01Core publication rule
Value provenance
Every material value is classified as observed, normalized, calculated or interpreted.
4Classes
ProhibitedSilent transformation
Methodology for private-market evidence
PUBLIC · REPRODUCIBLECheck the work—not merely the number
Economic comparability
A comparison is permitted only to the extent that the investor is receiving economically equivalent exposure. When structures differ, the result is labeled limited, structurally different or non-equivalent rather than forced into a ranking.
Selected ruleEvidence-boundInvestor decision rule
Comparison statusNot testedPin two evidence objects to compare
Audit stateSOURCE-LINKEDVerified July 10, 2026 · public calculation and evidence rules
Landscape view
Evidence-to-conclusion operating system
Select a rule. The conclusion, comparison tray, workflow and dataset audit layer update together.
02Temporal integrity
Time and freshness
Effective, publication, collection and verification dates are separate analytical fields.
4Date types
Historical onlyStale evidence
03Investor decision rule
Economic comparability
Headline price is insufficient. Security, ownership, rights, costs, dilution, liquidity and date basis must align.
InsufficientShare price alone
RequiredOwnership basis
04Publication boundary
Missing evidence and rankings
Zero, unknown and not observed are distinct states. Missing terms remain missing.
0Invented values
0Forced rankings
05Calculation rule
Normalization discipline
Normalization changes basis only when the transformation is disclosed, reproducible and supported by sourced inputs.
DisclosedFormula
PreservedRaw value
06Modeling rule
Scenarios are not forecasts
User-controlled entry, fees, carry, dilution and exit assumptions are exploratory scenarios.
VisibleInputs
RequiredFormula trail
SX-01Company-specific rule
SpaceX split normalization
Pre-May-4-2026 common prices are divided by five; preferred marks require the separately disclosed ten-to-one common-equivalent step before the five-to-one split.
5:12026 split
10:1 then 5:1Preferred conversion
SX-02Company-specific adjudication
Resolved: underwriter option
The June 15 Form 8-K confirms full exercise: 83,333,333 additional shares and 13,159,198,508 actual post-offering shares.
83,333,333Additional shares
638,888,888Total IPO shares
SX-03Company-specific adjudication
Resolved: Baron XML totals
Independent XML extraction found five SpaceX positions in each filing and preserved common and preferred security bases separately.
$3.110BDec 2025 total
$3.890BMar 2026 total
Economic comparability
A comparison is permitted only to the extent that the investor is receiving economically equivalent exposure.
Evidence boundary
When structures differ, the result is labeled limited, structurally different or non-equivalent rather than forced into a ranking.