SAFE vs KISS Notes

KISS notes now make up 0% of new instruments. SAFEs make up 93%. This isn't really a live debate anymore, it's a question of whether you have a specific reason to deviate from the default. This guide breaks down both instruments term by term, and tells you exactly when KISS still makes sense.

What you get:

• A side-by-side comparison of every key term valuation cap, discount, interest, maturity, MFN, investor rights

• What happens at conversion, sale, and shutdown, and how the two instruments treat downside differently

• The 2026 market data behind why KISS lost ground, and the 4 specific cases where it's still the right call

• A 5-step decision framework and a common-mistakes checklist, including the stacked-cap trap that costs founders real dilution