 → 9 of 41.
- Mantle: 0% to 0%, ±0. Inside the floor by 10 points · rank 13 → 10 of 41.
- AngelList Stack: 0% to 0%, ±0. Inside the floor by 10 points · rank 51 → 40 of 41.
- Shareworks: 0% to 0%, ±0. Inside the floor by 10 points · rank 52 → 41 of 41.

## 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.