LASTCALL Saturday 07/25/26 July 2026

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Jul 25, 2026, 10:07:47 AM (2 days ago) Jul 25

to in2i...@gmail.com, in2i...@gmail.com

Dear 𝐏𝐫𝐞𝐦𝐢𝐮𝐦 𝐌𝐞𝐦𝐛𝐞𝐫+,

Your roof protects what matters most—make sure it delivers lasting performance. Upgrade to a durable metal roofing system designed to provide exceptional weather resistance, energy efficiency, and long-term reliability, giving your home dependable protection and peace of mind for years to come.

++++++

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With your Conrad account you have the following advantages:
<ul style="font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 16px; line-height: 1.4; color: #616161; margin: 0px 0 40px 0;">
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<a href="https://www.conrad.com/" style="font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 13px; color: #ffffff; text-decoration: none; padding:12px 55px;">Go to Conrad.com</a>

-------------------

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<p style="font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 16px; line-height: 1.4; color: #616161; margin: 25px 0 0px 0;">
With your Conrad account you have the following advantages:
<ul style="font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 16px; line-height: 1.4; color: #616161; margin: 0px 0 40px 0;">
<li>Look into your order history</li>
<li>See the status of your orders</li>
<li>Save your favorite items in a list</li>
</ul>
</p>

<table cellpadding="0" cellspacing="0" border="0">
<tr>
<td height="20" style="height:20px; padding: 12px 0; mso-padding-alt:12px 55px; background-color: #4281FF; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size:16px; color:#ffffff;"
align="center" valign="middle">
<a href="https://www.conrad.com/" style="font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 13px; color: #ffffff; text-decoration: none; padding:12px 55px;">Go to Conrad.com</a>

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Date: Sat, 25 Jul 2026 14:03:28 UTC
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Plus: 🏷️ Twenty great brands the market is underpricing

15 July 2026
------------

------------------
Narratives you
should be watching
------------------

This week’s picks:
------------------

* Why PayPal's
( https://l.p.simplywall.st/ss/c/u001.z2q9iH8nJTMhV1QAA02yBuEbCINYB4-KHeUQo72wwHdhErS4Zkl_jleicRah-f5Kvni5tc9yVaXZtTCex2JRu7sCPyK4YQGa53ZAeeDzRFiatnY9IWjLZdOQPyknBWZ3I_tn4Cc_74er_6qqiewZE_k5rOQZDHMs-Sg8sNssg0X7hj3VuT5XJI3IBO8yH-sDvCj6mbOh3h7ZTr9rlSo-y_qOL6Z63ODOcJLv9aVQlrNa2lDdZcnLpjY4iySNaeRHJcQSjrH-P1t3ohFgDJHbAPnNNeGlM75q3ednO9bZNdbecy4QxR0Z9gR6WOEJVUq4r608hSfQk_HDCe70cEmAS7YqVuUn53WVbRELQmmb4wD8YBlHs-wDOLKq54B-a_Ls/4sc/zGc38ATRRVeEtwoEs4LYRw/t0/h001.qzMNsIzwsibYwRv9VBFNHq1asvWA36hZ95r4wS98R5s Picks: Week 28 2026&utm_content=Original-Picks )
aggressive buyback might be the market's most overlooked
opportunity, backed by a moat even Apple can't copy.
* Why Celcius
( https://l.p.simplywall.st/ss/c/u001.z2q9iH8nJTMhV1QAA02yBuEbCINYB4-KHeUQo72wwHdhErS4Zkl_jleicRah-f5KNusiFpgIfdP1sLIC8zz32DvDcLyIiXh8A4MG4Xp592ULTMi6_ZNtNeYyKutabx8N05oamOfDN5St-TKKNYl5Q_HF52ICQNPB6K-mBdXKPgu-yZi91czcvr1MBCRREu4GKvZ91sEJFnzrQGrf7OxyDoS_YTXxna3US-5508ByAro5-auwYaUkdl_3ZrERdgyVW2QVyEgGz90oDv3GsOGuqAxSaErCAhiPalL9xbMQ0eZf7_6rTV1zxssDbN_tnvzcRryw2ZD8QibuSkZS8p_bXVEWDQWgnABdnufQYDdH46M/4sc/zGc38ATRRVeEtwoEs4LYRw/t1/h001.14MUT7pk_wALdK9KCKeoXpmXvI0b5Yt0Iv130rIGnts Picks: Week 28 2026&utm_content=Original-Picks )
isn't a collapsing brand, but an accounting quirk the market
mistook for one, while shoppers never stopped buying.
* Why Accenture
( https://l.p.simplywall.st/ss/c/u001.z2q9iH8nJTMhV1QAA02yBuEbCINYB4-KHeUQo72wwHdhErS4Zkl_jleicRah-f5KnHqyZLBT0cG7-bIFbHFBxjPDsF9nyHA8LOl6s7H4lX9bzXFgx3AUEuOjfYRkYhsbCgsik-T7N_2o89oXMAbyrkfbBIp9Gfgj9RVQuWUNXR85-z4aqNQJHjfw5lH9LIfEZW4L9-ozWF868YEyCziaPxI6qF5gjyiOfkx5zfzPenqENLyg6ypfcGCrnv3VuPhocJAOvAtT4DDSkg68yfv_g32vd1r7C213FXNXHcPXSsU/4sc/zGc38ATRRVeEtwoEs4LYRw/t2/h001._RABEeq6UBBtXwK2W1qpnF1HOFYmQ_I6rfPDSDdRiq4 Picks: Week 28 2026&utm_content=Original-Picks )
isn't an AI casualty, but a rare chance to buy a quality
compounder at a generational discount.
UNDERVALUED PayPal Holdings, Inc.

NASDAQ:PYPL

Author’s Fair Value

US$65 ~29% undervalued

-----------------------------------------------------------------
PayPal Doesn't Need to Grow – It Needs to Stop Falling – A
Mispriced Cash Machine With a Cannibal Buyback
-----------------------------------------------------------------

benjamin_lvieq

Community Contributor

Why this Narrative made this week’s picks
-----------------------------------------

PayPal trades at a fraction of the market multiple while
retiring a meaningful slice of its shares every year. Author
argues stabilisation alone is enough to re-rate the stock, backs
it with a cross-platform P2P moat closed rivals like Apple can't
copy, and also sets an explicit kill switch.

