Scaling LLC

The Corporate Conservatory · specimen records

Source register

Every reading carries its own date and method. A price, a year of sales, and money paid into a company are different quantities, even when they use the same currency.

46 readings: 4 invented examples and 42 historical records. Among the historical records, 37 are marked high confidence, 5 qualified, and 0 needing verification.

33 of 33 sources carry a recorded retrieval date. A retrieval date records an authoring action; it is not a fresh verification of the page or every claim made from it.

High confidence means the project’s register marks that reading high. Qualified readings keep their specific limitations visible. An invented example is never counted as a historical observation, regardless of its confidence label.

Return to the conservatory · Go to the source documents · Put two readings on the comparison bench

The register

46 of 46 readings on display

Invented examples are counted separately. Confidence labels describe the project’s record; displaying a record does not independently verify it.

illustrative

Lamp Seed Co.

Desk lamps. Eleven employees. A parts hopper, one product chamber and a shelf of finished lamps, all visible from the walkway.

  • Revenue · throughput gauge

    $232 thousand

    232,000 USD

    Invented example

    Observation date: 2026

    Basis
    Invented for the exhibit
    Period covered
    one illustrative year
    Method
    Invented. 4,000 lamps at $58. Used to give the specimen a real business before any financial instrument is attached to it.
    In the tour

    Sources

    This example is invented and has no external source.

  • Equity value · valuation pole

    $3 million

    3,000,000 USD

    Invented example

    Observation date: 2026

    Basis
    Invented for the exhibit
    Method
    Invented. 250,000 shares outstanding at the $12 price struck in the hundred-share trade. This is market capitalisation performed at its smallest honest scale.
    In the tour

    Sources

    This example is invented and has no external source.

  • Capital raised · capital tank

    $480 thousand

    480,000 USD

    Invented example

    Observation date: 2026

    Basis
    Invented for the exhibit
    Method
    Invented. 40,000 newly issued shares at $12, paid to the company. Contrast with the $1,200 secondary trade, which was paid to a person.
    In the tour

    Sources

    This example is invented and has no external source.

  • Equity value · valuation pole

    $3.48 million

    3,480,000 USD

    Invented example

    Observation date: 2026

    Basis
    Invented for the exhibit
    Method
    Invented. 290,000 shares outstanding at $12 after the new issue.
    In the tour

    Sources

    This example is invented and has no external source.

consumer tech

Apple Inc.

Consumer devices, silicon, and a services business grown inside the devices. One tree, a branch for each kind of device.

operating reference

The Coca-Cola Company

Concentrate, brands, bottling investments. Most of what it books is concentrate sold across the dashed line to independent bottlers rather than drink sold to drinkers — 59% of the 2024 line.

  • Revenue · throughput gauge

    $47.06 billion

    47,061,000,000 USD

    High confidence

    Observation date: 2024-12-31

    Basis
    Reported revenue
    Period covered
    FY2024
    Method
    Net operating revenues, calendar year 2024 — the first line of the Consolidated Statements of Income. Coca-Cola mostly sells concentrate to independent bottlers, so its revenue line sits further up the chain than a manufacturer that sells the finished object. "Mostly" is now measured rather than asserted: the filing splits the year into concentrate operations $27,725m and finished product operations $19,336m, so the caveat is true of 59% of this line, not all of it. Unambiguously net — the filing carries no gross-revenue line, and excise and sales taxes collected on customers’ behalf are excluded.
    In the tour

    Source

operating reference

NIKE, Inc.

Footwear and apparel, designed centrally, made under contract, sold everywhere. Shoe lasts, sole presses and boxes of trainers.

historical industrial

United States Steel Corporation

Assembled in 1901 from a dozen separate concerns, and drawn that way: mismatched works bolted together, cold. At formation it controlled about two thirds of American crude-steel output.

  • Stock issued at par · formation ledger

    $1.02 billion

    1,018,433,000 USD

    High confidence

    Observation date: 1901-04

    Basis
    Stock issued at par, not a traded market valuation
    Method
    Par value of the preferred and common stock, from the Bureau of Corporations’ 1911 inquiry: preferred $510,205,743 plus common $508,227,394 = $1,018,433,137, which the report’s pro forma balance sheet at 1 April 1901 prints to the cent as $1,018,433,137.10. The figure quoted at the time and ever since — $1,402,846,817 — is total capitalisation, which adds $303,450,000 of Corporation bonds and about $81m of underlying bonds and purchase-money obligations. That is not an equity value and must never sit on this pole. Two caveats the scene carries: this is PAR VALUE of stock issued, an accounting label on a certificate, not a price (when a company issues shares at par, the subscriber pays the company par for each one, however much the company is worth, and the real cost is dilution); and the Bureau’s table is pro forma, folding in the Shelby Steel Tube acquisition, which did not occur until August 1901.
    In the tour

    Source

historical industrial

Standard Oil Company of New Jersey

A refinery of columns, crude barrels and kerosene cans. On 15 May 1911 the Supreme Court upheld the order dissolving it; the faint seams are a reminder, not a map.

  • Equity value · valuation pole

    $662.8 million

    662,800,000 USD

    Qualified reading

    Observation date: 1911-05-19

    Basis
    Reconstructed from period documents
    Method
    A reconstruction from two contemporaneous documents, published nowhere as such — which is now what the basis says, rather than "public market cap", a label claiming an exchange that never listed this stock. NOT A LISTED-EXCHANGE CLOSE: Standard Oil of New Jersey was never on the New York Stock Exchange, and The Commercial and Financial Chronicle files its price under "Outside Securities" while printing "See Stock Exchange list" for its listed neighbours. This is a traded curb price of 674 from Friday 19 May 1911 — the week the Supreme Court ordered the company broken up — times 983,383 shares of $100 par. Two things the number cannot hide. The Chronicle reports that day’s business as running "from 679 down to 674, ex the usual dividend of $9", so 674 is the low end of a range, not a stated closing price; the week-end quotation was bid 672, asked 677. And the share count is a 1907 count carried forward, unverified for 1911 — on a round 1,000,000 shares the same price gives $674m. The honest band is $663m to $674m.
    In the tour

    Qualification. The two inputs are sourced and the arithmetic is shown, so the figure can run — but it stays medium and cannot go higher, because no document anywhere states it. That is now visible on the plaque as well as in this note: the figure moved from `public-market-cap` to `reconstruction` in the September 2026 offering pass, on the same grounds as 1901 US GDP — careful, evidenced, and stated by nobody. Two things would move it: a dated 1911 share count (the register uses a 1907 one), and any contemporaneous source that aggregates the combination itself rather than quoting its stock. Until then the band, the curb caveat and the ex-dividend note must all stay on screen, and the scene must not call 674 a closing price.

    Sources

ai research

OpenAI

Research and deployment of general-purpose models. A round lab of racks crowned by a conversation window, with committed crates at its base. Restructured in 2025. Privately held as of the register’s latest reading, the October 2025 employee tender.

  • Equity value · valuation pole

    $300 billion

    300,000,000,000 USD

    High confidence

    Observation date: 2025-03-31

    Basis
    Financing-round valuation
    Method
    Post-money valuation of the round announced 31 March 2025: the price paid for the new shares, extended across every share. OpenAI’s own post carries both halves in one clause — "new funding—$40 billion at a $300 billion post-money valuation" — and SoftBank’s release supplies the arithmetic from the other side, a First Closing Pre-Money Valuation of USD 260.0 billion plus up to USD 40.0 billion of investment. No market set this price and none maintains it. It was true of one transaction on one day.
    In the tour

    Sources

  • Capital raised · capital tank

    $40 billion

    40,000,000,000 USD

    High confidence

    Observation date: 2025-03-31

    Basis
    The announced size of the round
    Method
    Announced size of the SoftBank-led round: capital committed to the company, tranched and conditional rather than delivered at once. A PRIMARY round — new capital into OpenAI Global, LLC, for newly issued convertible instruments — not a sale by existing holders. The conditionality is documented rather than assumed: SoftBank describes "follow-on investments of up to USD 40.0 billion", a First Closing of USD 10.0 billion in April 2025 and a Second Closing of up to USD 30.0 billion in December 2025, the second contingent on a recapitalisation by the end of 2025 and falling to USD 10.0 billion if the conditions were not met. Note that OpenAI says "$40 billion" and SoftBank says "up to" — both are primary, and the narration must not say the company raised $40 billion on 31 March 2025. Committed is not the same as banked, and the tank should be drawn as a tank being filled.
    In the tour

    Sources

  • Equity value · valuation pole

    $157 billion

    157,000,000,000 USD

    High confidence

    Observation date: 2024-10-02

    Basis
    Financing-round valuation
    Method
    Post-money valuation of the round announced 2 October 2024, read off OpenAI’s own post: "We’ve raised $6.6B in new funding at a $157B post-money valuation."
    In the tour
    Not on the main route. Retained as a reference record.

    Source

  • Capital raised · capital tank

    $6.6 billion

    6,600,000,000 USD

    High confidence

    Observation date: 2024-10-02

    Basis
    The announced size of the round
    Method
    Size of the round announced 2 October 2024. A PRIMARY round — OpenAI’s wording is "new funding" raised by the company, for compute and research — and not to be confused with the October 2025 secondary, where employees sold their own shares and the company received nothing.
    In the tour
    Not on the main route. Retained as a reference record.

    Source

  • Equity value · valuation pole

    $500 billion

    500,000,000,000 USD

    Qualified reading

    Observation date: 2025-10

    Basis
    Financing-round valuation
    Method
    A tender price, not a primary round: current and former employees sold approximately $6.6 billion of their own shares to a buyer group of Thrive Capital, SoftBank, Dragoneer, MGX and T. Rowe Price, out of up to about $10 billion authorised. OpenAI itself received none of the proceeds — the cash went to individuals holding shares or options. That is why this figure must never sit on a capital tank: zero capital reached the company. The date is when it was reported, not a stated transaction date; none of the reporting gives one.
    In the tour
    Not on the main route. Retained as a reference record.

    Qualification. Held at medium and it cannot go higher: OpenAI is private, a secondary tender by a non-reporting issuer triggers no SEC filing, and the company published nothing. Two independent secondary accounts were fetched and agree; that is the ceiling. If this is ever mounted, it goes on a pole labelled as a tender and never on apparatus that reads as capital raised.

    Source

ai research

Anthropic

Research and deployment of general-purpose models. A terraced lab with pages of text for leaves. A public-benefit corporation, privately held as of the register’s latest reading, the Series F announced on 2 September 2025.

  • Equity value · valuation pole

    $183 billion

    183,000,000,000 USD

    High confidence

    Observation date: 2025-09-02

    Basis
    Financing-round valuation
    Method
    Post-money valuation of the Series F, announced by Anthropic on 2 September 2025 and read off the company’s own announcement. A PRIMARY round — new capital into the company — led by ICONIQ and co-led by Fidelity Management & Research Company and Lightspeed Venture Partners. This is the negotiated price of one round, not a market price and not a tender.
    In the tour

    Source

  • Capital raised · capital tank

    $13 billion

    13,000,000,000 USD

    High confidence

    Observation date: 2025-09-02

    Basis
    The announced size of the round
    Method
    Announced size of the Series F: $13 billion of new capital raised BY the company, at a $183 billion post-money valuation, announced 2 September 2025. $13bn into a $183bn post-money implies a $170bn pre-money, so the new capital is about 7.1% of the post-money company. An announced round size is capital COMMITTED on the announcement date, which is not the same as cash received by that date — tranching is common at this size and the announcement gives no schedule.
    In the tour

    Source

  • Equity value · valuation pole

    $61.5 billion

    61,500,000,000 USD

    High confidence

    Observation date: 2025-03-03

    Basis
    Financing-round valuation
    Method
    Post-money valuation of the Series E, read off Anthropic’s own announcement of 3 March 2025: "Anthropic has raised $3.5 billion at a $61.5 billion post-money valuation."
    In the tour

    Source

  • Capital raised · capital tank

    $3.5 billion

    3,500,000,000 USD

    High confidence

    Observation date: 2025-03-03

    Basis
    The announced size of the round
    Method
    Announced size of the Series E: $3.5 billion of new capital into the company, led by Lightspeed Venture Partners. A PRIMARY round, and no tender or secondary component appears anywhere in the announcement. Delivered flat, with none of the tranching and conditionality language the OpenAI round of the same month carries — which is a genuine difference between the two instruments rather than a difference in how carefully each was written up.
    In the tour

    Source

chip infrastructure

NVIDIA Corporation

Accelerators, interconnect, and the software layer that keeps them busy. The busiest specimen in the new wing. Fiscal year ends in January.

operating reference

Intel Corporation

Defined the industry for thirty years. In fiscal 2024, the year on this plaque, it still manufactured its own processors, which by then was unusual. Drawn as a wafer fab: cleanroom terraces, wafer carriers and chips on trays.

