A Spring raise tokenizes only the agreed portion of the company being offered in that round—not the whole company.
The company has one fixed token supply representing 100% of its equity on a fully diluted basis. Only the number of tokens corresponding to the percentage offered to investors is minted. Founders retain the remaining company interest and do not receive investor tokens by default.
If the same company later runs another raise through Spring, it uses the same company token. Additional tokens are minted from the new authorized supply, but the new raise has separate terms, escrow, vesting, and governance.
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