Read full Narrative
( https://l.p.simplywall.st/ss/c/u001.z2q9iH8nJTMhV1QAA02yBuEbCINYB4-KHeUQo72wwHdhErS4Zkl_jleicRah-f5Kvni5tc9yVaXZtTCex2JRu7sCPyK4YQGa53ZAeeDzRFiatnY9IWjLZdOQPyknBWZ3I_tn4Cc_74er_6qqiewZE_k5rOQZDHMs-Sg8sNssg0X7hj3VuT5XJI3IBO8yH-sDvCj6mbOh3h7ZTr9rlSo-y_qOL6Z63ODOcJLv9aVQlrNa2lDdZcnLpjY4iySNaeRHJcQSjrH-P1t3ohFgDJHbAPnNNeGlM75q3ednO9bZNdbecy4QxR0Z9gR6WOEJVUq4r608hSfQk_HDCe70cEmAS7YqVuUn53WVbRELQmmb4wD8YBlHs-wDOLKq54B-a_Ls/4sc/zGc38ATRRVeEtwoEs4LYRw/t3/h001.2QRBkM-txUydilJQoZhp1Ss039tn5qgrpCahSAgA43Y Picks: Week 28 2026&utm_content=Original-Picks )
Author’s valuation assumes ~4% p.a. revenue growth for 5 years
(uses exit earnings model with share count reduction).

UNDERVALUED Celsius Holdings, Inc.

NASDAQ:CELH

Author’s Fair Value

US$55.43 ~45% undervalued

-----------------------------------------------------------------
From $5M to $2B: Why the 2024 Crash Was the Best Buying
Opportunity in Consumer Stocks
-----------------------------------------------------------------

JD009

Community Contributor

Why this Narrative made this week’s picks
-----------------------------------------

Celsius has quietly become the third force in energy drinks
behind Red Bull and Monster, yet the stock still trades like the
crash never ended. Author dissects why that crash was a
distributor accounting quirk rather than a demand problem, points
to PepsiCo deepening its stake as the proof.

Read full Narrative
( https://l.p.simplywall.st/ss/c/u001.z2q9iH8nJTMhV1QAA02yBuEbCINYB4-KHeUQo72wwHdhErS4Zkl_jleicRah-f5KNusiFpgIfdP1sLIC8zz32DvDcLyIiXh8A4MG4Xp592ULTMi6_ZNtNeYyKutabx8N05oamOfDN5St-TKKNYl5Q_HF52ICQNPB6K-mBdXKPgu-yZi91czcvr1MBCRREu4GKvZ91sEJFnzrQGrf7OxyDoS_YTXxna3US-5508ByAro5-auwYaUkdl_3ZrERdgyVW2QVyEgGz90oDv3GsOGuqAxSaErCAhiPalL9xbMQ0eZf7_6rTV1zxssDbN_tnvzcRryw2ZD8QibuSkZS8p_bXVEWDQWgnABdnufQYDdH46M/4sc/zGc38ATRRVeEtwoEs4LYRw/t4/h001.2xqq9Cr04uWfAZBoBL63e2Sve0kVzUOLYE1r7Vq-BKo Picks: Week 28 2026&utm_content=Original-Picks )
Author’s valuation assumes ~20% p.a. revenue growth for 3
years.

UNDERVALUED Accenture plc

NYSE:ACN

Author’s Fair Value

US$301 ~55% undervalued

-----------------------------------------------------------------
High-quality global services company facing an AI-driven
valuation reset.
-----------------------------------------------------------------

Wavefarer

Community Contributor

Why this Narrative made this week’s picks
-----------------------------------------

Accenture has been cut down on fears that AI breaks the
labour-based consulting model, even as bookings for AI work keep
climbing. Author frames the entire debate as one question:
whether free cash flow is durable, and shows that even his own
bear case values the company above today's price.

Read full Narrative
( https://l.p.simplywall.st/ss/c/u001.z2q9iH8nJTMhV1QAA02yBuEbCINYB4-KHeUQo72wwHdhErS4Zkl_jleicRah-f5KnHqyZLBT0cG7-bIFbHFBxjPDsF9nyHA8LOl6s7H4lX9bzXFgx3AUEuOjfYRkYhsbCgsik-T7N_2o89oXMAbyrkfbBIp9Gfgj9RVQuWUNXR85-z4aqNQJHjfw5lH9LIfEZW4L9-ozWF868YEyCziaPxI6qF5gjyiOfkx5zfzPenqENLyg6ypfcGCrnv3VuPhocJAOvAtT4DDSkg68yfv_g32vd1r7C213FXNXHcPXSsU/4sc/zGc38ATRRVeEtwoEs4LYRw/t5/h001.zVWuAv3MYw5X6QIlnvTCJLaM3XBYjoWyV-1N25yg64Y Picks: Week 28 2026&utm_content=Original-Picks )
Author’s valuation assumes ~3.5% p.a. free cash flow growth for
5 years.

Watchlist: Brands at Right Price

20 companies · curated by Investingwilly

META CMG UBER DASH SPOT +15 Real brand
power the market is currently underpricing, from household tech
and restaurants to payment networks. The common thread isn't a
cheap multiple, it's quality trading below the respect it has
earned.

See the Watchlist
( https://l.p.simplywall.st/ss/c/u001.z2q9iH8nJTMhV1QAA02yBuEbCINYB4-KHeUQo72wwHdnkiR0xqOeBDsYE_FCpE4vdb5kXJq3wuVqZQI8cMxoMJ9Tv3_m4tCGHXnyQsSR9cHfEi67feVACzeDOWQqHdsi_L5SJFDqRG6dnXsSwWBSwjTD4BlkqlIEDjaVSdwh9RI/4sc/zGc38ATRRVeEtwoEs4LYRw/t6/h001.sMHHuo0eqv32n5xEKndP-Qwd4dvlogD1e75OZkrLbgQ Picks: Week 28 2026&utm_content=Original-Picks )

