Use “uncapped notes”, or more simply, consider just using the “Uncapped YC” SAFE note form here: Startup Documents

You can’t really do an “investment” without selling stock. That’s not an investment. That’s a donation. If you want donations, ask for donations.

But if you have a situation where folks are OK paying the price that is set later … then this is close to free. In the sense that, if you are going to raise $1m later at say a price of $5m pre, and you get folks to give you $50k of that now, it’s kind of free. You’re going to sell that $1m anyway.

If you get tomorrow’s (potentially much higher) price, today — that’s a gift.

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