  • Revenue · throughput gauge

    $53.1 billion

    53,101,000,000 USD

    High confidence

    Observation date: 2024-12-28

    Basis
    Reported revenue
    Period covered
    FY2024
    Method
    Consolidated net revenue for the fiscal year ended 28 December 2024 — Intel’s year ends on the Saturday nearest 31 December, which is why the date is not the 31st. Including Intel Foundry, whose external revenue is small relative to its total: most of it is intersegment and eliminated, which is exactly what makes a foundry figure quoted out of context misleading.
    In the tour

    Source

aerospace

Space Exploration Technologies Corp.

Orbital launch, a satellite broadband network, and — on the June 2026 quarterly filing — an AI segment beside them. Drawn as a reusable booster grown through the roof, trailing satellites. Private until 11 June 2026; listed on Nasdaq as SPCX from 12 June 2026.

  • Equity value · valuation pole

    $350 billion

    350,000,000,000 USD

    Qualified reading

    Observation date: 2024-12

    Basis
    Financing-round valuation
    Method
    A private insider tender offer, not a market price. Reported 11 December 2024: SpaceX and a group of its investors agreed to buy up to $1.25 billion of shares from existing holders at $185.00 a share, implying about $350 billion; SpaceX itself took up to $500 million of that. No new capital was raised. The $185 price was set inside the transaction rather than discovered by trading — the previous tender, less than three months earlier, was priced at $112. A tender is a liquidity event the company organises, at a price it helps set, for holders who want out. In December 2024 it was the only kind of price this specimen had; since June 2026 it is not, which is why the date has to stay visibly attached. The date is the report date, not a stated transaction date — no source gives one, so this is not a 31 December figure and must not be dated as one. TWO REASONS THIS FIGURE CANNOT BE RUN AGAINST THE 2026 ONES, both read off the registration statement. The share price is pre-split: a five-for-one split of every class took effect on 4 May 2026, so $185.00 here and $135.00 there are not comparable per-share prices and no scene may set them side by side. And the company is not the same perimeter: SpaceX acquired X.AI Holdings Corp. effective 2 February 2026, which had itself acquired X Holdings Corp. in March 2025, and the prospectus restates its history to include both as transactions between entities under common control. The thing priced at $350bn in December 2024 is smaller than the thing that listed.
    In the tour

    Qualification. Held at medium and it cannot go higher. At the time SpaceX filed no financial statements, and an employee tender by a non-reporting issuer triggers no SEC tender-offer filing, so no primary document exists for this figure and none ever will. Three independent outlets were fetched and agree on $185 a share, the $1.25bn size and the $112 predecessor. That is the ceiling of what is knowable, not a research gap. What DID change in the September 2026 offering pass is the surrounding warning: the 2026 stock split and the xAI merger make this figure non-comparable with the listing figures, and anyone tempted to draw an arrow from one to the other has to deal with both first.

    Sources

  • Equity value · valuation pole

    $400 billion

    400,000,000,000 USD

    Qualified reading

    Observation date: 2025-07

    Basis
    Financing-round valuation
    Method
    A private share price of $212.00 set in July 2025, implying about $400 billion. IMPORTANT BASIS CORRECTION: this was not a pure tender. As reported on 8 July 2025 the plan combined two different instruments — a primary fundraising round bringing new capital into the company, and a separate tender letting employees sell existing shares to a selected group of investors. One prices new money entering; the other prices existing holders leaving. At that date the deal was explicitly still in negotiation and no per-share price had been published; the $212 is confirmed only retrospectively, by December 2025 reporting referring back to it as settled.
    In the tour
    Not on the main route. Retained as a reference record.

    Qualification. Unused on any instrument, and the reason to keep it that way is the combined structure: a blended primary-plus-tender price does not belong on apparatus labelled either way. If it is ever promoted onto a pole, the combined-instrument caveat travels with it. No primary document exists for it: it predates the registration statement.

    Source

  • IPO proceeds · offering tray

    $86.25 billion

    86,249,999,880 USD

    High confidence

    Observation date: 2026-06-15

    Basis
    Offering arithmetic
    Method
    Gross proceeds: 638,888,888 shares at the $135.00 offer price, before underwriting commissions and offering expenses. All of it to the company, because every share in the offering was newly issued by it. TWO NUMBERS FOR TWO MOMENTS, and the scene must not blur them. At pricing on 11 June the deal was 555,555,555 shares — 555,555,555 × $135.00 = $74,999,999,925, which is the "$75 billion" of the headlines. At closing on 15 June it was 638,888,888, because the underwriters took the whole 83,333,333-share over-allotment option. The prospectus prints the larger figure itself, in a dilution footnote: "the total consideration paid by our new investors would be approximately $86,249,999,880". So the widely quoted $75bn understates what was raised by $11.25bn.
    In the tour

    Sources

  • IPO proceeds · offering tray

    $85.68 billion

    85,675,000,000 USD

    High confidence

    Observation date: 2026-06-30

    Basis
    Offering arithmetic
    Method
    Net proceeds actually received, as stated in the Form 10-Q for the quarter in which the offering closed: "$85,675 million after deducting the underwriting commissions and offering costs of $575 million". The cost of the raise was therefore 0.67% of the gross, against a typical US IPO underwriting spread of 3–7%, and the reason is on the prospectus cover: the discount was $0.90 a share on the base shares and, by footnote, $0.00 on the over-allotment shares, so 83,333,333 shares delivered the full $135.00 each. The $575m lumps commissions and expenses together; the $500,000,000 commission line is from the prospectus, so the ~$75m of other expenses is a residual rather than a separately stated figure.
    In the tour

    Sources

  • IPO proceeds · offering tray

    $0

    0 USD

    High confidence

    Observation date: 2026-06-15

    Basis
    Offering arithmetic
    Method
    Zero, and the zero is the finding. Not one share in the offering was sold by an existing holder, so no proceeds went to anyone but the company. Established from the document rather than inferred from silence: the cover says "We are offering 555,555,555 shares" and puts the over-allotment shares "from us"; the cover’s proceeds table has a single proceeds line, to the company, where a deal with sellers in it carries two; and the strings "selling shareholder" and "selling stockholder" appear zero times in the whole 1.48-million-character document, whose 77 uses of "selling" are all "selling, general and administrative". Compare Facebook in 2012, where 57.3% of the shares offered were sold by existing holders.
    In the tour

    Source

  • Equity value · valuation pole

    $1.78 trillion

    1,776,491,798,580 USD

    High confidence

    Observation date: 2026-06-11

    Basis
    The offer price applied to every share outstanding
    Method
    The $135.00 offer price applied to all 13,159,198,508 shares outstanding immediately after the offering — 7,463,530,243 Class A plus 5,695,668,265 Class B, the case in which the over-allotment is exercised in full, which is what happened. Both inputs are printed in the prospectus; the multiplication is ours, and the share total is a sum of two printed lines rather than a printed line itself. AN IMPLIED VALUE, NOT A MARKET CAPITALISATION: the cover states "no public market exists for our Class A common stock", and the price was set by the issuer and its underwriters rather than discovered by trading — the same distinction the December 2024 tender figure carries, arriving at a different scale. MIND THE BASE DATE: the share count is built on 6,824,641,355 Class A and 5,695,668,265 Class B outstanding at 31 March 2026, pro forma for the Class C Reclassification and the Preferred Conversion, plus the offered shares. It excludes 133,793,640 Class A and 358,169,015 Class B shares issuable on outstanding options. On the base-offering count of 13,075,865,175 the same price gives $1,765,241,798,625. The company being priced is also a larger perimeter than the one the December 2024 tender priced: it absorbed X.AI Holdings Corp. effective 2 February 2026, and all share and per-share figures in the prospectus are restated for a five-for-one split effective 4 May 2026.
    In the tour

    Source

  • Equity value · valuation pole

    $2.12 trillion

    2,117,972,999,863 USD

    Qualified reading

    Observation date: 2026-06-12

    Basis
    A traded price applied to the stated share count
    Method
    The first-day close, $160.95 on 12 June 2026, applied to the same 13,159,198,508 shares: $2,117,972,999,863, about $2.12 trillion. BOTH INPUTS, AND THEY ARE NOT THE SAME KIND OF THING. The share count is filing-stated (424(b)(4), full over-allotment case, on a 31 March 2026 base). The price is market data and cannot be anything else — closing prices do not appear in SEC filings — and it rests on a vendor’s series, whose 15 June close of $192.50 is stated as +19.6%. That bounds the session before to $160.89–$161.02 rather than to the cent; $160.95, the close press reports give, sits inside it, and the band moves this figure by less than $1bn. The listing date itself is filed: a BofA Finance pricing supplement refers to "the period from June 12, 2026 (the date SPCX began trading)". The two inputs are also not struck on the same instant, which the scene should not hide: on 12 June the new shares had been sold but the offering did not close, with the over-allotment, until 15 June, so no filing states a clean 12 June count. Quote it as "about $2.1 trillion" and say what was multiplied by what.
    In the tour

    Qualification. Medium because of the price, not the arithmetic, and it is one of the few figures here that a better source could still improve. The share count and the listing date are filed and settled. The $160.95 is a press-reported close consistent with the vendor’s stated percentage change (which pins it only to $160.89–$161.02), from a vendor validated against one primary price (the BofA supplement’s $147.95 on 4 September 2026), and consistent with press reports that were NOT opened — cnbc.com and forbes.com both refused the request (HTTP 403). To move it: get an official Nasdaq close for 12 June 2026, or rebuild it the way Boeing’s was rebuilt, from a fund schedule or 13F-HR struck on the measurement date. Do not "confirm" it from the EDGAR full-text hit for $161.11 — that value is an unrelated loan position in another filer’s N-PORT.

    Sources

operating reference

The Boeing Company

Commercial aircraft, defence, and space: fuselage sections on jigs, wings on stands, a finished airliner on the apron. Listed on the New York Stock Exchange throughout 2024, so its December 2024 reading is a closing price, not a negotiated one.

  • Equity value · valuation pole

    $133 billion

    133,000,000,000 USD

    High confidence

    Observation date: 2024-12-31

    Basis
    A traded price applied to the stated share count
    Method
    749,216,319 shares outstanding at 31 December 2024 times a closing price of $177.00 on the same day: $132,611,288,463, which the register shows as $133 billion. Both inputs are dated 31 December 2024, which is what the measurement grammar asks for. The share count is the FY2024 10-K balance sheet’s 1,012,261,159 shares issued minus 263,044,840 held in treasury — the equity raise of October 2024 was satisfied largely by reissuing treasury stock, so a count taken from the Q3 10-Q would give about $109bn, 18% too low. COMMON EQUITY ONLY: Boeing also had roughly $5.66 billion of mandatory convertible preferred outstanding at this date. That is equity and it is not in this number. 2024 was a bad year for the share price, which is part of why the comparison in S17 is about the mechanism rather than the ranking.
    In the tour

    Sources

operating reference

Facebook, Inc. (2012 initial public offering)

The offering of 17 May 2012, kept as a teaching specimen: a canopy of linked profile cards and photo frames on a server trunk. Priced at $38 a share.

nation

United States

Annual output. A flow, measured over a year — not a price, and not a stock of anything.

