What's happening
Pulley, the cap table management platform, is shutting down all operations and services on December 8, 2026. Pulley has entered an exclusive partnership with Carta to offer existing customers an assisted migration path. Founder and CEO Yin Wu confirmed the shutdown in a public post, describing it as "not the outcome we hoped for."
Pulley customers now need to decide where their cap table goes next: to Carta through Pulley's arranged offer, or to another provider via self-export. This guide lays out the actual dates, terms, and mechanics involved either way.
Key dates
- September 16, 2026 — Shutdown publicly announced via Pulley's website and founder post
- November 30, 2026 — Deadline to opt in to Pulley's arranged Carta migration offer
- December 8, 2026 — Pulley ceases all operations. The app becomes inaccessible; support ends
- January 31, 2027 — Limited data access to Pulley is expected to end entirely
The November 30 date is easy to miss and matters regardless of where you're migrating: it's the cutoff to opt into the Carta-specific offer (pricing honor, credit for unused balance). It is not a hard deadline to export your own data. But waiting until after December 8 to do anything is not an option, since the platform becomes inaccessible that day.
What the Carta offer actually involves
Pulley selected Carta as its official transition partner. Here's what that offer covers, based on Pulley's own FAQ:
- It requires a new contract. Moving to Carta is not an automatic transfer. Customers sign a new Carta agreement.
- Pricing is honored for one year. Carta has committed to matching a customer's current Pulley pricing for their first full year, plus a credit for any unused prepaid Pulley balance.
- Billing cadence changes. Carta offers annual and quarterly billing only. Customers on Pulley's monthly plan will need to switch.
- Opting in isn't binding. The initial opt-in (sharing contact and contract details with Carta) is explicitly described by Pulley as not a contractual commitment to migrate.
- Technical migration timing. Once a Carta contract is signed, Pulley describes the technical migration as typically taking "a few business days," with more complex cap tables taking longer.
What if you don't migrate to Carta?
Pulley has stated it will not assist migrations to any provider other than Carta. That means if you're moving your cap table anywhere else, the process is self-serve: you export your own data from Pulley before the platform closes, and your new provider handles the rebuild from there.
If no migration is arranged before December 8, 2026, access to the cap table is lost once the platform shuts down (subject to the limited data-access window through January 31, 2027).
How to export your own data from Pulley
Regardless of where you're headed, this is worth doing now rather than waiting:
- Log in to Pulley.
- From the dashboard, click Download to export your cap table file (stakeholders, share classes, options, and vesting).
- Separately, download anything the export doesn't include: signed grant letters, RSA/RSU agreements, executed share and grant agreements, signed SAFEs and convertible notes, board consents and resolutions, and past 409A valuation reports.
The cap table export does not include paperwork — that has to be gathered manually, and only while you can still log in.
Do I have to use Carta?
No. Carta is Pulley's arranged option, but you're free to move your cap table to any provider. The difference is that a non-Carta migration is self-serve, since Pulley isn't assisting those transitions.
Will my existing agreements (SAFEs, option grants, vesting terms) still be valid?
Yes. Those are legal agreements between a company and its stakeholders, not something tied to Pulley as a platform. Moving software doesn't change the terms. What can be lost is the paperwork proving them, if it isn't exported before shutdown.
What happens to my 409A valuations and compliance history?
These aren't included in Pulley's standard cap table export and need to be downloaded separately as documents before December 8.
Is there a cost to export my own data?
No. Exporting your own cap table from Pulley is part of your existing access and doesn't require Pulley's assistance.
What if I miss the November 30 opt-in deadline for the Carta offer?
You'd no longer be eligible for Carta's pricing-match and credit terms, but you can still migrate to Carta or elsewhere by exporting your own data before December 8; you'd just be negotiating fresh terms rather than the arranged offer.
Companies moving off Pulley are evaluating a range of providers, including Carta and others. If you're weighing options beyond the arranged Carta path, Cake's migration guide for Pulley switchers covers what a self-export migration to Cake looks like.
This article is designed and intended to provide general information in summary form on general topics. The material may not apply to all jurisdictions. The contents do not constitute legal, financial or tax advice. The contents is not intended to be a substitute for such advice and should not be relied upon as such. If you would like to chat with a lawyer, please get in touch and we can introduce you to one of our very friendly legal partners.