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<div style="display:none !important;visibility:hidden;mso-hide:all;font-size:1px;color:#ffffff;line-height:1px;max-height:0px;max-width:0px;opacity:0;overflow:hidden;">Plus: 🏷️ Twenty great brands the market is underpricing</div>
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<table class="row row-1" align="center" width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;background-color:#edebe1"><tbody><tr><td><table class="row-content" align="center" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;background-color:#edebe1;border-radius:0;color:#000;width:600px;margin:0 auto" width="600"><tbody><tr>
<td class="column column-1" width="66.66666666666667%" style="mso-table-lspace:0;mso-table-rspace:0;font-weight:400;text-align:left;padding-top:40px;vertical-align:bottom"><table class="image_block block-1" width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0"><tr><td class="pad" style="width:100%" align="left"><div style="max-width:280px"><img src="https://braze-images.com/appboy/communication/assets/image_assets/images/69847eb77881a20073ab92dc/original.png?1770290871" style="display:block;height:auto;border:0;width:100%" width="280" alt="" title="" height="auto"></div></td></tr></table></td>
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<table class="heading_block block-1" width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0"><tr><td class="pad" style="width:100%;padding-top:20px;padding-left:20px;padding-right:20px" align="center"><h3 style="margin:0;color:#1a1a1a;direction:ltr;font-family:Georgia,Arial,Sans-serif;font-size:16px;font-weight:400;letter-spacing:normal;line-height:1.2;text-align:left;margin-top:0;margin-bottom:0;mso-line-height-alt:19px"><span class="tinyMce-placeholder" style="word-break: break-word;">15 July 2026</span></h3></td></tr></table>
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<tr><td class="pad" align="center"><table border="0" cellpadding="0" cellspacing="0" role="presentation" width="100%" style="mso-table-lspace:0;mso-table-rspace:0"><tr><td class="divider_inner" style="font-size:1px;line-height:1px;border-top:1px solid #191816"><span style="word-break: break-word;"> </span></td></tr></table></td></tr>
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<table class="row row-3" align="center" width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;background-color:#edebe1"><tbody><tr><td><table class="row-content stack" align="center" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;background-color:#edebe1;border-radius:0;color:#000;width:600px;margin:0 auto" width="600"><tbody><tr>
<td class="column column-1" width="58.333333333333336%" style="mso-table-lspace:0;mso-table-rspace:0;font-weight:400;text-align:left;vertical-align:bottom">
<table class="heading_block block-1" width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0"><tr><td class="pad" style="width:100%;padding-top:20px;padding-bottom:40px;padding-right:20px" align="center"><h2 style="margin:0;color:#1a1a1a;direction:ltr;font-family:Georgia,Arial,Sans-serif;font-size:24px;font-weight:400;letter-spacing:normal;line-height:1.2;text-align:left;margin-top:0;margin-bottom:0;mso-line-height-alt:29px"><span class="tinyMce-placeholder" style="word-break: break-word;">Narratives you<br>should be watching</span></h2></td></tr></table>
<table class="divider_block block-2" width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0"><tr><td class="pad" style="padding-bottom:10px" align="center"><table border="0" cellpadding="0" cellspacing="0" role="presentation" width="100%" style="mso-table-lspace:0;mso-table-rspace:0"><tr><td class="divider_inner" style="font-size:1px;line-height:1px;border-top:3px solid #191816"><span style="word-break: break-word;"> </span></td></tr></table></td></tr></table>
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<table class="image_block mobile_hide block-1" width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0"><tr><td class="pad" style="width:100%" align="right"><div style="max-width:250px"><img src="https://braze-images.com/appboy/communication/assets/image_assets/images/69847eb7d888e70063ac1042/original.png?1770290871" style="display:block;height:auto;border:0;width:100%" width="250" alt="" title="" height="auto"></div></td></tr></table>
<table class="divider_block mobile_hide block-2" width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0"><tr><td class="pad" style="padding-bottom:10px" align="center"><table border="0" cellpadding="0" cellspacing="0" role="presentation" width="100%" style="mso-table-lspace:0;mso-table-rspace:0"><tr><td class="divider_inner" style="font-size:1px;line-height:1px;border-top:3px solid #191816"><span style="word-break: break-word;"> </span></td></tr></table></td></tr></table>
</td>
</tr></tbody></table></td></tr></tbody></table>
<table class="row row-4" align="center" width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0"><tbody><tr><td><table class="row-content stack" align="center" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;background-color:#edebe1;border-radius:0;color:#000;width:600px;margin:0 auto" width="600"><tbody><tr><td class="column column-1" width="100%" style="mso-table-lspace:0;mso-table-rspace:0;font-weight:400;text-align:left;vertical-align:top">
<table class="heading_block block-1" width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0"><tr><td class="pad" style="width:100%;padding-top:10px;padding-bottom:10px" align="center"><h3 style="margin:0;color:#1a1a1a;direction:ltr;font-family:Georgia,Arial,Sans-serif;font-size:16px;font-weight:400;letter-spacing:normal;line-height:1.2;text-align:left;margin-top:0;margin-bottom:0;mso-line-height-alt:19px">
<span class="tinyMce-placeholder" style="word-break: break-word;">This week’s picks:</span>
</h3></td></tr></table>
<table class="list_block block-2" width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;word-break:break-word;color:#1a1a1a;direction:ltr;font-family:Helvetica,Arial,Sans-serif;font-size:14px;font-weight:400;letter-spacing:0;line-height:1.4;text-align:left;mso-line-height-alt:20px"><tr><td class="pad" style="padding-top:10px;padding-bottom:10px"><div style="margin-left:-20px"><ul start="1" style="margin-top:0;margin-bottom:0;list-style-type:revert">
<li style="Margin:0 0 10px 0">
Why <strong><a href="https://l.p.simplywall.st/ss/c/u001.z2q9iH8nJTMhV1QAA02yBuEbCINYB4-KHeUQo72wwHdhErS4Zkl_jleicRah-f5Kvni5tc9yVaXZtTCex2JRu7sCPyK4YQGa53ZAeeDzRFiatnY9IWjLZdOQPyknBWZ3I_tn4Cc_74er_6qqiewZE_k5rOQZDHMs-Sg8sNssg0X7hj3VuT5XJI3IBO8yH-sDvCj6mbOh3h7ZTr9rlSo-y_qOL6Z63ODOcJLv9aVQlrNa2lDdZcnLpjY4iySNaeRHJcQSjrH-P1t3ohFgDJHbAPnNNeGlM75q3ednO9bZNdbecy4QxR0Z9gR6WOEJVUq4r608hSfQk_HDCe70cEmAS7YqVuUn53WVbRELQmmb4wDoCZO_9Ur9bNAgLEYG3jnw5SmGSvKJu0p-mJ6Dp7J8DpvBTNy4Op7nhIqmUVrtEivtBUKB6KUKSTXkorO1oq4x/4sc/zGc38ATRRVeEtwoEs4LYRw/h17/h001.S-IrZOgCyYSbNO0ZYhG6P3OxorCBF9AIlacaUcSXc1g" target="_blank" data-mce-attributes-count="1" style="text-decoration: underline; color: #996633;" rel="noopener">PayPal's</a></strong> aggressive buyback might be the market's most overlooked opportunity,  backed by a moat even Apple can't copy.</li>