  • Annual national output · production frame

    $27.81 trillion

    27,811,517,000,000 USD

    High confidence

    Observation date: 2023

    Basis
    National accounts
    Period covered
    2023
    Method
    Gross domestic product, current US dollars, calendar year 2023. World Bank series NY.GDP.MKTP.CD, vintage last updated 2026-07-13, retrieved 18 September 2026. Nominal and converted at market exchange rates — not PPP, although for the United States the two series return the same number, because the US is the PPP base country. The $27.36tn this replaces was a stale vintage rather than a wrong basis: BEA’s annual updates revised 2023 upward and the World Bank carried that through.
    In the tour
    Not on the main route. Retained as a reference record.

    Qualification. Value confirmed, but this is a standing obligation rather than a closed item: the figure has already moved once and will move again. Re-run the World Bank query before launch and update the vintage and retrieval dates in the basis note.

    Source

  • Annual national output · production frame

    $22.93 billion

    22,931,000,000 USD

    High confidence

    Observation date: 1901

    Basis
    Reconstructed from period documents
    Period covered
    1901
    Method
    Nominal GDP for 1901 on the Johnston–Williamson series (published 2006), linked to the BEA national accounts from 1929 forward. Retrieved 18 September 2026. A RECONSTRUCTION, NOT A MEASUREMENT: US national accounting did not exist in 1901 — the Commerce Department was not directed to estimate national income until 1932 — so every pre-1929 figure of this kind is scholarly reconstruction, and the reconstructions disagree with each other. The source itself is currently raising money to re-measure exactly this period. Good for an order of magnitude and nothing finer. The $20.7bn this replaces is not reproducible from the source the register cites, and no fetchable document producing it was found.
    In the tour
    Not on the main route. Retained as a reference record.

    Qualification. Value settled against the cited series, and the labelling defect that used to sit here is closed: the `basis` enum gained a `reconstruction` member in the September 2026 offering pass and this figure was moved onto it, so the plaque no longer claims national accounts for a year in which there were none. What remains is not a task but a property of the number: the reconstructions disagree with each other, the cited page names eleven of them, and this one is good for an order of magnitude and nothing finer. Mounted in no route room; the comparison bench can show it, and its reconstruction label travels with it there.

    Source

nation

Sweden

Annual output of about ten million people. A flow, measured over a year.

  • Annual national output · production frame

    $578.99 billion

    578,990,000,000 USD

    High confidence

    Observation date: 2023

    Basis
    National accounts
    Period covered
    2023
    Method
    Gross domestic product, current US dollars, calendar year 2023, converted at market exchange rates. World Bank series NY.GDP.MKTP.CD, vintage last updated 2026-07-13, retrieved 18 September 2026 and re-queried unchanged on 23 September. Not PPP: the PPP series returns $721bn for the same country and year. The dollar conversion can move this figure more than the economy does: from 2022 to 2023 output rose 5.6% in krona but 0.7% in dollars ($575.07bn to $578.99bn), because the krona fell against the dollar, while real growth was −0.2%. The IMF agrees to three decimal places here, so there is no source-selection judgement to disclose.
    In the tour

    Qualification. Value confirmed, but standing: re-run the World Bank query before launch and update the vintage and retrieval dates. S14 shows it on the production frame only; its narration names no figure and no population, so a change here needs no copy edit.

    Source

nation

Switzerland

Annual output. Held in the register as an alternative to Sweden for the production frame.

  • Annual national output · production frame

    $928.44 billion

    928,440,000,000 USD

    High confidence

    Observation date: 2023

    Basis
    National accounts
    Period covered
    2023
    Method
    Gross domestic product, current US dollars, calendar year 2023, converted at market exchange rates. World Bank series NY.GDP.MKTP.CD, vintage last updated 2026-07-13, retrieved 18 September 2026. The World Bank figure is the one used, said explicitly because here the sources differ: the IMF gives $928.689bn for the same country-year. The $884.9bn this replaces sat between the nominal figure and the PPP one ($835.01bn) and matched neither, which rules out the worst possible explanation — a PPP figure smuggled in under a nominal label.
    In the tour
    Not on the main route. Retained as a reference record.

    Qualification. Value confirmed; two standing items. Re-run the World Bank query before launch. It is mounted in no route room and is kept as the swap-in for Sweden; the comparison bench can show it. At $928bn Switzerland is 1.6x Sweden. S14’s narration names neither country’s figure, but Sweden’s plaque says "about ten million people", so a swap needs a new plaque.

    Source

Every document cited

The figure records above identify which sources support which readings. Full authoring notes live here once, rather than being repeated below every figure. Missing retrieval dates and links stay explicit.

  1. Apple Inc., Form 10-K for the fiscal year ended September 28, 2024 (opens in a new tab)

    U.S. Securities and Exchange Commission (EDGAR) — primary · Retrieved 2026-09-18

    Fetched and read. The net-sales-by-category table appears twice in the filing — Item 7 MD&A and the revenue-disaggregation note — and both read identically for FY2024, in millions: iPhone 201,183; Mac 29,984; iPad 26,694; Wearables, Home and Accessories 37,005; Services 96,169; Total net sales 391,035. These are category NET SALES, not segment income: Apple’s reportable segments are geographic and it does not publish what a category earns. FY2024 is 52 weeks against FY2023’s 53, which is why some year-over-year percentages read oddly. The Services line carries a filed footnote stating that it includes amortisation of the deferred value of services bundled into product prices.

  2. Apple Inc., Form 10-Q for the quarterly period ended December 28, 2024 (opens in a new tab)

    U.S. Securities and Exchange Commission (EDGAR) — primary · Retrieved 2026-09-18

    Fetched and read. Supplies the share count for the 31 December 2024 market capitalisation. The balance sheet states 15,040,731 thousand shares issued and outstanding at 28 December 2024; the cover states 15,022,073,000 as of 17 January 2025. The balance-sheet date is three days from the measurement date and the cover date is seventeen, so the balance-sheet count is the one used. For contrast, the FY2024 10-K cover count (15,115,823,000 as of 18 October 2024) is 74 days from the measurement date and produces $3.785tn — that stale count is what the register used to carry.

  3. NVIDIA Corporation, Form 10-K for the fiscal year ended January 26, 2025 — Segment Information, Schedule of Revenue by Market (Details) (opens in a new tab)

    U.S. Securities and Exchange Commission (EDGAR) — primary · Retrieved 2026-09-18

    Fetched and read. Accession 0001045810-25-000023. The url is the rendered exhibit for the revenue-by-market table, which is the document actually opened; it carries three fiscal years side by side. FY2025 column, in millions: Data Center 115,186 (Compute 102,196 + Networking 12,990), Gaming 11,350, Professional Visualization 1,878, Automotive 1,694, OEM and Other 389, Total revenue 130,497. The components sum exactly to the total. Note the fiscal-year offset: NVIDIA labels a year AHEAD of most of the calendar months it covers, so FY2025 ended January 2025 and mostly covers calendar 2024.

  4. NVIDIA Corporation, Form 10-K for the fiscal year ended January 28, 2024 — Segment Information, Schedule of Revenue by Market (Details) (opens in a new tab)

    U.S. Securities and Exchange Commission (EDGAR) — primary · Retrieved 2026-09-18

    Fetched and read. Accession 0001045810-24-000029, filed 2024-02-21. FY2024 column, in millions: Data Center 47,525, Gaming 10,447, Professional Visualization 1,553, Automotive 1,091, OEM and Other 306, Total revenue 60,922 — components sum exactly. Carries the FY2023 comparative (Total 26,974, Data Center 15,005). The FY2024 Data Center line appears unchanged as the comparative column of both the FY2025 and FY2026 filings, so it has never been restated.

  5. NVIDIA Corporation, Form 10-Q for the quarterly period ended October 27, 2024 (opens in a new tab)

    U.S. Securities and Exchange Commission (EDGAR) — primary · Retrieved 2026-09-18

    Fetched. Supplies the share count for the 31 December 2024 market capitalisation. The cover states the count as "24.49 billion" shares of $0.001 par common stock outstanding as of 15 November 2024 — four significant figures, so do not write it as 24,490,000,000 and imply a precision the filing does not carry. The rounding band is about ±5m shares, ±$0.7bn against a $3.29tn figure. NVIDIA has a single class of common stock, so shares outstanding is the whole multiplier.

  6. The Boeing Company, Form 10-K for the fiscal year ended December 31, 2024 (opens in a new tab)

    U.S. Securities and Exchange Commission (EDGAR) — primary · Retrieved 2026-09-18

    Accession 0000012927-25-000015, filed 2025-02-03. The share count was read from the filing’s XBRL facts via data.sec.gov (CIK 0000012927), also fetched: us-gaap:CommonStockSharesOutstanding 1,012,261,159 and us-gaap:TreasuryStockCommonShares 263,044,840, both tagged end 2024-12-31. TAG TRAP, and it is the U.S. Steel error in modern dress: CommonStockSharesOutstanding carries the balance-sheet ISSUED caption for Boeing, not shares outstanding. Taken at face value it gives $179bn, 35% too high. Outstanding must be issued minus treasury: 749,216,319. The tell is that the tag reports the same 1,012,261,159 at both 2023-12-31 and 2024-12-31, across a year in which the float rose about 131 million shares.

  7. The Coca-Cola Company, Form 10-K for the year ended December 31, 2024 (opens in a new tab)

    U.S. Securities and Exchange Commission (EDGAR) — primary · Retrieved 2026-09-18

    Fetched and read. Net operating revenues, first line of the Consolidated Statements of Income: 2024 $47,061m; 2023 $45,754m; 2022 $43,004m. Unambiguously net — the filing presents no gross-revenue line and the revenue-recognition note states that sales, use, value-added and excise taxes collected on customers’ behalf are excluded. The line-of-business disaggregation for 2024 is concentrate operations $27,725m and finished product operations $19,336m, which matters for the iPhone comparison: the familiar "Coca-Cola books concentrate, not the price on the bottle" caveat is true of 59% of the line, not all of it. Calendar-year filer.

  8. Intel Corporation, Form 10-K for the fiscal year ended December 28, 2024 (opens in a new tab)

    U.S. Securities and Exchange Commission (EDGAR) — primary · Retrieved 2026-09-18

    Fetched and read. Consolidated net revenue $53,101m, appearing identically in the MD&A results table, the audited Consolidated Statements of Operations, the segment note and the revenue-by-region table. Segment reconciliation checks: Intel Products 48,949 + Intel Foundry 17,543 + All Other 3,824 − intersegment eliminations 17,215 = 53,101. Intel’s fiscal year ends on the Saturday nearest 31 December, hence the 28 December date. Most of Intel Foundry’s revenue is intersegment and eliminated, which is what makes a foundry figure quoted out of context misleading.

  9. NIKE, Inc., Form 10-K for the fiscal year ended May 31, 2024 — Consolidated Statements of Income (XBRL-rendered exhibit R3.htm), accession 0000320187-24-000044 (opens in a new tab)

    U.S. Securities and Exchange Commission (EDGAR) — primary · Retrieved 2026-09-18

    Fetched and read. Total Revenues, in millions: FY2024 $51,362; FY2023 $51,217; FY2022 $46,710. RULE OF THIS FILE, STATED BECAUSE IT APPLIES HERE: the primary document nke-20240531.htm is 2,651,098 bytes and was NOT opened whole, so the figure was taken from the filing’s own rendered income statement and from EDGAR’s XBRL company-concept API (data.sec.gov/api/xbrl/companyconcept/CIK0000320187/us-gaap/RevenueFromContractWithCustomerExcludingAssessedTax.json), which returns 51,362,000,000 for start 2023-06-01 / end 2024-05-31 on this accession and repeats it unchanged as the comparative in the FY2025 and FY2026 10-Ks. Never restated. Nike’s fiscal year ends 31 May, so FY2024 overlaps Apple’s FY2024 (to 28 September 2024) by eight months rather than twelve.

