Cap table management · October 2026 Edition
Carta vs Pulley
Nine of fourteen models named Carta first on the direct prompt; two named Pulley. Both were named by all fourteen models and Carta carries 74 labels and Pulley 66, so the shares are not directly comparable.
Named in two categories this edition.
Named in two categories this edition.
First-choice share33%18%Of first choices across the direct, paraphrase, budget and scale prompts, 0 to 100.
Negative rate32%39%Negative labels as a share of the product's labels, 0 to 100.
Rank in category#1#2A position in a field of 10; printed, not drawn.
Labels7466A count; the two differ.
The two percentage rows are drawn on one 0 to 100 track, Carta reading right to left. Rank and label count are printed, not drawn.Qapita was named alongside these two in eight of the fourteen direct answers. Carta vs Qapita · Carta vs Cake Equity · Carta vs Eqvista
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.
CartaFirst choices, of fourteen modelsPulley
Direct921 against Carta · 3 against Pulley
Paraphrase263 against Carta · 2 against Pulley
Comparative1231 against Carta · 4 against Pulley
Budget-constrained204 against Carta · 5 against Pulley
Scale-constrained412 against Carta · 1 against Pulley
Negative0013 against Carta · 11 against Pulley
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 October 2026 Edition, Carta and Pulley were named in the same answer 176 times, of the 239 answers naming Carta and the 189 naming Pulley. In those answers Pulley took the first choice twenty-seven times and Carta forty-eight.
Every model, every framing
The eighty-four answers behind the chart above, one cell each: where Carta and Pulley stood in it.
| Model | Direct | Paraphrase | Comparative | Budget-constrained | Scale-constrained | Negative |
|---|---|---|---|---|---|---|
| Claude Haiku 4.5 | | | | |||
| GPT-5.4 mini | | | | | | |
| Gemini 3.5 Flash | | | | | | |
| Perplexity Sonar | | | | | ||
| Grok 4.1 Fast | | | | | | |
| 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 | | | | | |
Carta Pulley first choice named as an alternative argued againstblank: not namedEach cell is one answer, Carta on the left and Pulley on the right.The direct prompt
The plain question, one answer per model, grouped by where Carta and Pulley stood in it.
Both were the first choice
1 of 14 modelsThe answer named them together, and the judge labeled each a first choice.DeepSeek V4 FlashCarta, Pulley alternatives: Shareworks
Carta first, Pulley an alternative
8 of 14 modelsPulley was named in the answer but not as the choice, or not at all.GPT-5.4 miniCarta alternatives: Eqvista, Ledgy, Shareworks
Gemini 3.5 FlashCarta alternatives: Ledgy, Mantle, Qapita
Perplexity SonarCarta alternatives: Cake Equity, Pulley, Qapita
Grok 4.1 FastCarta alternatives: Ledgy, Pulley
Qwen 3.7 FlashCarta alternatives: Pulley, Qapita, Shareworks
GLM 4.7 FlashXCarta alternatives: Fidelity Private Shares, Pulley, Qapita
GPT-6 LunaCarta alternatives: Shareworks
Muse Glimmer 30BCarta alternatives: Cake Equity, Ledgy, Qapita
Pulley first, Carta not the choice
1 of 14 modelsCarta was named in the answer but not as the choice, or not at all.Kimi K2Cake Equity, Pulley alternatives: Eqvista, Ledgy
Neither was the first choice, one was named
3 of 14 modelsThe answer put something else first and named one of the two as an alternative.Claude Haiku 4.5Qapita alternatives: Cake Equity, Carta, Pulley
Mistral SmallQapita alternatives: Ledgy, Pulley
MiniMax M2.5Cake Equity, Qapita alternatives: Carta, Shareworks
Neither was named
1 of 14 modelsThe answer made no first choice from these two in this category.Llama 4 Maverickno first choice
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
Level: the same share of first choices.
Carta21%#2 of 10Pulley21%#3 of 10Mid-marketThe figures above
Enterprise
What the models said about Carta
Every negative label with a quote, up to three, then the highest-weighted positives, up to three. Six of seven in this category shown.
“Carta — Approach with Caution ... Data misuse for secondary trading: Carta was caught using confidential customer cap table data to solicit secondary share sales” Kimi K2 · negative prompt · hard negative
“Founders have publicly reported steep, unexpected price increases at renewal... canceling required scheduling a mandatory meeting” Claude Haiku 4.5 · negative prompt · hard negative
“Avoid Carta if budget is your top concern” Kimi K2 · budget prompt · hard negative
“Carta: The market leader for VC-backed private companies. Highly trusted by law firms and investors. It offers the most comprehensive suite of services ... but it is generally the most expensive option.” Gemini 3.5 Flash · scale prompt · first choice
“I'd generally recommend Carta if your priorities are cap table management, fundraising workflow, and a platform that can scale” GPT-5.4 mini · paraphrase prompt · first choice
“Go with Carta if you need end-to-end (formation to exit), have 50+ stakeholders... dominant for mid-market B2B despite past issues.” Grok 4.1 Fast · direct prompt · first choice
What the models said about Pulley
Every negative label with a quote, up to three, then the highest-weighted positives, up to three. Six of eight in this category shown.
“Pulley is closing - The platform announced it will cease operations on December 8, 2026 ... If you're considering Pulley, you'll want to evaluate Carta or other alternatives.” MiniMax M2.5 · comparative prompt · hard negative
“Pulley — caution right now because it announced it is shutting down, with final day of operations/services on December 8, 2026.” GPT-5.4 mini · negative prompt · hard negative
“Pulley — avoid for a new setup; migrate if you're already a customer. Pulley has announced it will end operations on December 8, 2026.” GPT-6 Luna · negative prompt · hard negative
“My specific recommendation for most mid-market B2B companies: ... Pulley offers the best balance of capability, price transparency, and ease of use.” DeepSeek V4 Flash · direct prompt · first choice
“Pulley has emerged as the primary challenger to Carta. It is designed specifically for high-growth startups moving through multiple funding rounds.” Qwen 3.7 Flash · comparative prompt · first choice
“Start with Cake Equity or Pulley—both offer the right balance of features” Kimi K2 · direct prompt · first choice
Also compared
Carta vs QapitaCarta vs Cake EquityCarta vs EqvistaCarta vs LedgyCarta vs ShareworksCarta vs Fidelity Private SharesPulley vs QapitaPulley vs Cake EquityPulley vs EqvistaPulley vs LedgyPulley vs ShareworksPulley vs Fidelity Private SharesAll twenty-eight head-to-head pages and the full cap table management standing
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.