The Y Combinator SAFE: Valuation Cap, No Discount (Caymans) governs how investor funds convert into equity by setting a post-money valuation cap without applying a discount. It gives investors the right to receive shares at a price based on the valuation cap in the next equity financing, or to receive a comparable return in the event of a liquidity or dissolution event. This SAFE is structured for Cayman Islands companies and is part of Y Combinator’s library of open, lawyer-vetted standard financing documents widely used in international startup funding.