{
  "title": "Private-market prices are not directly comparable",
  "generated_from": "Dark Floors approved public company datasets",
  "methodology_url": "https://darkfloorsintel.com/methodology",
  "observations": [
    {
      "company": "OpenAI",
      "record_id": "OAI-2026-ROUND-CLOSE",
      "evidence_category": "Primary financing close",
      "effective_date": "2026-03-31",
      "event": "OpenAI closes $122B funding at $852B post-money valuation",
      "security_class": "financing securities; detailed terms not disclosed",
      "observed_or_reported_value_usd": "852000000000",
      "value_basis": "reported company valuation",
      "source_name": "OpenAI funding close announcement",
      "source_url": "https://openai.com/index/accelerating-the-next-phase-ai/",
      "verification_status": "verified_primary",
      "comparability_note": "Historical evidence does not establish a current executable route or complete economic equivalence."
    },
    {
      "company": "Anthropic",
      "record_id": "ANT-2024-FTX-SALE",
      "evidence_category": "Completed secondary transaction",
      "effective_date": "2024-03-25",
      "event": "FTX estate agrees to sell majority of Anthropic stake for $884M",
      "security_class": "existing equity interests; underlying classes vary",
      "observed_or_reported_value_usd": "884000000",
      "value_basis": "reported transaction size",
      "source_name": "CoinDesk report on FTX court-filed sale",
      "source_url": "https://www.coindesk.com/policy/2024/03/25/ftx-to-sell-884m-of-anthropic-shares-to-two-dozen-institutional-investors",
      "verification_status": "verified_reporting",
      "comparability_note": "The transaction does not establish a universal price, current availability, or equivalent rights for another investor."
    },
    {
      "company": "SpaceX",
      "record_id": "PM-NPM-2026-06-11",
      "evidence_category": "Platform-published pricing estimate",
      "effective_date": "2026-06-11",
      "event": "Nasdaq Private Market pricing estimate",
      "security_class": "common",
      "observed_or_reported_value_usd": "141.09",
      "value_basis": "per share, POST-2026 5:1",
      "source_name": "Nasdaq Private Market company page",
      "source_url": "https://www.nasdaqprivatemarket.com/company/spacex/",
      "verification_status": "platform_quoted",
      "comparability_note": "It does not prove a firm ask, allocation, completed trade, complete costs, rights, or current availability."
    }
  ]
}