Comment by kikdij
21 hours ago
For those who are not familiar with S-1: this document is incredibly important. this is one of the rare times in the life of a company where it's not allowed, by law, to lie, nor to omit the truth.
21 hours ago
For those who are not familiar with S-1: this document is incredibly important. this is one of the rare times in the life of a company where it's not allowed, by law, to lie, nor to omit the truth.
Technically true, but they're still fudging their numbers a bit even in the S-1, such as using "adjusted" operating margins to the tune of 10% when their GAAP (which they truly cannot lie about without ending up in deep shit (in theory anyways, I'm doubtful that they couldn't get away with it if they tried with the current administration)) is actually at negative -4%.
And where else in law is it allowed to lie or omit material facts?
It's a bedrock foundation of the entire financial and legal world. Public and private alike. Refer SEC Rule 10b-5 as well as Private Placement Memorandum (PPM). For example, Theranos never filed an S1 but still was convicted.
At the same time, an S-1 does not necessarily represent how the company thinks. Risk factors often get reported as “x thinks that y will happen” but the company is actually just describing things they have an obligation to describe, they’re not the risks they’re worried about internally.
Also this is being released under Trump’s SEC, who knows whether being caught lying in an S-1 matters any more.
tell us what you're not telling us, what kinds of lies are common practice and accepted outside of this document in the lifetime of a company then?
Marketing, press releases, PR, and most of what the general audience will ever hear. Or as judges repeat way too often: "it's not illegal to lie, in most circumstances".
Funny timing you sharing that and the Elizabeth Holmes movie out there
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curious on when a company can lie legally? asking for a friend
Anytime, depending on how much money it owes: if it owes a few million, it can't; if it owes a few billion, whenever it feels like it, commonly always.
ehh, search "GAAP" and see where they deviate from standard accounting measures. There's plenty of spin in here.
Is it just me or is something wrong with the doc starting at the ToC? Its gets super garbled. Everything before that point is Anthropic branding and a Claude generated multi page wall of text
Eh? What about quarterly earnings and all the usual SEC filings public companies routinely do?
SpaceX claimed a TAM of $28.5 trillion in their S1, a number picked from a hat larger than the 2023 US GDP. Companies can and do lie in their S1 and there are rarely if ever any consequences for doing so.
Do you have any other examples than that?
Personally, I do expect SpaceX to face consequences in the years to come.
>I do expect SpaceX to face consequences in the years to come.
Why?
> Personally, I do expect SpaceX to face consequences in the years to come.
Probably only and only when AOC or someone else from Bernie's camp gets to be president. Otherwise, unlikely.
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Oligarchs don't face consequences in an oligarchy silly
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I think it's bollocks too but I don't think a forecast can be truth or a lie
how is that a lie? you don't see Space manufacturing having TAM comparable to that in 30 years?
Consider that many do not believe they were lying.
Saying a market is X is not lying. Saying you have X revenue is lying. Saying you have a contract with XYZ company is lying.
Under the idea that 'you can make numbers say anything you want' you could very easily justify almost any number as a potential market as long as you include the conditions or stated it in a way to be circumspect.
> a hat larger than the 2023 US GDP
Would be more accurate to mention the entire world GDP to support that argument. Then the issue is raised as far as what time period they are referring to. Current year? Future years?
It wasn't pulled out of a hat, it was the total addressable market for a space, internet, and AI company, excluding markets like Russia and China. All TAM refers to is the total market size, not their market share.
For context SpaceX's TAM is lower than Anthropic's expected TAM
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Nothing is respected by this criminal company.