Leo Purple

Two weeks ago, we published three deep dives into SpaceX's S-1: • SpaceX IPO — A line-by-line reading of the entire filing. The numbers, the three business segments, the Anthropic contract, the Cursor option, and the governance reality. • Correcting the Record — The "Conglomerate Discount" Explained

In our previous posts we laid out SpaceX's S-1 data and corrected the record on terminology — it's not a "conglomerate discount," it's a bundling problem. Investors can't cherry-pick Starlink. They must buy the entire package: Starlink, launch, xAI,

Yesterday, I posted a deep dive into the SpaceX S-1. It was well-received, but it also triggered a crucial piece of feedback from a sharp reader who knows their way around SEC filings. He was right to push back. In an IPO this complex, "close enough"