<li style="Margin:0 0 10px 0">
Why <strong><a href="https://l.p.simplywall.st/ss/c/u001.z2q9iH8nJTMhV1QAA02yBuEbCINYB4-KHeUQo72wwHdhErS4Zkl_jleicRah-f5KNusiFpgIfdP1sLIC8zz32DvDcLyIiXh8A4MG4Xp592ULTMi6_ZNtNeYyKutabx8N05oamOfDN5St-TKKNYl5Q_HF52ICQNPB6K-mBdXKPgu-yZi91czcvr1MBCRREu4GKvZ91sEJFnzrQGrf7OxyDoS_YTXxna3US-5508ByAro5-auwYaUkdl_3ZrERdgyVW2QVyEgGz90oDv3GsOGuqAxSaErCAhiPalL9xbMQ0eZf7_6rTV1zxssDbN_tnvzcRryw2ZD8QibuSkZS8p_bXdzzjyYekL84uw-PnuR-t2VBLm8ECJhyC1x-rlN5GBpzZZv9h25_dMBUCnMbDy63TFM4mfKIG4tXJHVdEbdp_LA/4sc/zGc38ATRRVeEtwoEs4LYRw/h18/h001.y5D1RIx3u9gT_rb8CFXb-YRDIMYw9unOWiNVlkQEjyw" target="_blank" data-mce-attributes-count="1" style="text-decoration: underline; color: #996633;" rel="noopener">Celcius</a></strong> isn't a collapsing brand, but an accounting quirk the market mistook for one, while shoppers never stopped buying.</li>
<li style="Margin:0 0 10px 0">
Why <strong><a href="https://l.p.simplywall.st/ss/c/u001.z2q9iH8nJTMhV1QAA02yBuEbCINYB4-KHeUQo72wwHdhErS4Zkl_jleicRah-f5KnHqyZLBT0cG7-bIFbHFBxjPDsF9nyHA8LOl6s7H4lX9bzXFgx3AUEuOjfYRkYhsbCgsik-T7N_2o89oXMAbyrkfbBIp9Gfgj9RVQuWUNXR85-z4aqNQJHjfw5lH9LIfEZW4L9-ozWF868YEyCziaPxI6qF5gjyiOfkx5zfzPenqENLyg6ypfcGCrnv3VuPhocJAOvAtT4DDSkg68yfv_g5MaemARRvpxFeuckFLtCopJYP7p2qazsay3QnCa9O9hkbYIEKRATqqf6PLb_CFMr3httEGTXp-wEhNKHn-zuFY/4sc/zGc38ATRRVeEtwoEs4LYRw/h19/h001.k61OX_VFDk8i8QENRAgHX3x9Wdn9EKJ9s6oy__L1NDo" target="_blank" data-mce-attributes-count="1" style="text-decoration: underline; color: #996633;" rel="noopener">Accenture</a></strong> isn't an AI casualty, but a rare chance to buy a quality compounder at a generational discount.</li>
</ul></div></td></tr></table>
</td></tr></tbody></table></td></tr></tbody></table>
<table class="row row-5" align="center" width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0"><tbody><tr><td><table class="row-content stack" align="center" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;background-color:#edebe1;border-radius:0;color:#000;width:600px;margin:0 auto" width="600"><tbody><tr><td class="column column-1" width="100%" style="mso-table-lspace:0;mso-table-rspace:0;font-weight:400;text-align:left;vertical-align:top"><table class="divider_block block-1" width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0"><tr><td class="pad" style="padding-top:20px;padding-bottom:20px" align="center"><table border="0" cellpadding="0" cellspacing="0" role="presentation" width="100%" style="mso-table-lspace:0;mso-table-rspace:0"><tr><td class="divider_inner" style="font-size:1px;line-height:1px;border-top:1px solid #191816">
<span style="word-break: break-word;"> </span>
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<table class="row row-6" align="center" width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;background-size:auto"><tbody><tr><td><table class="row-content stack" align="center" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;background-color:#fff;background-size:auto;border-left:2px solid #cecdc6;border-radius:0;border-right:2px solid #cecdc6;border-top:2px solid #cecdc6;color:#000;padding:20px 30px 10px 30px;width:600px;margin:0 auto" width="600"><tbody><tr><td><table width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0"><tbody><tr><td class="column column-1" width="100%" style="mso-table-lspace:0;mso-table-rspace:0;font-weight:400;text-align:left;vertical-align:top"><table class="html_block block-1" width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0"><tr><td class="pad"><div style="font-family:Helvetica,Arial,Sans-serif;text-align:center" align="center"> 
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UNDERVALUED
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<table class="row row-7" align="center" width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0"><tbody><tr><td><table class="row-content stack" align="center" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;background-color:#fff;border-left:2px solid #cecdc6;border-radius:0;border-right:2px solid #cecdc6;color:#000;padding-left:30px;padding-right:30px;width:600px;margin:0 auto" width="600"><tbody><tr><td><table width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0"><tbody><tr>
<td class="column column-1" width="16.666666666666668%" style="mso-table-lspace:0;mso-table-rspace:0;font-weight:400;text-align:left;vertical-align:bottom"><table class="image_block block-1" width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0"><tr><td class="pad" style="width:100%;padding-top:10px" align="left"><div style="max-width:71px"><img src="https://braze-images.com/appboy/communication/assets/image_assets/images/6a54bbf65d7a000086162c18/original.png?1783938037" style="display:block;height:auto;border:0;width:100%" width="71" alt="" title="" height="auto"></div></td></tr></table></td>
<td class="column column-2" width="33.333333333333336%" style="mso-table-lspace:0;mso-table-rspace:0;font-weight:400;text-align:left;padding-bottom:5px;vertical-align:bottom">
<table class="paragraph_block block-1" width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;word-break:break-word"><tr><td class="pad" style="padding-right:20px"><div style="color:#1a1a1a;direction:ltr;font-family:Helvetica,Arial,Sans-serif;font-size:14px;font-weight:700;letter-spacing:0;line-height:1.3;text-align:left;mso-line-height-alt:18px"><p style="margin:0">PayPal Holdings, Inc.</p></div></td></tr></table>
<table class="paragraph_block block-2" width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;word-break:break-word"><tr><td class="pad"><div style="color:#7e7e7e;direction:ltr;font-family:Helvetica,Arial,Sans-serif;font-size:11px;font-weight:700;letter-spacing:0;line-height:1.3;text-align:left;mso-line-height-alt:14px"><p style="margin:0">NASDAQ:PYPL</p></div></td></tr></table>
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<td class="column column-3" width="50%" style="mso-table-lspace:0;mso-table-rspace:0;font-weight:400;text-align:left;padding-bottom:5px;padding-right:10px;vertical-align:bottom">
<table class="divider_block desktop_hide block-1" width="100%" border="0" cellpadding="10" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;mso-hide:all;display:none;max-height:0;overflow:hidden"><tr><td class="pad" align="center"><table border="0" cellpadding="0" cellspacing="0" role="presentation" width="100%" style="mso-table-lspace:0;mso-table-rspace:0;mso-hide:all;display:none;max-height:0;overflow:hidden"><tr><td class="divider_inner" style="font-size:1px;line-height:1px;border-top:1px solid #bbb">
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<table class="paragraph_block block-2" width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;word-break:break-word"><tr><td class="pad"><div style="color:#7e7e7e;direction:ltr;font-family:Helvetica,Arial,Sans-serif;font-size:14px;font-weight:700;letter-spacing:0;line-height:1.3;text-align:left;mso-line-height-alt:18px"><p style="margin:0">
Author’s Fair Value</p></div></td></tr></table>
<table class="html_block block-3" width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0"><tr><td class="pad"><div style="font-family:Helvetica,Arial,Sans-serif;text-align:center" align="center">