  10. Facebook, Inc., prospectus filed pursuant to Rule 424(b)(4), Registration No. 333-179287, filed 18 May 2012 (accession 0001193125-12-240111, document d287954d424b4.htm) (opens in a new tab)

    U.S. Securities and Exchange Commission (EDGAR) — primary · Retrieved 2026-09-18

    Fetched whole — 3,545,287 bytes, matching the byte count on the filing index — and the cover page read directly. Cover, first paragraph: "Facebook, Inc. is offering 180,000,000 shares of its Class A common stock and the selling stockholders are offering 241,233,615 shares of Class A common stock. We will not receive any proceeds from the sale of shares by the selling stockholders." Price in display type: "PRICE $38.00 A SHARE". Cover table, per share then total: price to public $38.00 / $16,006,877,370; underwriting discounts $0.418 / $176,075,651; proceeds to Facebook $37.582 / $6,764,760,000; proceeds to selling stockholders $37.582 / $9,066,041,719. MIND WHICH LINE YOU QUOTE: the register’s $6.84bn and $9.167bn are price × shares, i.e. GROSS, and the cover’s two proceeds lines are already net of the underwriting discount. Summary share counts after the offering: Class A 633,492,418 plus Class B 1,504,592,619 = 2,138,085,037 total, assuming no over-allotment exercise. Filed under Facebook, Inc.; the filer is now Meta Platforms, Inc.

  11. Facebook, Inc., Form 10-K for the fiscal year ended December 31, 2012 (filed 2013-01-30) (opens in a new tab)

    U.S. Securities and Exchange Commission (EDGAR) — primary · Retrieved 2026-09-18

    Fetched and read. This is the audited, after-the-fact document, and it settles two things the prospectus cannot, because the prospectus is dated at pricing. First, the final sold amounts: "we issued and sold 180,000,000 shares of Class A common stock" and "the selling stockholders sold 241,233,615 shares … We did not receive any proceeds from the sale of shares by the selling stockholders" — the base offering exactly, so the 63,185,042-share over-allotment option was NOT exercised on either side. This cuts against the common secondary-source belief that it was. Second, the money actually banked: "The total net proceeds received from the IPO were $6.8 billion after deducting underwriting discounts and commissions of $75 million and other offering expenses of approximately $7 million." The $75m ties to the prospectus’s No-Exercise column ($75,240,000) rather than its Full-Exercise column ($76,533,644), which is the second, independent proof that the greenshoe went unexercised.

  12. Space Exploration Technologies Corp., prospectus filed pursuant to Rule 424(b)(4), Registration No. 333-296070 — 555,555,555 Shares Class A Common Stock, prospectus dated June 11, 2026 (accession 0001628280-26-042639) (opens in a new tab)

    U.S. Securities and Exchange Commission (EDGAR) — primary · Retrieved 2026-09-18

    Opened and read on 18 September 2026. The filing is 11,953,976 bytes, too large for a page reader to take whole, so it was downloaded, stripped of its formatting to 1,479,630 characters of text, and searched. Cover, verbatim: "We are offering 555,555,555 shares of our Class A common stock. Currently, no public market exists for our Class A common stock. The initial public offering price is $135.00 per share." Cover table: initial public offering price $135.00 per share / $74,999,999,925 total. Over-allotment, and the word that matters is "from us": "The underwriters may also exercise an option to purchase up to an additional 83,333,333 shares of our Class A common stock from us, at the initial public offering price for 30 days after the date of this prospectus." THE NEGATIVE FINDING IS THE LOAD-BEARING ONE: the strings "selling shareholder" and "selling stockholder" occur ZERO times in the whole document; all 77 occurrences of "selling" are "selling, general and administrative". There is a Principal Shareholders section and no Principal and Selling Shareholders section, and the cover’s proceeds table has one proceeds line — "to Space Exploration Technologies Corp." — and no line for selling holders. The offering was all-primary. Underwriting table, No Exercise then Full Exercise: public offering price $74,999,999,925 / $86,249,999,880; discounts $500,000,000 in both columns, because footnote (1) states the underwriters take no discount on over-allotment shares; proceeds before expenses to us $74,499,999,925 / $85,749,999,880. Shares after the offering: Class A "7,380,196,910 shares (or 7,463,530,243 shares if the underwriters exercise their option … in full)", Class B 5,695,668,265. Dilution table: existing holders 12,520,309,620 shares at an average $6.48, new investors 555,555,555 at $135.00, immediate dilution to new investors $127.15 a share.

  13. SPDR S&P 500 ETF Trust, NPORT-EX schedule of investments at December 31, 2024 (opens in a new tab)

    U.S. Securities and Exchange Commission (EDGAR) — primary · Retrieved 2026-09-18

    Fetched and read. This is where the 31 December 2024 closing prices in this register come from, and the provenance is unusual enough to state plainly: they are not quotes read off a ticker or a vendor page, they are prices IMPLIED by a date-stamped SEC-filed holdings table, which values US-listed equities at the official close. Dividing value by shares for each holding: Apple, Inc. 190,052,772 / $47,593,015,164 = $250.42; NVIDIA Corp. 308,418,169 / $41,417,475,915 = $134.29; Boeing Co. 9,399,607 / $1,663,730,439 = $177.00 exactly. Exchange tick data is not freely fetchable and every vendor page tried (Nasdaq, Yahoo, Stooq, WSJ) either refused or served a bot challenge; a filed document is a better answer anyway. Rebuild any future market cap this way: price from a fund schedule or a 13F-HR struck on the measurement date, share count from the issuer’s nearest filing, and record both inputs.

  14. Invesco QQQ Trust, Series 1, NPORT-EX schedule of investments at December 31, 2024 (opens in a new tab)

    U.S. Securities and Exchange Commission (EDGAR) — primary · Retrieved 2026-09-18

    Fetched and read. An unrelated filer, used to confirm the prices above to the cent: Apple, Inc. 124,587,040 / $31,199,086,557 = $250.42 and NVIDIA Corp. 201,850,548 / $27,106,510,091 = $134.29. QQQ tracks the Nasdaq-100 and does not hold Boeing, so the $177.00 close rests on the SPDR filing alone. NVIDIA is the one to watch: $133.94 (Yahoo) and $134.09 (Digrin) are both dividend-ADJUSTED closes published for this date and both circulate as "the close". Neither is the right input for a market capitalisation. Use the raw close, $134.29.

  15. New funding to build towards AGI — OpenAI, March 31, 2025 (opens in a new tab)

    OpenAI (company announcement — primary for the company’s own round) · Retrieved 2026-09-18

    Opened and read on 18 September 2026, in a browser, at the third attempt. OpenAI’s site refuses automated requests (HTTP 403), so the page was opened by hand; the address above is the one the page itself declares as its own, not a guessed one. Page date line: March 31, 2025. The sentence carrying both figures: "new funding—$40 billion at a $300 billion post-money valuation". OpenAI’s own post does not name a lead investor and gives no schedule; the tranching comes from the SoftBank release cited beside it.

  16. Announcement Regarding Follow-on Investments in OpenAI Global, LLC — SoftBank Group Corp., April 1, 2025 (opens in a new tab)

    SoftBank Group Corp. (investor announcement) — primary, the other side of the transaction · Retrieved 2026-09-18

    PDF fetched and text-extracted. This is the document that makes the $40bn honest rather than round. SoftBank describes "follow-on investments of up to USD 40.0 billion", structured as a First Closing of USD 10.0 billion (timing April 2025) and a Second Closing of up to USD 30.0 billion (December 2025), the second contingent on OpenAI Global completing "a recapitalization of its economic waterfall" by end-2025 and falling to USD 10.0 billion if those conditions are not met; up to USD 10.0 billion of the total was to be syndicated. First Closing Pre-Money Valuation USD 260.0 billion, which is the independent arithmetic check on the post-money: 260 + 40 = 300. The instrument is "Convertible Interest Rights" convertible into preferred shares of a new entity — newly issued, so the company receives the money. NOTE THE DIVERGENCE, because both sources are primary: OpenAI says "$40 billion" flat and SoftBank says "up to USD 40.0 billion". The scene must not say OpenAI raised $40 billion on 31 March 2025.

  17. New funding to scale the benefits of AI — OpenAI, October 2, 2024 (opens in a new tab)

    OpenAI (company announcement — primary for the company’s own round) · Retrieved 2026-09-18

    Opened and read on 18 September 2026 in a browser, the same way as the March 2025 post: OpenAI’s site refuses automated requests, and the address above is the one the page declares as its own. Page date line: October 2, 2024. Verbatim: "We’ve raised $6.6B in new funding at a $157B post-money valuation to accelerate progress on our mission." Stated use: frontier research, compute capacity, tools. The post does not name the lead investor; TechCrunch (secondary, also fetched: techcrunch.com/2024/10/02/openai-raises-6-6b-and-is-now-valued-at-157b) names Thrive Capital. If a scene names a lead, it cites the secondary and says so.

  18. OpenAI is the world’s most valuable private company after private stock sale (opens in a new tab)

    TechCrunch — SECONDARY · Retrieved 2026-09-18

    Fetched, and corroborated by a second fetched account at pymnts.com/news/investment-tracker/2025/openai-reaches-500-billion-valuation-after-share-sale, which credits the Financial Times. Both report: $500bn valuation, approximately $6.6bn of stock sold by current and former employees to SoftBank, Dragoneer, Thrive Capital, MGX and T. Rowe Price, and that the cash went to individuals holding shares or options rather than to the company. PYMNTS puts the authorised amount at up to about $10bn. NO PRIMARY DOCUMENT EXISTS OR CAN EXIST: OpenAI is private, a secondary tender by a non-reporting issuer triggers no SEC filing, and openai.com and cnbc.com both refused the request (HTTP 403) and were not opened. That is a ceiling on confidence, not a gap more searching would close.

  19. Anthropic raises $13B Series F at $183B post-money valuation (opens in a new tab)

    Anthropic (company announcement — the primary source available for a private round) · Retrieved 2026-09-18

    Fetched and read. Dated 2 September 2025: "Anthropic has completed a Series F fundraising of $13 billion led by ICONIQ. This financing values Anthropic at $183 billion post-money." Co-led by Fidelity Management & Research Company and Lightspeed Venture Partners. The same page gives run-rate revenue of approximately $1bn at the start of 2025 and over $5bn by August 2025 — run-rate is annualised from a short recent period, is not audited fiscal-year revenue, and must not be mounted on the revenue gauge. An announced round size is also capital COMMITTED on the announcement date; tranching is common at this size and the post gives no schedule, so the narration must not slide into "the company received $13 billion that day". Superseded for currency, not for accuracy: a $30bn Series G at $380bn post-money was announced 12 February 2026.

  20. Anthropic raises Series E at $61.5B post-money valuation (opens in a new tab)

    Anthropic (company announcement — the primary source available for a private round) · Retrieved 2026-09-18

    Opened and read twice on 18 September 2026: once by an automated request, which anthropic.com accepts, and once in a browser, where the address the page declares as its own matched. Dateline: Mar 3, 2025. Verbatim: "Anthropic has raised $3.5 billion at a $61.5 billion post-money valuation." Led by Lightspeed Venture Partners, with Bessemer, Cisco Investments, D1 Capital, Fidelity, General Catalyst, Jane Street, Menlo Ventures and Salesforce Ventures among others. Stated use: next-generation systems, compute capacity, interpretability and alignment research, international expansion. No tender or secondary component is mentioned anywhere in the post, and unlike the OpenAI round of the same month there is no tranching or conditionality language — which is why S15’s instrument is genuinely simpler than S14’s rather than simplified.

