Section 03 · Early Bird

Early money gets significantly better terms.

The first $100,000 invested converts at a lower valuation cap than every dollar that comes after — same Future Equity SAFE, same round, priced better for being early.

$60M
First $100K in
vs
$73M
After that

Future Equity (SAFE) — a bet the company ends up worth more than the cap. First $100,000 locks in $60M; every dollar after reverts to the standard $73M.

Investor perks by tier
$1K
~$100 in drinks (100 stars) + early access to new stores
$5K
~$800 in coffee + numbered first-edition merch + quarterly founder AMA
$10K
1-on-1 calls with Jack (CEO) + your name on a kiosk + founders' dinner
$25K
Palo Alto HQ visit, dinner with Jack & Garrett, roadmap input
Source · rail.terms (08-12 mirror · re-checked 08-15, unchanged) · perks read from the founder Perks editor, round 91853 (read 08-15, status Unpublished Draft — not published; whether it goes live is Jack's call)