Company research organized around the shareholder register — institutional positions, insider transactions and voting control — alongside cash-flow, valuation and earnings analysis.
Discounted-cash-flow and FCF-yield valuation across three free-cash-flow paths.
Revenue, free cash flow and balance-sheet capacity, updated for Q3 2026 results.
Updated for H1 2026 revenue disclosures in the Anthropic S-1.
Management commentary on 2026 guidance and the longer path toward ~$10B of free cash flow.
Pre-results review of deliveries, certification and labor developments.
Reported results versus our estimate, segment mix and the free-cash-flow effect of AI capital spending.
Refreshed owner’s-return framework incorporating Delta and SpaceX Q3 results.
Pre-results estimate of revenue, segment profitability and capital expenditure.
Size and timing of the lock-up release relative to index weighting and float.
Capital expenditure, AI infrastructure delivery and valuation sensitivities.