  21. SpaceX Valuation Jumps to About $350 Billion in Insider Deal (opens in a new tab)

    Bloomberg, fetched via Yahoo Finance syndication — SECONDARY · Retrieved 2026-09-18

    Fetched. Reported 11 December 2024. SpaceX and a group of its investors agreed to buy up to $1.25bn of shares from existing holders at $185.00 a share, implying about $350bn; SpaceX itself took up to $500m of that. No new capital was raised. The $185 price was set inside the transaction, not discovered by trading — the prior tender less than three months earlier was priced at $112. Corroborated by two further fetched accounts (news.crunchbase.com and spaceinsider.tech, the latter dated 11 December 2024) agreeing on every figure. Bloomberg’s own page is paywalled and CNBC refused the request (HTTP 403); neither was opened, so neither is cited. At the time no primary document existed or could exist. The best available date is the report date; this is NOT a 31 December figure.

  22. SpaceX share sale priced at $212, implying about $400 billion, July 2025 — a combined primary round and insider tender, price confirmed only by later reporting (opens in a new tab)

    TechCrunch, with Fortune reporting Bloomberg — SECONDARY · Retrieved 2026-09-18

    Fetched. The July 2025 event was NOT a pure insider tender, and the register used to say it was. TechCrunch, 8 July 2025: the plan was to "raise money via a fundraising round and separately hold a tender offer to allow employees to sell some of their shares to a select group of investors", and the deal was in talks, with "discussions are still ongoing, and the deal, including the final price, could change". No per-share price was published that day. The $212 price is confirmed retrospectively by two fetched outlets carrying the same Bloomberg line — fortune.com/2025/12/13/spacex-ipo-plan-2026-secondary-offering-insider-share-sale-800-billion-valuation and phys.org/news/2025-12-spacex-billion-valuation-ipo.html — "nearly double the $212 a share set in July at a $400 billion valuation". A primary round and a tender are different instruments: one prices new money entering the company, the other prices existing holders leaving. If this figure is ever promoted onto a pole, that caveat travels with it.

  23. Space Exploration Technologies Corp., Form 10-Q for the quarterly period ended June 30, 2026 (opens in a new tab)

    U.S. Securities and Exchange Commission (EDGAR) — primary · Retrieved 2026-09-18

    Fetched and read, and it overturns a premise this project had locked. SpaceX is no longer a private company. CIK 0001181412. The cover registers "Class A Common Stock, $0.001 par value" under the symbol "SPCX" on "The Nasdaq Stock Market LLC" and "Nasdaq Texas, LLC", and states: "As of July 28, 2026, the registrant had 7,696,293,669 shares of Class A common stock and 5,485,486,276 shares of Class B common stock outstanding." Part II Item 2, Use of Initial Public Offering Proceeds, verbatim: "On June 15, 2026 the Company completed its IPO, in which the Company issued and sold 638,888,888 shares of its Class A common stock at a public offering price of $135.00 per share, including the full exercise of the underwriters’ over-allotment option, which resulted in net proceeds of $85,675 million after deducting the underwriting commissions and offering costs of $575 million." The equity statement carries the same $85,675m as one line. Note 1 gives the rounded "638.9 million shares". This is the CLOSING document and the 424(b)(4) is the PRICING document: 555,555,555 shares on 11 June, 638,888,888 shares on 15 June, and a scene must not blur the two. Also the source for the plaque: Note 18 reports three operating and reportable segments — Space, Connectivity and AI — as of this quarter.

  24. SPCX daily price history, full range, as served by StockAnalysis.com’s price API (opens in a new tab)

    StockAnalysis.com — SECONDARY, and market data rather than a filed document · Retrieved 2026-09-18

    Fetched. THE PRICE IS NOT FROM A FILING AND CANNOT BE — closing prices never appear in SEC documents, which is why the figure it supports is capped at medium. How the 12 June close was obtained: the vendor series begins 2026-06-15 at $192.50 with a stated change of +19.6%. A change rounded to a tenth of a per cent bounds the prior close to $160.89–$161.02, not to a single cent; $160.95 sits inside that band (192.50 / 160.95 − 1 = 0.19602). The band is worth about ±$0.9bn on a $2.12tn market value. The vendor was validated against a primary document — its 2026-09-04 close of $147.95 equals the "Starting Price of $147.95" struck on that date in the BofA Finance 424B2 cited beside it. Press reports the close variously as $160.95, "$161" and "$161.11". The first two fall inside the band and $160.95 is the more precise; $161.11 falls outside it (it would print +19.5%). The press pages themselves were NOT opened — cnbc.com and forbes.com both refused the request (HTTP 403) — so that corroboration is search-snippet only and is not relied on. Nasdaq’s own historical API returns zero records for SPCX. A FALSE LEAD, RECORDED SO NOBODY RE-FINDS IT: EDGAR full-text search returns three N-PORT hits for "$161.11" alongside "SPCX", but the XML shows that value is an unrelated marketplace-loan position in AIP Alternative Lending Fund A. It is not an SPCX price and must never be cited as one.

  25. BofA Finance LLC, Form 424B2 pricing supplement for notes linked to the Class A common stock of Space Exploration Technologies Corp., pricing date September 4, 2026 (opens in a new tab)

    U.S. Securities and Exchange Commission (EDGAR), BofA Finance LLC / Bank of America Corp. — primary · Retrieved 2026-09-18

    Fetched. A third party’s filing, used for two things a SpaceX filing cannot supply. It fixes the LISTING DATE as a filed fact — "the period from June 12, 2026 (the date SPCX began trading)" — and it fixes one SPCX closing price in a primary document, the "Starting Price of $147.95" on its 4 September 2026 pricing date, which is what the vendor price series was validated against. It does not state the 12 June close and is not cited as though it did.

  26. Report of the Commissioner of Corporations on the Steel Industry, Part I: Organization, Investment, Profits, and Position of United States Steel Corporation, July 1, 1911 (opens in a new tab)

    U.S. Bureau of Corporations, Department of Commerce and Labor — primary (scanned text via Internet Archive, item reportcommissio04smitgoog) · Retrieved 2026-09-18

    Fetched and searched; the strings below were read out of this file. The capitalisation table, introduced as "a total outstanding capitalization, including underlying bonds, sundry mortgages, and purchase-money obligations": preferred stock $510,205,743; common stock $508,227,394; Steel Corporation bonds $303,450,000; underlying bonds $59,091,657; purchase-money obligations and real-estate mortgages $21,872,023; total $1,402,846,817. Stock alone sums to $1,018,433,137, and the appendix pro forma balance sheet at 1 April 1901 prints $1,018,433,137.10 to the cent. So the famous $1.4bn is total capitalisation including bonds and is not equity value. Two things the scene should carry: the table is PRO FORMA and folds in the Shelby Steel Tube acquisition, "which did not occur until August"; and the Bureau’s own verdict, which is better than any ratio — "in 1901 the fair market value of its tangible property was about 700 million dollars, slightly less than one-half its capitalization." The same report, opening its summary, supports the plaque’s share-of-industry line: at its formation the Corporation "controlled about two-thirds of the country’s production of crude steel". Its list of concerns acquired in 1901 has eight taken on 1 April — Carnegie, Federal Steel, American Steel and Wire, National Tube, National Steel, American Tin Plate, American Steel Hoop, American Sheet Steel — and four more later that year: American Bridge, Lake Superior Consolidated Iron Mines, Bessemer Steamship and Shelby Steel Tube. Re-read for these two lines on 2026-09-23.

  27. The Commercial and Financial Chronicle, Vol. 92, No. 2395, May 20, 1911 — "Outside Market" column datelined Wall Street, Friday Night, May 19 1911, and the weekly quotation table (opens in a new tab)

    William B. Dana Company — primary contemporaneous trade press (scanned text via Internet Archive) · Retrieved 2026-09-18

    Fetched and searched. Supplies the PRICE leg of the 1911 figure, for the week in which the Supreme Court ordered the dissolution. Verbatim: "Standard Oil, after a loss of about 4 points to 675, advanced to 679 3/4, and on Tuesday reached 685, from which point it declined to 665. Thereafter it advanced sharply to 690, while to-day’s business was at from 679 down to 674, ex the usual dividend of $9 for this quarter of the year." Read that carefully: 674 is the LOW END of Friday’s range, not a stated closing price. The week-end quotation table gives "Standard Oil of N J … 100 | 672 | 677" (par $100, bid 672, asked 677), which brackets 674. The table is headed "Outside Securities" and prints "See Stock Exchange list" for listed neighbours — independent proof that this is a curb price and that Standard Oil of New Jersey was not on the New York Stock Exchange.

  28. The Commercial and Financial Chronicle, Vol. 84, No. 2207, October 12, 1907 — industrial supplement, "Standard Oil — Stock" row and the 1906 earnings entry (opens in a new tab)

    William B. Dana Company — primary contemporaneous trade press (scanned text via Internet Archive) · Retrieved 2026-09-18

    Fetched and searched. Supplies the SHARE COUNT leg. The stock row reads "Standard Oil — Stock $100,000,000 … 100 … 98,338,382 … 40 In ’06 … New York, 26 Broadway": $100,000,000 authorised, $100 par, and an outstanding figure the OCR renders as 98,338,382. The true figure is $98,338,300, proved inside this same issue, which reports the 1906 result as "dividends (40%), $39,335,320" — and 0.40 × $98,338,300 = $39,335,320 exactly, while the OCR reading does not. $98,338,300 ÷ $100 par = 983,383 shares. Two caveats that must travel with the number: this is a 1907 count carried forward to 1911 and was not verified as unchanged, and the Chronicle’s own August 1911 distribution table divides by a round $100,000,000 of parent stock, i.e. 1,000,000 shares. The band that follows is the honest one.

  29. Standard Oil Co. of New Jersey v. United States, 221 U.S. 1 (1911) (opens in a new tab)

    Supreme Court of the United States, United States Reports vol. 221 (Library of Congress scan) — primary · Retrieved 2026-09-23

    Fetched: the official United States Reports page images, 3,330,683 bytes. The headnote dates it: "Decided May 15, 1911", which puts the Chronicle price of Friday 19 May in the same week. The Court affirmed the decree below, which "commanded the dissolution of the combination" and enjoined the New Jersey company from controlling thirty-seven subsidiaries. The opinion establishes the dissolution and its date and nothing else: it states no market value for the combination, and the "90 per cent" in it is the government’s allegation as the Court summarises it, not a finding. The often-quoted count of 34 successor companies does not appear in it. The earlier justia.com address refused the request (HTTP 403) and was never used.

  30. What Was the U.S. GDP Then? — Johnston and Williamson series, dataset query for 1899–1903 (opens in a new tab)

    MeasuringWorth (Louis Johnston and Samuel H. Williamson) — scholarly reconstruction · Retrieved 2026-09-18

    Fetched. The values were obtained by posting year_source=1899, year_result=1903 and use[]=NOMINALGDP to the site’s own form at measuringworth.com/datasets/usgdp/result.php, which returned a table headed "Nominal GDP (million of Dollars)": 1899 20,119; 1900 21,197; 1901 22,931; 1902 24,754; 1903 26,647. Results are served over POST, so there is no stable GET link to a single year — cite the dataset page plus the retrieval date, which is what the site’s own citation line does. WHAT THE SERIES IS, in the page’s words: BEA "from 1929 to the present", "linked backward to data from 1790 to 1929 constructed by Louis Johnston and Samuel H Williamson", published in 2006. Pre-1929 there is nothing to measure against — the page dates the birth of US national accounting to 1932, when the Senate directed Commerce to "report estimates of the total national income of the United States" — and the page names eleven competing reconstructions, which is why "the 1901 GDP" has no single correct value. The site is currently soliciting sponsorship to re-measure exactly this period. The $20.7bn this register used to carry is NOT reproducible from this source and no fetchable document producing it was found.

