> For most companies, pre-seed SAFEs don't end up much above common.
I'm not sure that is correct.
AFAIK the modern YCombinator post-money SAFE [1] converts to the exact same share class as the VC investment round. The bookface document[2] says "when the company decides to sell shares of preferred stock in a priced round (an 'Equity Financing'), the outstanding safes will convert into shares of preferred stock" and also says elsewhere "then the safe holder will receive shares of Standard Preferred Stock".
I know nothing - so could be completely wrong!!! Complicated stuff LOL
YC invests on a SAFE, the terms are public.[0]
For most companies, pre-seed SAFEs don't end up much above common.
[0] https://www.ycombinator.com/deal