<div style="text-align:left;vertical-align:middle;margin-top:8px;">


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<div style="font-family:Helvetica,Arial,sans-serif;font-size:24px;line-height:0;font-weight:bold;color:#000000;">
US$65

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<div style="display:inline-block;padding:6px 12px;border-radius:20px;background-color:#E3F2E8;text-align:left;">
<div style="display:block;line-height:1;font-family:Helvetica,Arial,sans-serif;font-size:11px;letter-spacing:0px;margin:0;color:#11A55E;font-weight:bold;"> ~29% undervalued
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<table class="row row-8" align="center" width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;background-size:auto">
<tbody><tr><td><table class="row-content stack" align="center" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;background-color:#fff;background-size:auto;border-left:2px solid #cecdc6;border-radius:0;border-right:2px solid #cecdc6;color:#000;padding-left:30px;padding-right:30px;width:600px;margin:0 auto" width="600">
<tbody><tr><td><table width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0"><tbody><tr><td class="column column-1" width="100%" style="mso-table-lspace:0;mso-table-rspace:0;font-weight:400;text-align:left;vertical-align:top"><table class="heading_block block-1" width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0"><tr><td class="pad" style="width:100%;padding-top:25px;padding-bottom:15px" align="center"><h2 style="margin:0;color:#1a1a1a;direction:ltr;font-family:Georgia,Arial,Sans-serif;font-size:20px;font-weight:400;letter-spacing:normal;line-height:1.2;text-align:left;margin-top:0;margin-bottom:0;mso-line-height-alt:24px">PayPal Doesn't Need to Grow – It Needs to Stop Falling – A Mispriced Cash Machine With a Cannibal Buyback</h2></td></tr></table></td></tr></tbody></table></td></tr></tbody>
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<table class="row row-9" align="center" width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0"><tbody><tr><td><table class="row-content" align="center" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;background-color:#fff;border-left:2px solid #cecdc6;border-radius:0;border-right:2px solid #cecdc6;color:#000;padding-left:30px;padding-right:30px;padding-top:5px;width:600px;margin:0 auto" width="600"><tbody><tr><td><table width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0"><tbody><tr>
<td class="column column-1" width="8.333333333333334%" style="mso-table-lspace:0;mso-table-rspace:0;font-weight:400;text-align:left;vertical-align:middle">
<table class="image_block block-1" width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0"><tr><td class="pad" style="width:100%" align="left"><div style="max-width:31px"><img src="https://braze-images.com/appboy/communication/assets/image_assets/images/6a54bc0c423da00086978adf/original.png?1783938059" style="display:block;height:auto;border:0;width:100%" width="31" alt="" title="" height="auto"></div></td></tr></table>
<div class="spacer_block block-2 desktop_hide" style="mso-hide:all;display:none;max-height:0;overflow:hidden;height:5px;line-height:5px;font-size:1px"> </div>
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<td class="column column-2" width="91.66666666666667%" style="mso-table-lspace:0;mso-table-rspace:0;font-weight:400;text-align:left;vertical-align:middle">
<table class="paragraph_block block-1" width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;word-break:break-word"><tr><td class="pad"><div style="color:#1a1a1a;direction:ltr;font-family:Helvetica,Arial,Sans-serif;font-size:14px;font-weight:700;letter-spacing:0;line-height:1.2;text-align:left;mso-line-height-alt:17px"><p style="margin:0">benjamin_lvieq</p></div></td></tr></table>
<table class="paragraph_block block-2" width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;word-break:break-word"><tr><td class="pad"><div style="color:#666;direction:ltr;font-family:Helvetica,Arial,Sans-serif;font-size:11px;font-weight:700;letter-spacing:0;line-height:1.3;text-align:left;mso-line-height-alt:14px"><p style="margin:0">Community Contributor</p></div></td></tr></table>
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<table class="row row-10" align="center" width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;background-size:auto"><tbody><tr><td><table class="row-content stack" align="center" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;background-color:#fff;background-size:auto;border-bottom:2px solid #cecdc6;border-left:2px solid #cecdc6;border-radius:0;border-right:2px solid #cecdc6;color:#000;padding-bottom:25px;padding-left:30px;padding-right:30px;width:600px;margin:0 auto" width="600"><tbody><tr><td><table width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0"><tbody><tr><td class="column column-1" width="100%" style="mso-table-lspace:0;mso-table-rspace:0;font-weight:400;text-align:left;vertical-align:top">
<table class="heading_block block-1" width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0"><tr><td class="pad" style="width:100%;padding-top:20px" align="center"><h6 style="margin:0;color:#1a1a1a;direction:ltr;font-family:Helvetica,Arial,Sans-serif;font-size:16px;font-weight:700;letter-spacing:normal;line-height:1.2;text-align:left;margin-top:0;margin-bottom:0;mso-line-height-alt:19px"><span class="tinyMce-placeholder" style="word-break: break-word;">Why this Narrative made this week’s picks</span></h6></td></tr></table>
<table class="paragraph_block block-2" width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;word-break:break-word"><tr><td class="pad" style="padding-top:10px;padding-bottom:20px"><div style="color:#1a1a1a;direction:ltr;font-family:Helvetica,Arial,Sans-serif;font-size:14px;font-weight:400;letter-spacing:0;line-height:1.4;text-align:left;mso-line-height-alt:20px"><p style="margin:0">
PayPal trades at a fraction of the market multiple while retiring a meaningful slice of its shares every year. Author argues stabilisation alone is enough to re-rate the stock, backs it with a cross-platform P2P moat closed rivals like Apple can't copy, and also sets an explicit kill switch.</p></div></td></tr></table>
<table class="button_block block-3" width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0"><tr><td class="pad" style="padding-top:10px;padding-bottom:10px" align="left"><a href="https://l.p.simplywall.st/ss/c/u001.z2q9iH8nJTMhV1QAA02yBuEbCINYB4-KHeUQo72wwHdhErS4Zkl_jleicRah-f5Kvni5tc9yVaXZtTCex2JRu7sCPyK4YQGa53ZAeeDzRFiatnY9IWjLZdOQPyknBWZ3I_tn4Cc_74er_6qqiewZE_k5rOQZDHMs-Sg8sNssg0X7hj3VuT5XJI3IBO8yH-sDvCj6mbOh3h7ZTr9rlSo-y_qOL6Z63ODOcJLv9aVQlrNa2lDdZcnLpjY4iySNaeRHJcQSjrH-P1t3ohFgDJHbAPnNNeGlM75q3ednO9bZNdbecy4QxR0Z9gR6WOEJVUq4r608hSfQk_HDCe70cEmAS7YqVuUn53WVbRELQmmb4wDoCZO_9Ur9bNAgLEYG3jnw5SmGSvKJu0p-mJ6Dp7J8DpvBTNy4Op7nhIqmUVrtEivtBUKB6KUKSTXkorO1oq4x/4sc/zGc38ATRRVeEtwoEs4LYRw/h20/h001.3usmG52ILG3s24DMBL8X5h8qqWVMtEvTZkBJRhQkKX4" target="_blank" style="color:#1A1A1A;text-decoration:none;">