  31. Consumer Price Index for All Urban Consumers (CPI-U), U.S. city average, all items, 1982–84 = 100 (CUUR0000SA0) — BLS public API, annual averages (period M13) (opens in a new tab)

    U.S. Bureau of Labor Statistics — primary · Retrieved 2026-09-23

    Fetched as JSON on 2026-09-23: 2024 M13 = 313.689 and 2025 M13 = 321.943, the two rows of the inflation table held at BLS precision. The API serves only a recent window; the full history is in the BLS historical index-averages workbook (bls.gov/cpi/tables/supplemental-files/), which refuses automated requests (HTTP 403). The series begins in 1913. An earlier table carried 1900 = 8.3 and 1910 = 9.5 under this label; they were pre-index reconstructions and are deleted. 2025 must come from the annual-average column: the October 2025 monthly value was never published, because of that autumn’s lapse in appropriations. This source backs the apparatus rather than any single figure.

  32. Consumer Price Index, 1913– — annual-average CPI-U table, Federal Reserve Bank of Minneapolis (opens in a new tab)

    Federal Reserve Bank of Minneapolis — secondary (a republication of the BLS series) · Retrieved 2026-09-23

    Fetched and parsed on 2026-09-23. Source of the 1913–2023 rows of the inflation table, at the page’s one-decimal precision. All 113 rows from 1913 to 2025 match the code, 2024 and 2025 to the rounding of the BLS values (313.7, 321.9). The page’s 2026 row, 334.4, is marked as an estimate from second-quarter data and is deliberately not used. Secondary: it republishes BLS rather than measuring anything, which is acceptable here because the BLS workbook refuses automated requests and the two BLS-precision rows it can be checked against agree.

  33. GDP (current US$), NY.GDP.MKTP.CD — World Bank national accounts data, API response for USA, SWE and CHE, date=2023 (opens in a new tab)

    World Bank (World Development Indicators) — primary · Retrieved 2026-09-18

    Fetched as raw JSON; the url above is the exact query, and the human-readable indicator page was not opened. Vintage lastupdated 2026-07-13. Values returned for 2023: United States 27,811,517,000,000; Sweden 578,990,915,246.07; Switzerland 928,435,275,851.71. This is the market-exchange-rate current-US$ series, NOT PPP — the PPP series NY.GDP.MKTP.PP.CD was fetched as a control and returns 721.32e9 for Sweden and 835.01e9 for Switzerland, so neither stored figure was a PPP number mislabelled as nominal. (For the United States the two series agree exactly, because the US is the PPP base country; that coincidence must not be allowed to blur the label.) The World Bank is the source used for all three countries, deliberately and consistently. The IMF’s WEO gives 928.689bn for Switzerland against the World Bank’s 928.435bn, a 0.03% disagreement — the register says World Bank rather than citing both and leaving it ambiguous. All three values are revised regularly: the figures this replaced were a stale vintage, not a wrong basis. Re-queried on 2026-09-23, same vintage, same values; the Sweden currency note in the register also reads NY.GDP.MKTP.CN (krona), PA.NUS.FCRF (krona per dollar) and NY.GDP.MKTP.KD.ZG (real growth) for 2022–2024 from the same API.

Documents cited in the side wings

The three optional wings keep their own registers and validators. Their figures carry dates, bases and confidence on the wing pages; the documents behind them are listed here so every link from a wing lands somewhere.

The Old World Rooms · 18 documents

  1. Lodewijk Petram, “The world’s first IPO” (15 October 2020) (opens in a new tab)

    The World’s First Stock Exchange (author’s site) — secondary, by the historian of the VOC share market · Retrieved 2026-09-22

    Opened and read. Petram is the author of The World’s First Stock Exchange (Columbia University Press, 2014) and describes the Amsterdam subscription register he worked from. Read out of it: “When the IPO closed on August 31, 1602, 1,143 investors had subscribed”; the notary Jan Fransz Bruyningh recorded that “on the stroke of midnight a total sum of 3,674,945 guilders had been subscribed, and that not a nickel or dime had been paid in after twelve o’clock”; the six directors on the first page “each invested 12,000 guilders”; Neeltgen Cornelis, Dirck van Os’s maid, “subscribed a hundred guilders … her wages were less than fifty cents a day” (his modern rendering, not a period unit); the last entry reads “Barent Lampe for Dignum Jans … 50 guilders”; and “Of the total amount raised in August 1602—almost 6.5 million guilders—Amsterdam provided 57 percent”.

  2. Lodewijk Petram, “Was the VOC the most valuable company ever?” (17 November 2020) (opens in a new tab)

    The World’s First Stock Exchange (author’s site) — secondary, by the historian of the VOC share market · Retrieved 2026-09-22

    Opened and read. The source of the 1720 peak and of the correction to the $7.9 trillion figure. Read out of it: “the VOC issued stock with a total value of 6,429,588 guilders”; “This amount stayed roughly the same until the company liquidated in the late 18th century”; “At the height of the tulip craze, in early 1637, VOC shares traded around 270”; “VOC stock was briefly traded at around 1,200”; “So in 1720, the market capitalization of the VOC was just over 77 million guilders”; and, of a conversion through a published historical price tool, “it would be approximately €820 million (just short of $1 billion). That’s a factor 8,000 less than reported by many websites.” Prices are quoted as a percentage of the amount originally paid in.

  3. Inventaris van het archief van de Verenigde Oostindische Compagnie (VOC), 1602–1795, toegang 1.04.02 — inleiding (opens in a new tab)

    Nationaal Archief, The Hague — primary institution (archival finding aid) · Retrieved 2026-09-22

    Opened as the XML download of the finding aid and read in Dutch. On the ten-year clause: “In 1612 zouden de aandeelhouders of participanten hun inleg kunnen terugkrijgen”; and “na tien jaar vond er geen teruggave van kapitaal plaats. De oorspronkelijke inleg is gedurende het bestaan van de Compagnie ongewijzigd gebleven. De Staten-Generaal … hebben de bewindhebbers in het niet nakomen van deze bepalingen gesteund.” (After ten years there was no return of capital; the original stake remained unchanged for the life of the company; the States General supported the directors in not honouring these provisions.) The translation is this wing’s. The archive gives no total capital figure; “almost 6.5 million” is Petram’s phrase, not the archive’s.

  4. Aandelen VOC (1602) — Bronnenbox (opens in a new tab)

    Nationaal Archief, The Hague — primary institution (education page on the register) · Retrieved 2026-09-22

    Opened and read. Identifies Dignum Jans as a maid: “Dignum Jans, dienstmaagd legt een bedrag van 50 gulden in”, and names Isaac le Maire as the largest Amsterdam subscriber at 85,000 guilders. Used for the description of the last subscriber only.

  5. Oscar Gelderblom, Abe de Jong and Joost Jonker, “The Formative Years of the Modern Corporation: The Dutch East India Company VOC, 1602–1623”, CGEH Working Paper No. 36 (2012) (opens in a new tab)

    Centre for Global Economic History, Utrecht — secondary, scholarly (working-paper version of the Journal of Economic History article, 2013); read via the Internet Archive · Retrieved 2026-09-22

    Opened and read. Corroborates the 1612 decision: “In July 1612 the Estates General formally allowed the company to ignore the statutory liquidation due that year”. Rounds the capital to “6.4 million guilders”. The published 2013 journal version was not opened.

  6. VOC-kenniscentrum, “Organisatie” (vocsite.nl) (opens in a new tab)

    VOC-kenniscentrum — secondary (reference site) · Retrieved 2026-09-22

    Opened and read. The one source here for the later nominal capital: “vrijwel gelijk gebleven. In 1693 was het na een paar aanpassingen op ƒ 6.440.200 gekomen” (almost unchanged; after a few adjustments it stood at ƒ 6,440,200 by 1693). The Dutch Wikipedia article gives the same figure citing Den Heijer (2005), p. 60, which was not opened. The same page prints the six-chamber total as ƒ 6,424,588, which does not reconcile with its own chamber figures; see the figure note.

  7. Jeff Desjardins, “The Most Valuable Companies of All-Time” (8 December 2017) (opens in a new tab)

    Visual Capitalist — secondary (popular infographic); read via the Internet Archive because the live page returned HTTP 403 · Retrieved 2026-09-22

    Opened and read as an archived copy. Cited as the documented origin of the widely shared figure, NOT as support for it: “the Dutch East India Company was worth 78 million Dutch guilders, which translates to a whopping $7.9 trillion in modern dollars.” The page dates the figure to 1637, gives no exchange rate, index or method, and credits it to Alex Planes of The Motley Fool, which was not opened.

  8. IOR/A/1/2: Copy Letters Patent of Elizabeth I, 31 December 1600 (opens in a new tab)

    British Library, India Office Records catalogue — primary (catalogue of the charter) · Retrieved 2026-09-22

    Opened as a catalogue search listing. The entry reads: “Copy Letters Patent of Elizabeth I granting to the Earl of Cumberland and 215 others the power to form a corporate body to be called the ‘Governor and Company of Merchants of London, trading into the East-Indies’”, dated 31 December 1600.

  9. “East India Company”, Encyclopædia Britannica, 11th edition (1911) (opens in a new tab)

    Encyclopædia Britannica (1911), via Wikisource — secondary, older reference work · Retrieved 2026-09-22

    Opened and read. On the separate voyages of 1601–1612: “the subscribers individually bore the cost of each voyage and reaped the whole profits”; “After 1612 the voyages were conducted on the joint stock system for the benefit of the company as a whole”; and of 1657, Cromwell’s charter provided “that the Indian trade should be in the hands of a single joint stock company.” The same article gives subscriber numbers and a capital that conflict with other accounts; none of those is used.

  10. François R. Velde, “Government Equity and Money: John Law’s System in 1720 France”, Working Paper 2003-31 (opens in a new tab)

    Federal Reserve Bank of Chicago — secondary, scholarly, archive-based · Retrieved 2026-09-22

    Opened and read. “During the year 1718, the price of a share in the Company of the West stood around 250L.” Table 4, notes issued less notes burned: 38.0 million livres at 30 April 1719, 2,359.0 million at 30 June 1720. On price support: “As early as October 5, 1719 the Company had ordered its treasurer to buy any share offered at a price of 5000L”; an office opened in late December 1719 “functioned with some interruptions until mid-February”; “On February 22 … the price support policy was officially halted”; on 5 March the company “opened another office for the buying and selling of shares at a fixed price of 9,000L”. Footnote 32, after Du Hautchamp (1743): “300,000 original shares, which the Company was buying at 9925L, and up to 300,000 subscriptions, valued at 6600L: a total capitalization of 4.96bnL.” And: “Annual revenues of 75.5mL and a factor of 15 yields a valuation of 1132mL, or a share price of 1875L, which is one fifth of the peak share price of 9000L”.

  11. François R. Velde, Government Equity and Money: John Law’s System in 1720 France (book draft, January 2014) (opens in a new tab)

    Author’s draft, hosted on a Boston University course page — secondary, scholarly, unpublished draft · Retrieved 2026-09-22

    Opened; the pages used were rendered and read because their digits do not survive text extraction. Revises the 2003 valuation: “a valuation of 1600–1715mL for 600,000 shares, or a share price of 2660–2860L … overvalued by a factor of at least three.” Also dates the price peak differently from the 2003 paper (9,525L on 2 December 1719, “possibly close to 10,000L just before Christmas”). An unpublished draft on a third-party course page, which caps what it can support.

