A "cap table," short for capitalization table, is a document that outlines the ownership structure of a company. It details the equity ownership of each shareholder, including founders, investors, and employees with stock options. The cap table shows how much each party owns, the percentage of total ownership, and the value of their shares. Cap tables are essential for startups and growing companies, as they help track ownership stakes and inform decisions about funding rounds and equity distribution. They also play a crucial role during mergers and acquisitions, ensuring all parties understand their financial interests in the company.