<span class="button" style="background-color: #FDCC6A; mso-shading: transparent; border-bottom: 1px solid #FDCC6A; border-left: 1px solid #FDCC6A; border-radius: 6px; border-right: 1px solid #FDCC6A; border-top: 1px solid #FDCC6A; color: #1A1A1A; display: inline-block; font-family: 'Helvetica', 'Arial', Sans-serif; font-size: 14px; font-weight: 400; mso-border-alt: none; padding-bottom: 5px; padding-top: 5px; padding-left: 15px; padding-right: 15px; text-align: center; width: auto; word-break: keep-all; letter-spacing: normal;"><span style="word-break: break-word; line-height: 28px;">Read full Narrative</span></span>
</a></td></tr></table>
<table class="paragraph_block block-4" width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;word-break:break-word"><tr><td class="pad" style="padding-top:10px"><div style="color:#1a1a1a;direction:ltr;font-family:Helvetica,Arial,Sans-serif;font-size:12px;font-weight:400;letter-spacing:0;line-height:1.3;text-align:left;mso-line-height-alt:16px"><p style="margin:0">Author’s valuation assumes <strong>~4% p.a. revenue growth for 5 years (uses exit earnings model with share count reduction).</strong></p></div></td></tr></table>
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<table class="row row-11" align="center" width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0"><tbody><tr><td><table class="row-content stack" align="center" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;background-color:#edebe1;border-radius:0;color:#000;width:600px;margin:0 auto" width="600"><tbody><tr><td class="column column-1" width="100%" style="mso-table-lspace:0;mso-table-rspace:0;font-weight:400;text-align:left;vertical-align:top"><table class="divider_block block-1" width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0"><tr>
<td class="pad" style="padding-top:20px;padding-bottom:20px" align="center"><table border="0" cellpadding="0" cellspacing="0" role="presentation" width="100%" style="mso-table-lspace:0;mso-table-rspace:0"><tr><td class="divider_inner" style="font-size:1px;line-height:1px;border-top:1px solid #191816"><span style="word-break: break-word;"> </span></td></tr></table></td>
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<table class="row row-12" align="center" width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;background-size:auto"><tbody><tr><td><table class="row-content stack" align="center" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;background-color:#fff;background-size:auto;border-left:2px solid #cecdc6;border-radius:0;border-right:2px solid #cecdc6;border-top:2px solid #cecdc6;color:#000;padding:20px 30px 10px 30px;width:600px;margin:0 auto" width="600"><tbody><tr><td><table width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0"><tbody><tr><td class="column column-1" width="100%" style="mso-table-lspace:0;mso-table-rspace:0;font-weight:400;text-align:left;vertical-align:top"><table class="html_block block-1" width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0"><tr><td class="pad"><div style="font-family:Helvetica,Arial,Sans-serif;text-align:center" align="center"> 
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<div style="display:block;line-height:1;font-family:Helvetica,Arial,sans-serif;font-size:10px;letter-spacing:0.75px;margin:0;color:#ffffff;font-weight:bold;">
UNDERVALUED
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<table class="row row-13" align="center" width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0"><tbody><tr><td><table class="row-content stack" align="center" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;background-color:#fff;border-left:2px solid #cecdc6;border-radius:0;border-right:2px solid #cecdc6;color:#000;padding-left:30px;padding-right:30px;width:600px;margin:0 auto" width="600"><tbody><tr><td><table width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0"><tbody><tr>
<td class="column column-1" width="16.666666666666668%" style="mso-table-lspace:0;mso-table-rspace:0;font-weight:400;text-align:left;vertical-align:bottom"><table class="image_block block-1" width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0"><tr><td class="pad" style="width:100%;padding-top:10px" align="left"><div style="max-width:71px"><img src="https://braze-images.com/appboy/communication/assets/image_assets/images/6a54bc1d43f8c0008471cd7b/original.png?1783938076" style="display:block;height:auto;border:0;width:100%" width="71" alt="" title="" height="auto"></div></td></tr></table></td>
<td class="column column-2" width="33.333333333333336%" style="mso-table-lspace:0;mso-table-rspace:0;font-weight:400;text-align:left;padding-bottom:5px;vertical-align:bottom">
<table class="paragraph_block block-1" width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;word-break:break-word"><tr><td class="pad" style="padding-right:20px"><div style="color:#1a1a1a;direction:ltr;font-family:Helvetica,Arial,Sans-serif;font-size:14px;font-weight:700;letter-spacing:0;line-height:1.3;text-align:left;mso-line-height-alt:18px"><p style="margin:0">Celsius Holdings, Inc.</p></div></td></tr></table>
<table class="paragraph_block block-2" width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;word-break:break-word"><tr><td class="pad">
<div style="color:#7e7e7e;direction:ltr;font-family:Helvetica,Arial,Sans-serif;font-size:11px;font-weight:700;letter-spacing:0;line-height:1.3;text-align:left;mso-line-height-alt:14px"><p style="margin:0">NASDAQ:CELH</p></div>
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<td class="column column-3" width="50%" style="mso-table-lspace:0;mso-table-rspace:0;font-weight:400;text-align:left;padding-bottom:5px;padding-right:10px;vertical-align:bottom">
<table class="divider_block desktop_hide block-1" width="100%" border="0" cellpadding="10" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;mso-hide:all;display:none;max-height:0;overflow:hidden"><tr><td class="pad" align="center"><table border="0" cellpadding="0" cellspacing="0" role="presentation" width="100%" style="mso-table-lspace:0;mso-table-rspace:0;mso-hide:all;display:none;max-height:0;overflow:hidden"><tr><td class="divider_inner" style="font-size:1px;line-height:1px;border-top:1px solid #bbb">
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<table class="paragraph_block block-2" width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;word-break:break-word"><tr><td class="pad"><div style="color:#7e7e7e;direction:ltr;font-family:Helvetica,Arial,Sans-serif;font-size:14px;font-weight:700;letter-spacing:0;line-height:1.3;text-align:left;mso-line-height-alt:18px"><p style="margin:0">
Author’s Fair Value</p></div></td></tr></table>
<table class="html_block block-3" width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0"><tr><td class="pad"><div style="font-family:Helvetica,Arial,Sans-serif;text-align:center" align="center">

