# Pulley vs Ledgy: which do AI models recommend for cap table management, September 2026

Finance AI Recommendation Index, September 2026 Edition, Cap table management. One of twelve models named Pulley first on the direct prompt; zero named Ledgy. Page: https://finance-ai-index.com/corporate/cap-table-management/pulley-vs-ledgy/

| | First-choice share | Rank | Negative rate | Labels | Models naming it |
|---|---|---|---|---|---|
| Pulley | 8% | #4 of 8 | 30% | 56 | 12 of 12 |
| Ledgy | 3% | #6 of 8 | 6% | 36 | 12 of 12 |

## The direct prompt, model by model

- Llama 4 Maverick: pulley first (first choices: Carta, Pulley, Qapita)
- Claude Haiku 4.5: neither first, one named (first choices: Carta) (alternatives: Cake Equity, Pulley, Qapita)
- GPT-5.4 mini: neither first, one named (first choices: Carta) (alternatives: Eqvista, Ledgy, Shareworks)
- Gemini 3.5 Flash: neither first, one named (first choices: Carta) (alternatives: ClosingWell, Ledgy, Pulley, Qapita)
- Grok 4.1 Fast: neither first, one named (first choices: Carta) (alternatives: Ledgy, Pulley)
- DeepSeek V4 Flash: neither first, one named (first choices: Carta, Qapita) (alternatives: Ledgy)
- Qwen 3.7 Flash: neither first, one named (first choices: Carta) (alternatives: Pulley, Qapita)
- Kimi K2: neither first, one named (first choices: Carta) (alternatives: Cake Equity, Eqvista, Ledgy, Pulley)
- GLM 4.7 FlashX: neither first, one named (first choices: Qapita) (alternatives: Cake Equity, Capshare, Mantle, Pulley)
- MiniMax M2.5: neither first, one named (first choices: Carta, Shareworks) (alternatives: EquityZen, Ledgy)
- Perplexity Sonar: neither named (first choices: Carta) (alternatives: Qapita)
- Mistral Small: neither named (first choices: Carta, Qapita)

## What the models said about Pulley

- "When to avoid: Immediately if considering now—migrate risks data loss or disruption... obsolete." (Grok 4.1 Fast, negative prompt, hard negative)
- "you should avoid Pulley and look at the following highly rated, cost-effective alternatives" (Gemini 3.5 Flash, budget prompt, hard negative)
- "A notable alternative, but Pulley is now shutting down (announced September 2026)" (MiniMax M2.5, negative prompt, hard negative)
- "Stick with well-reviewed, scalable platforms like Pulley, AngelList Equity, or Cake Equity for early-stage companies." (Mistral Small, negative prompt, first choice)
- "### 1. The Modern Disruptor: Pulley ... *Long-term Private/Hypergrowth?* Go with Pulley (best efficiency/UX)." (Qwen 3.7 Flash, paraphrase prompt, first choice)
- "Pulley = best modeling and affordability for early founders, but less institutional weight." (DeepSeek V4 Flash, comparative prompt, first choice)

## What the models said about Ledgy

- "Avoid for tight budgets: ... Ledgy (€900/year+)" (Grok 4.1 Fast, budget prompt, hard negative)
- "many reviews note that its scenario modeling lacks depth for complex liquidation preferences" (DeepSeek V4 Flash, negative prompt, soft negative)
- "I'd suggest Carta if you're in the US or Ledgy if you're international/European" (MiniMax M2.5, paraphrase prompt, first choice)
- "Shortlist 3 (e.g., Carta, Pulley, Ledgy) based on your geography/ESOP needs." (Grok 4.1 Fast, scale prompt, first choice)
- "If your company is headquartered in Europe, the UK, or APAC, these platforms are highly competitive" (Gemini 3.5 Flash, scale prompt, alternative)

Share is the count of first choices across the direct, paraphrase, budget and scale prompts over all twelve models, for a mid-market B2B company; rank is within the category. Comparisons are drawn for the top eight products in each category. Published under CC BY 4.0; the output is the models' output, and nothing here is a recommendation by the index.