  12. Frehen, Goetzmann and Rouwenhorst, 1720 price database (1720PriceDatabaseOctober5_10version.xlsx) (opens in a new tab)

    Yale School of Management, International Center for Finance — secondary compilation of primary quotations · Retrieved 2026-09-22

    Downloaded and read. London prices from Castaing’s Course of the Exchange, Amsterdam from the Leydse Courant, Mississippi prices from Velde’s database and, from 6 August 1719, Murphy (1999). The sheet carries both Julian and Gregorian date columns; this wing uses the Gregorian column throughout. Values used: South Sea 128.375 on 12 January 1720 (1 January Old Style); 950 on 10 and 11 July 1720 (29 and 30 June Old Style), the London maximum; 180 on 9 October 1720 (28 September Old Style). Mississippi 10,100 on 8 January 1720. South Sea stock is quoted in pounds per £100 of nominal stock. The file asks users not to circulate it without the authors’ permission; only individual values are cited here.

  13. François R. Velde, “Britain’s Debt Restructuring, 1717–22”, Working Paper 2025-21 (29 October 2025) (opens in a new tab)

    Federal Reserve Bank of Chicago — secondary, scholarly, archive-based · Retrieved 2026-09-22

    Opened and read. Table 9 gives the South Sea Company’s existing stock in March 1721 as £37,802,203, of which £13,301,781 was held by the company itself; by April 1723 it stood at £33,802,203. Footnote 14 quotes a Treasury memorandum from the Cholmondeley (Houghton) papers, Cambridge University Library, 88/11, “possibly in Lowndes’s hand”, belonging to Walpole’s 1717 debt plan: “As the South Sea Company is a Company that depend chiefly if not intirely on their annuity out of the Exchequer and their trade is so small and doubtfull as to the profit…”. Spelling as printed.

  14. Helen J. Paul, “The South Sea Company’s Slaving Activities”, Discussion Paper No. 0924 (opens in a new tab)

    University of Southampton, Economics — secondary, scholarly; counts drawn from the Eltis et al. trans-Atlantic slave trade database · Retrieved 2026-09-22

    Opened and read. The company made “96 voyages in all” (London-origin sailings in the Eltis et al. database), carried “just over 34,000 slaves on these voyages and managed to disembark just under 30,000”. The contract required “4800 piezas de Indias annually”. A claim that the company met the quota in one year out of twenty-six was NOT found in this or any opened source and does not ship.

  15. PetroChina Company Limited, Form 20-F for the fiscal year ended December 31, 2007 (filed 27 May 2008) (opens in a new tab)

    U.S. Securities and Exchange Commission (EDGAR) — primary · Retrieved 2026-09-22

    Downloaded and searched. “On November 5, 2007, the Company issued 4,000,000,000 new A shares at RMB 16.70 yuan per share”; total and net proceeds “RMB66,800 million and RMB66,243 million respectively”. Elsewhere: “In October 2007, PetroChina issued 4 billion A Shares and these shares were listed on the Shanghai Stock Exchange on November 5, 2007.” Share capital: “183,020,977,818 shares, of which 157,922,077,818 shares were held by CNPC, representing approximately 86.29% … 4,000,000,000 shares were held by holders of A Shares, representing approximately 2.18% … and 21,098,900,000 shares were held by holders of H Shares, representing approximately 11.53%”; CNPC’s shares were registered “as tradable A shares” after the issue, so the A-share CLASS was 88.47% while the public A-share FLOAT was 2.18%. Market price table, November 2007, high and low CLOSING prices (not intraday): A shares RMB 43.96 / 31.52; ADSs US$255.06 / 180.52; “Our ADSs, each representing 100 H Shares”. Average noon buying rate for 2007, “calculated by averaging the noon buying rates on the last day of each month”: RMB 7.5806 per US$. The filing gives no rate for 31 December 2007.

  16. Associated Press, “PetroChina becomes first $1 trillion company” (5 November 2007), via NBC News (opens in a new tab)

    Associated Press via NBC News — secondary (press) · Retrieved 2026-09-22

    Opened and read. The press convention the room takes apart: PetroChina “became the world’s first company with a $1 trillion market capitalization after its shares debuted Monday in its homeland. The 4 billion new shares surged to 43.96 yuan … nearly triple the IPO price of 16.70 yuan”. The first-day close agrees with the 20-F’s November high closing price. The widely quoted opening price of 48.60 was found only in an agency story and is not used.

  17. Saudi Arabian Oil Company (Saudi Aramco), Prospectus, dated 9 November 2019 (English version, with Final Offer Price) (opens in a new tab)

    Capital Market Authority of Saudi Arabia — primary · Retrieved 2026-09-22

    Downloaded and searched (625 pages). Cover: “Offering of 3,000,000,000 ordinary shares of Saudi Aramco, representing 1.5% of its share capital, at a Final Offer Price of SAR 32 per share.” Summary table: “Saudi Aramco’s share capital will not change as a result of this Offering”; “Two hundred billion (200,000,000,000) Shares. The number of outstanding Shares will not change as a result of this Offering”; “Total Offering Amount SAR 96,000,000,000”. The seller is “the Government (the ‘Selling Shareholder’)”. Use of proceeds: the Selling Shareholder “will receive all of the proceeds of the Offering and will reimburse Saudi Aramco for all fees, costs and expenses … Accordingly, Saudi Aramco will not receive any of the proceeds of the Offering.” The SAR 96bn is stated as an estimate “excluding any proceeds resulting from the exercise of the Over-allotment Option” (up to 15% more, i.e. 450,000,000 shares, also the Government’s). Currency: “the Saudi Riyal has been pegged to the U.S. Dollar at a fixed exchange rate of SAR 3.75 = U.S.$1.00.”

  18. Saudi Aramco, Annual Report 2024 — Governance and Legal sections (opens in a new tab)

    Saudi Aramco — primary (company annual report) · Retrieved 2026-09-22

    Opened and searched, with the Legal section at https://www.aramco.com/-/media/publications/corporate-reports/reports-and-presentations/2024/fy/sections/ara-2024-legal-english.pdf. Legal: “On December 11, 2019, the Company completed its IPO … the Government, being the sole owner of the Company’s shares at such time, sold 3.45 billion ordinary shares, or 1.73% of the Company’s share capital”; share capital “two hundred and forty two billion (242,000,000,000) fully paid ordinary shares”. Governance, shareholding at 31 December 2024 (millions of shares): Government 197,191 (81.48%); Public 5,944 (2.46%); Company Treasury 145 (0.06%); Other 38,720 (16.00%); Total 242,000. How the count went from 200 billion to 242 billion was not researched and is not stated.

The Calibration Room · 25 documents

  1. United States Steel Corporation, Form 8-K filed 18 June 2025 (completion of the merger with Nippon Steel) (opens in a new tab)

    U.S. Securities and Exchange Commission (EDGAR) — primary · Retrieved 2026-09-22

    Fetched and read. Accession 0001104659-25-060674, items 1.01, 2.01, 2.04, 3.01, 3.03, 5.01, 5.03, 9.01. Introductory note: "On June 18, 2025, United States Steel Corporation … completed the transaction contemplated by the terms of the previously announced Agreement and Plan of Merger, dated December 18, 2023", becoming a subsidiary of Nippon Steel North America, Inc., guaranteed by Nippon Steel Corporation. Item 5.01, in the company’s own words: "The total equity value of the transaction was approximately $14.2 billion." Item 3.01: the company asked the NYSE and the Chicago Stock Exchange to suspend trading and "remove the Common Stock from listing … prior to the open of trading on June 18, 2025", and stated its intention to file a Form 15.

  2. New York Stock Exchange LLC, Form 25-NSE for United States Steel Corporation common stock, filed 18 June 2025 (opens in a new tab)

    U.S. Securities and Exchange Commission (EDGAR) — primary (filed by the exchange) · Retrieved 2026-09-22

    Filing index fetched (HTTP 200). EDGAR full-text search lists this 25-NSE and a second one from NYSE Texas, Inc. (accession 0000876882-25-000016), both dated 2025-06-18 and both naming U.S. Steel as subject company. This is the exchange’s own notice of removal from listing.

  3. United States Steel Corporation, Form 15-12G filed 30 June 2025 (termination of registration) (opens in a new tab)

    U.S. Securities and Exchange Commission (EDGAR) — primary · Retrieved 2026-09-22

    Fetched (HTTP 200). Accession 0001104659-25-063928, form type 15-12G, filing date 2025-06-30, as listed in the EDGAR submissions record for CIK 1163302. The same record today carries no ticker and no exchange for the company. After this there is no traded price and therefore no market reading of U.S. Steel’s equity at all.

  4. Apple Computer, Inc., Prospectus, 4,600,000 shares of Common Stock, dated 12 December 1980 (opens in a new tab)

    Apple Computer, Inc. (issuer document) — primary, scanned copy on a third-party host (deramp.com) · Retrieved 2026-09-22

    Downloaded (3,627,532 bytes) and text-extracted. Cover: "PRICE $22 A SHARE"; 4,000,000 shares sold by the company and 600,000 by selling shareholders. The Offering: "Shares to be Outstanding 54,215,332 shares". Shares Eligible for Future Sale: "Upon completion of this offering, the Company will have outstanding 54,215,332 shares of Common Stock (assuming no exercise of the over-allotment option)", and 1% of the class is given as "approximately 542,153 shares". The dilution table totals the same 54,215,332. The over-allotment option was for up to 400,000 further shares; this wing uses the count the prospectus states, which assumes it unexercised. The host is a third-party archive, not the issuer or the SEC; 1980 filings are not on EDGAR. Search results list a second copy at swtpc.com, which was not opened.

  5. Apple Inc., Form 10-Q for the quarterly period ended June 27, 2026 (opens in a new tab)

    U.S. Securities and Exchange Commission (EDGAR) — primary · Retrieved 2026-09-22

    Accession 0000320193-26-000020, filed 2026-07-31. Balance sheet: 14,608,963 thousand shares issued and outstanding at 27 June 2026 (read from the filing’s own XBRL, us-gaap:CommonStockSharesOutstanding). The cover count, 14,594,180,000 at 17 July 2026, is seventeen days further from the price date and is not used.

  6. Microsoft Corporation, Prospectus, 2,795,000 shares of Common Stock, dated 13 March 1986 (re-typeset transcription) (opens in a new tab)

    Microsoft Corporation (issuer document) — primary text, transcribed; hosted by begintoinvest.com · Retrieved 2026-09-22

    Downloaded and text-extracted. NOT A SCAN: the PDF metadata reads "Microsoft Word - Microsoft_prospectus.doc", author Patrick Lannigan, created 23 February 2008. It is a private individual’s transcription of the prospectus and no facsimile was found. What vouches for it is its internal arithmetic: "The date of this Prospectus is March 13, 1986"; price to public $21.00; "Common Stock to be outstanding after the offering 24,715,113 shares"; and, in the Underwriting section, the document performs the multiplication itself: "assuming that the Underwriters’ over-allotment option is not exercised, the aggregate market value of shares outstanding after the offering will be approximately $519,017,373." 24,715,113 × $21 = $519,017,373 exactly.

  7. Microsoft Corporation, Form 10-K for the fiscal year ended June 30, 2026 (opens in a new tab)

    U.S. Securities and Exchange Commission (EDGAR) — primary · Retrieved 2026-09-22

    Accession 0001193125-26-323660, filed 2026-07-29. Balance sheet: 7,427 million shares outstanding at 30 June 2026 (XBRL us-gaap:CommonStockSharesOutstanding, stated in millions). The fiscal year ends on the price date, so share count and price are the same calendar day.

  8. Amazon.com, Inc., Prospectus (Form 424B1), 3,000,000 shares of Common Stock, dated 15 May 1997 (opens in a new tab)

    U.S. Securities and Exchange Commission (EDGAR) — primary · Retrieved 2026-09-22

    Fetched and read. "The date of this Prospectus is May 15, 1997." Cover: all 3,000,000 shares sold by the company, price to public $18.00. The Offering: "Common Stock to be outstanding after this offering … 23,858,702 shares", footnoted as assuming the 450,000-share over-allotment option is not exercised. 23,858,702 × $18 = $429,456,636; the multiplication is ours.