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<div style="font-family:Helvetica,Arial,sans-serif;font-size:24px;line-height:0;font-weight:bold;color:#000000;">
US$55.43

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<div style="display:inline-block;padding:6px 12px;border-radius:20px;background-color:#E3F2E8;text-align:left;">
<div style="display:block;line-height:1;font-family:Helvetica,Arial,sans-serif;font-size:11px;letter-spacing:0px;margin:0;color:#11A55E;font-weight:bold;"> ~45% undervalued
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<table class="row row-14" align="center" width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;background-size:auto"><tbody><tr><td><table class="row-content stack" align="center" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;background-color:#fff;background-size:auto;border-left:2px solid #cecdc6;border-radius:0;border-right:2px solid #cecdc6;color:#000;padding-left:30px;padding-right:30px;width:600px;margin:0 auto" width="600">
<tbody><tr><td><table width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0"><tbody><tr><td class="column column-1" width="100%" style="mso-table-lspace:0;mso-table-rspace:0;font-weight:400;text-align:left;vertical-align:top"><table class="heading_block block-1" width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0"><tr><td class="pad" style="width:100%;padding-top:25px;padding-bottom:15px" align="center"><h2 style="margin:0;color:#1a1a1a;direction:ltr;font-family:Georgia,Arial,Sans-serif;font-size:20px;font-weight:400;letter-spacing:normal;line-height:1.2;text-align:left;margin-top:0;margin-bottom:0;mso-line-height-alt:24px">From $5M to $2B: Why the 2024 Crash Was the Best Buying Opportunity in Consumer Stocks</h2></td></tr></table></td></tr></tbody></table></td></tr></tbody>
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<table class="row row-15" align="center" width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0"><tbody><tr><td><table class="row-content" align="center" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;background-color:#fff;border-left:2px solid #cecdc6;border-radius:0;border-right:2px solid #cecdc6;color:#000;padding-left:30px;padding-right:30px;padding-top:5px;width:600px;margin:0 auto" width="600"><tbody><tr><td><table width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0"><tbody><tr>
<td class="column column-1" width="8.333333333333334%" style="mso-table-lspace:0;mso-table-rspace:0;font-weight:400;text-align:left;vertical-align:middle">
<table class="image_block block-1" width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0"><tr><td class="pad" style="width:100%" align="left"><div style="max-width:31px"><img src="https://braze-images.com/appboy/communication/assets/image_assets/images/6a54bc3dbdd3a500868d3c3a/original.png?1783938109" style="display:block;height:auto;border:0;width:100%" width="31" alt="" title="" height="auto"></div></td></tr></table>
<div class="spacer_block block-2 desktop_hide" style="mso-hide:all;display:none;max-height:0;overflow:hidden;height:5px;line-height:5px;font-size:1px"> </div>
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<td class="column column-2" width="91.66666666666667%" style="mso-table-lspace:0;mso-table-rspace:0;font-weight:400;text-align:left;vertical-align:middle">
<table class="paragraph_block block-1" width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;word-break:break-word"><tr><td class="pad"><div style="color:#1a1a1a;direction:ltr;font-family:Helvetica,Arial,Sans-serif;font-size:14px;font-weight:700;letter-spacing:0;line-height:1.2;text-align:left;mso-line-height-alt:17px"><p style="margin:0">JD009</p></div></td></tr></table>
<table class="paragraph_block block-2" width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;word-break:break-word"><tr><td class="pad"><div style="color:#666;direction:ltr;font-family:Helvetica,Arial,Sans-serif;font-size:11px;font-weight:700;letter-spacing:0;line-height:1.3;text-align:left;mso-line-height-alt:14px"><p style="margin:0">Community Contributor</p></div></td></tr></table>
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<table class="row row-16" align="center" width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;background-size:auto"><tbody><tr><td><table class="row-content stack" align="center" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;background-color:#fff;background-size:auto;border-bottom:2px solid #cecdc6;border-left:2px solid #cecdc6;border-radius:0;border-right:2px solid #cecdc6;color:#000;padding-bottom:25px;padding-left:30px;padding-right:30px;width:600px;margin:0 auto" width="600"><tbody><tr><td><table width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0"><tbody><tr><td class="column column-1" width="100%" style="mso-table-lspace:0;mso-table-rspace:0;font-weight:400;text-align:left;vertical-align:top">
<table class="heading_block block-1" width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0"><tr><td class="pad" style="width:100%;padding-top:20px" align="center"><h6 style="margin:0;color:#1a1a1a;direction:ltr;font-family:Helvetica,Arial,Sans-serif;font-size:16px;font-weight:700;letter-spacing:normal;line-height:1.2;text-align:left;margin-top:0;margin-bottom:0;mso-line-height-alt:19px"><span class="tinyMce-placeholder" style="word-break: break-word;">Why this Narrative made this week’s picks</span></h6></td></tr></table>
<table class="paragraph_block block-2" width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;word-break:break-word"><tr><td class="pad" style="padding-top:10px;padding-bottom:20px"><div style="color:#1a1a1a;direction:ltr;font-family:Helvetica,Arial,Sans-serif;font-size:14px;font-weight:400;letter-spacing:0;line-height:1.4;text-align:left;mso-line-height-alt:20px"><p style="margin:0">
Celsius has quietly become the third force in energy drinks behind Red Bull and Monster, yet the stock still trades like the crash never ended. Author dissects why that crash was a distributor accounting quirk rather than a demand problem, points to PepsiCo deepening its stake as the proof.</p></div></td></tr></table>
<table class="button_block block-3" width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0"><tr><td class="pad" style="padding-top:10px;padding-bottom:10px" align="left"><a href="https://l.p.simplywall.st/ss/c/u001.z2q9iH8nJTMhV1QAA02yBuEbCINYB4-KHeUQo72wwHdhErS4Zkl_jleicRah-f5KNusiFpgIfdP1sLIC8zz32DvDcLyIiXh8A4MG4Xp592ULTMi6_ZNtNeYyKutabx8N05oamOfDN5St-TKKNYl5Q_HF52ICQNPB6K-mBdXKPgu-yZi91czcvr1MBCRREu4GKvZ91sEJFnzrQGrf7OxyDoS_YTXxna3US-5508ByAro5-auwYaUkdl_3ZrERdgyVW2QVyEgGz90oDv3GsOGuqAxSaErCAhiPalL9xbMQ0eZf7_6rTV1zxssDbN_tnvzcRryw2ZD8QibuSkZS8p_bXdzzjyYekL84uw-PnuR-t2VBLm8ECJhyC1x-rlN5GBpzZZv9h25_dMBUCnMbDy63TFM4mfKIG4tXJHVdEbdp_LA/4sc/zGc38ATRRVeEtwoEs4LYRw/h21/h001.PvJEUL2afkURCmNIdGk9_6QLJySmoz6kjbdSo1z4Oho" target="_blank" style="color:#1A1A1A;text-decoration:none;">