  9. Amazon.com, Inc., Form 10-Q for the quarterly period ended June 30, 2026 (opens in a new tab)

    U.S. Securities and Exchange Commission (EDGAR) — primary · Retrieved 2026-09-22

    Accession 0001018724-26-000026, filed 2026-07-31. Balance sheet: 10,783 million shares outstanding at 30 June 2026 (XBRL, stated in millions). The balance-sheet date is the price date.

  10. NVIDIA Corporation, Prospectus (Form 424B4), 3,500,000 shares of Common Stock, dated 21 January 1999 (opens in a new tab)

    U.S. Securities and Exchange Commission (EDGAR) — primary · Retrieved 2026-09-22

    Fetched and read; filed 1999-01-22. Cover: "PRICE $12 A SHARE", all 3,500,000 shares sold by the company. "Common Stock to be outstanding after the offering … 28,595,976 shares", repeated in Shares Eligible for Future Sale, where 25,095,976 are restricted shares — 25,095,976 + 3,500,000 = 28,595,976, which shows the count is after the offering. Assumes the over-allotment option unexercised. 28,595,976 × $12 = $343,151,712; the multiplication is ours.

  11. NVIDIA Corporation, Form 10-Q for the quarter ended July 26, 2026 — Condensed Consolidated Statements of Shareholders’ Equity (opens in a new tab)

    U.S. Securities and Exchange Commission (EDGAR) — primary · Retrieved 2026-09-22

    Fetched and read. Common stock outstanding, in millions: "Balances as of Apr 26, 2026 24,221" and "Balances as of Jul 26, 2026 24,147", with 94 million repurchased in between. The cover states only "24.1 billion" at 21 August 2026 — three significant figures — so no exact count for 30 June exists in any filing. The two statement balances straddle the price date and bound it.

  12. Google Inc., Prospectus (Form 424B4), 19,605,052 shares of Class A Common Stock, dated 18 August 2004 (opens in a new tab)

    U.S. Securities and Exchange Commission (EDGAR) — primary · Retrieved 2026-09-22

    Fetched and read. "The initial public offering price is $85.00 per share", set by auction. "Class A common stock to be outstanding after this offering 33,603,386 Shares; Class B common stock to be outstanding after this offering 237,616,257 Shares; Total common stock to be outstanding after this offering 271,219,643 Shares" (assumes the 2,940,757-share over-allotment option unexercised). 271,219,643 × $85 = $23,053,669,655; the multiplication is ours.

  13. Associated Press, “Google surges 18% in Nasdaq debut” (via NBC News) (opens in a new tab)

    Associated Press — secondary (wire report) · Retrieved 2026-09-22

    Fetched. "The stock started at $100.01 on the Nasdaq Stock Market" and "They finished the day at $100.34". One wire report, not an exchange record: a closing price never appears in a company filing. Used only for the first-day-close annotation, which is never an input to a multiple.

  14. Alphabet Inc., Form 10-Q for the quarterly period ended June 30, 2026 (opens in a new tab)

    U.S. Securities and Exchange Commission (EDGAR) — primary · Retrieved 2026-09-22

    Fetched and read. Balance sheet at 30 June 2026: "12,230 (Class A 5,868, Class B 835, Class C 5,527) shares issued and outstanding", in millions. Also on the balance sheet: 6.25% mandatory convertible preferred stock, 19 million shares issued in the quarter with a $1,000 liquidation preference, carried at $18,023 million, listed as depositary shares GOOGM and GOOGN. That preferred is not common equity and is not in this wing’s figure.

  15. Cisco Systems, Inc., Form 10-Q for the quarter ended January 29, 2000 (opens in a new tab)

    U.S. Securities and Exchange Commission (EDGAR) — primary · Retrieved 2026-09-22

    Fetched and read; filed 2000-03-14. Cover: "As of February 25, 2000, 3,468,815,049 shares of the Registrant’s common stock were outstanding." That count is before the two-for-one split distributed on 22 March 2000; doubled, 6,937,630,098.

  16. Cisco Systems, Inc., Form 10-Q for the quarter ended April 29, 2000 (opens in a new tab)

    U.S. Securities and Exchange Commission (EDGAR) — primary · Retrieved 2026-09-22

    Fetched and read; filed 2000-06-13. Note 7: the board authorised "the splitting of the Company’s common stock on a two-for-one basis for shareholders of record on February 22, 2000. Shares resulting from the split were distributed by the transfer agent on March 22, 2000." Balance sheet: 7,001 million shares issued and outstanding at 29 April 2000 (post-split).

  17. Associated Press, “Cisco surpasses Microsoft as world’s most valuable company” (Deseret News, 2 April 2000) (opens in a new tab)

    Associated Press via Deseret News — secondary (contemporaneous wire report) · Retrieved 2026-09-22

    Fetched. "As of the close of trading Monday on the Nasdaq Stock Market", "Cisco had a market value of $555.5 billion compared with $541.6 billion for Microsoft", "based on the number of basic shares outstanding"; the shares "hit an all-time high of $80.06¼". The story is datelined 2 April; the Monday it describes is taken to be 27 March 2000, the last Monday before it (an inference, not a printed date). This is the only source for the price and it is secondary; it is also an independent contemporaneous check on the product, which $80.0625 × 6,937,630,098 reproduces to within 0.01%. "All-time" was true in 2000 and is not repeated here.

  18. Cisco Systems, Inc., Form 10-Q for the quarter ended April 25, 2026 (opens in a new tab)

    U.S. Securities and Exchange Commission (EDGAR) — primary · Retrieved 2026-09-22

    Accession 0000858877-26-000078, filed 2026-05-19. Balance sheet: 3,940 million shares outstanding at 25 April 2026 (XBRL, stated in millions).

  19. Cisco Systems, Inc., Form 10-K for the fiscal year ended July 25, 2026 (opens in a new tab)

    U.S. Securities and Exchange Commission (EDGAR) — primary · Retrieved 2026-09-22

    Accession 0000858877-26-000132, filed 2026-09-02. Balance sheet: 3,946 million shares outstanding at 25 July 2026 (XBRL, in millions). With the April figure it brackets 30 June 2026; no filing states a count for that day.

  20. Intel Corporation, Form 10-K for the fiscal year ended December 30, 2000 — Financial information by quarter (opens in a new tab)

    U.S. Securities and Exchange Commission (EDGAR) — primary · Retrieved 2026-09-22

    Fetched and read. "Market price range common stock", 2000, quarters ended December 30, September 30, July 1 and April 1: High $46.69, $74.88, $69.50, $72.03. The highest price Intel reported for any moment of 2000 is $74.88 (the quarter ended 30 September), on the same post-split basis as the second-half share counts (3,349 million at 1 April, 6,714 million at 1 July 2000).

  21. Intel Corporation, Form 10-Q for the quarter ended September 30, 2000 (opens in a new tab)

    U.S. Securities and Exchange Commission (EDGAR) — primary · Retrieved 2026-09-22

    Fetched and read. Cover: common stock outstanding at September 30, 2000: 6,730 million — the largest count on any of Intel’s 2000 quarterly covers (July 1: 6,714 million; April 1, before the split: 3,349 million).

  22. Intel Corporation, Form 10-Q for the quarterly period ended June 27, 2026 (opens in a new tab)

    U.S. Securities and Exchange Commission (EDGAR) — primary · Retrieved 2026-09-22

    Accession 0000050863-26-000157, filed 2026-07-24. Balance sheet: 5,043 million shares outstanding at 27 June 2026 (XBRL, in millions).

  23. SPDR S&P 500 ETF Trust, Form NPORT-P, schedule of investments as of June 30, 2026 (opens in a new tab)

    U.S. Securities and Exchange Commission (EDGAR) — primary (a fund’s filed holdings) · Retrieved 2026-09-22

    Fetched as XML; accession 0001410368-26-089410, filed 2026-08-28, repPdDate 2026-06-30. Price = valUSD ÷ balance for each holding: Apple 289.36; Microsoft 373.02; Amazon 238.34; NVIDIA 200.09; Alphabet Class A (02079K305) 357.37; Alphabet Class C (02079K107) 353.33; Cisco 117.46; Intel 139.63. Each divides exactly to the cent. A fund values its holdings at the closing price, so this is the close of 30 June 2026 as the fund filed it, not a vendor quote.

  24. Invesco QQQ Trust, Series 1, Form NPORT-P, schedule of investments as of June 30, 2026 (opens in a new tab)

    U.S. Securities and Exchange Commission (EDGAR) — primary (a fund’s filed holdings) · Retrieved 2026-09-22

    Fetched as XML; accession 0001067839-26-000030, filed 2026-08-28, repPdDate 2026-06-30. An independent filer, a different sponsor and a different administrator, and every price above agrees with the SPDR schedule to the cent.

  25. Bureau of Labor Statistics, CPI-U, U.S. city average, all items, not seasonally adjusted (CUUR0000SA0), API response (opens in a new tab)

    U.S. Bureau of Labor Statistics — primary · Retrieved 2026-09-22

    Fetched as JSON. 2025 annual average (M13) 321.943, matching the table the lens uses. 2026 monthly values published so far: January 325.252, February 326.785, March 330.213, April 333.020, May 335.123, June 333.952, July 333.918, August 334.980. There is no 2026 annual average and this wing does not make one. It uses one fact only: every 2026 month published stands above the 2025 average, so restating a 2026 figure into 2025 dollars could only make it smaller. That is why a multiple in 2025 dollars is printed as "at most".

The Drawing Room · 3 documents

  1. Anthropic raises $30 billion in Series G funding at $380 billion post-money valuation (opens in a new tab)

    Anthropic (company announcement — the primary source available for a private round) · Retrieved 2026-09-22

    Opened and read on 22 September 2026. Dateline: Feb 12, 2026. Verbatim: "We have raised $30 billion in Series G funding led by GIC and Coatue, valuing Anthropic at $380 billion post-money." Co-led by D. E. Shaw Ventures, Dragoneer, Founders Fund, ICONIQ and MGX. The post also says: "This round also includes a portion of the previously announced investments from Microsoft and NVIDIA", so the $30bn is not all new commitments made that day. No tender or secondary component is mentioned. Press reported an employee tender alongside it at about $350bn; that was NOT opened in a primary document and nothing here rests on it. This is the round that falsified the first card drafted for this wing (X04).

  2. Anthropic raises $65B Series H at $965B valuation (opens in a new tab)

    Anthropic (company announcement — the primary source available for a private round) · Retrieved 2026-09-22

    Opened and read on 22 September 2026. Dateline: May 28, 2026. Verbatim: "Anthropic has raised $65 billion in Series H funding led by Altimeter Capital, Dragoneer, Greenoaks, and Sequoia Capital, valuing the company at $965 billion post-money." The post adds that the round "also includes $15 billion of previously committed investments from hyperscalers", so not all $65bn was newly committed that day. No tender or secondary component is mentioned. The same post gives a run-rate revenue figure; run-rate is not audited revenue and is not used anywhere in this wing. Search results also carry a secondary-market "above $1.1 trillion" figure attributed to Nasdaq Private Market; it was not opened and is not used.

  3. OpenAI raises $122 billion to accelerate the next phase of AI — OpenAI, March 31, 2026 (opens in a new tab)

    OpenAI (company announcement — primary for the company’s own round) · Retrieved 2026-09-22

    Automated requests to this page are refused (HTTP 403). It was opened in a browser and read on 22 September 2026; the address above is the one the page declares as its own, not a guessed one. Date line: March 31, 2026. Verbatim: "Today, we closed our latest funding round with $122 billion in committed capital at a post money valuation of $852 billion." Anchored by Amazon, NVIDIA and SoftBank; SoftBank co-led with a16z, D. E. Shaw Ventures, MGX, TPG and accounts advised by T. Rowe Price. "Committed capital" is the company’s own word and the wing keeps it: committed is not banked. An August 2026 employee share sale reported at the same $852bn was looked at and CUT: the primary page was not reachable, and the secondary accounts that were reachable disagree about who bought the shares.