<span class="button" style="background-color: #FDCC6A; mso-shading: transparent; border-bottom: 1px solid #FDCC6A; border-left: 1px solid #FDCC6A; border-radius: 6px; border-right: 1px solid #FDCC6A; border-top: 1px solid #FDCC6A; color: #1A1A1A; display: inline-block; font-family: 'Helvetica', 'Arial', Sans-serif; font-size: 14px; font-weight: 400; mso-border-alt: none; padding-bottom: 5px; padding-top: 5px; padding-left: 15px; padding-right: 15px; text-align: center; width: auto; word-break: keep-all; letter-spacing: normal;"><span style="word-break: break-word; line-height: 28px;">Read full Narrative</span></span>
</a></td></tr></table>
<table class="paragraph_block block-4" width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;word-break:break-word"><tr><td class="pad" style="padding-top:10px"><div style="color:#1a1a1a;direction:ltr;font-family:Helvetica,Arial,Sans-serif;font-size:12px;font-weight:400;letter-spacing:0;line-height:1.3;text-align:left;mso-line-height-alt:16px"><p style="margin:0">Author’s valuation assumes <strong>~20% p.a. revenue growth for 3 years.</strong></p></div></td></tr></table>
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<table class="row row-17" align="center" width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0"><tbody><tr><td><table class="row-content stack" align="center" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;background-color:#edebe1;border-radius:0;color:#000;width:600px;margin:0 auto" width="600"><tbody><tr><td class="column column-1" width="100%" style="mso-table-lspace:0;mso-table-rspace:0;font-weight:400;text-align:left;vertical-align:top"><table class="divider_block block-1" width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0"><tr><td class="pad" style="padding-top:20px;padding-bottom:20px" align="center"><table border="0" cellpadding="0" cellspacing="0" role="presentation" width="100%" style="mso-table-lspace:0;mso-table-rspace:0"><tr><td class="divider_inner" style="font-size:1px;line-height:1px;border-top:1px solid #191816"><span style="word-break: break-word;"> </span></td></tr></table></td></tr></table></td></tr></tbody></table></td></tr></tbody></table>
<table class="row row-18" align="center" width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;background-size:auto"><tbody><tr><td><table class="row-content stack" align="center" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;background-color:#fff;background-size:auto;border-left:2px solid #cecdc6;border-radius:0;border-right:2px solid #cecdc6;border-top:2px solid #cecdc6;color:#000;padding:20px 30px 10px 30px;width:600px;margin:0 auto" width="600"><tbody><tr><td><table width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0"><tbody><tr><td class="column column-1" width="100%" style="mso-table-lspace:0;mso-table-rspace:0;font-weight:400;text-align:left;vertical-align:top"><table class="html_block block-1" width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0"><tr><td class="pad"><div style="font-family:Helvetica,Arial,Sans-serif;text-align:center" align="center"> 
<div style="text-align:left;margin:0px 0px 0px 0px ;">
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<div style="display:block;line-height:1;font-family:Helvetica,Arial,sans-serif;font-size:10px;letter-spacing:0.75px;margin:0;color:#ffffff;font-weight:bold;">
UNDERVALUED
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<table class="row row-19" align="center" width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0"><tbody><tr><td><table class="row-content stack" align="center" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;background-color:#fff;border-left:2px solid #cecdc6;border-radius:0;border-right:2px solid #cecdc6;color:#000;padding-left:30px;padding-right:30px;width:600px;margin:0 auto" width="600"><tbody><tr><td><table width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0"><tbody><tr>
<td class="column column-1" width="16.666666666666668%" style="mso-table-lspace:0;mso-table-rspace:0;font-weight:400;text-align:left;vertical-align:bottom"><table class="image_block block-1" width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0"><tr><td class="pad" style="width:100%;padding-top:10px" align="left"><div style="max-width:71px"><img src="https://braze-images.com/appboy/communication/assets/image_assets/images/6a54bc4c0daef60084ddb448/original.png?1783938123" style="display:block;height:auto;border:0;width:100%" width="71" alt="" title="" height="auto"></div></td></tr></table></td>
<td class="column column-2" width="33.333333333333336%" style="mso-table-lspace:0;mso-table-rspace:0;font-weight:400;text-align:left;padding-bottom:5px;vertical-align:bottom">
<table class="paragraph_block block-1" width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;word-break:break-word"><tr><td class="pad" style="padding-right:20px"><div style="color:#1a1a1a;direction:ltr;font-family:Helvetica,Arial,Sans-serif;font-size:14px;font-weight:700;letter-spacing:0;line-height:1.3;text-align:left;mso-line-height-alt:18px"><p style="margin:0">Accenture plc</p></div></td></tr></table>
<table class="paragraph_block block-2" width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;word-break:break-word"><tr><td class="pad"><div style="color:#7e7e7e;direction:ltr;font-family:Helvetica,Arial,Sans-serif;font-size:11px;font-weight:700;letter-spacing:0;line-height:1.3;text-align:left;mso-line-height-alt:14px"><p style="margin:0">NYSE:ACN</p></div></td></tr></table>
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<td class="column column-3" width="50%" style="mso-table-lspace:0;mso-table-rspace:0;font-weight:400;text-align:left;padding-bottom:5px;padding-right:10px;vertical-align:bottom">
<table class="divider_block desktop_hide block-1" width="100%" border="0" cellpadding="10" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;mso-hide:all;display:none;max-height:0;overflow:hidden"><tr><td class="pad" align="center"><table border="0" cellpadding="0" cellspacing="0" role="presentation" width="100%" style="mso-table-lspace:0;mso-table-rspace:0;mso-hide:all;display:none;max-height:0;overflow:hidden"><tr><td class="divider_inner" style="font-size:1px;line-height:1px;border-top:1px solid #bbb">
<span style="word-break: break-word;"> </span>
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<table class="paragraph_block block-2" width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;word-break:break-word"><tr><td class="pad"><div style="color:#7e7e7e;direction:ltr;font-family:Helvetica,Arial,Sans-serif;font-size:14px;font-weight:700;letter-spacing:0;line-height:1.3;text-align:left;mso-line-height-alt:18px"><p style="margin:0">
Author’s Fair Value</p></div></td></tr></table>
<table class="html_block block-3" width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0"><tr><td class="pad"><div style="font-family:Helvetica,Arial,Sans-serif;text-align:center" align="center">

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<div style="font-family:Helvetica,Arial,sans-serif;font-size:24px;line-height:0;font-weight:bold;color:#000000;">
US$301

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<div style="display:inline-block;padding:6px 12px;border-radius:20px;background-color:#E3F2E8;text-align:left;">
<div style="display:block;line-height:1;font-family:Helvetica,Arial,sans-serif;font-size:11px;letter-spacing:0px;margin:0;color:#11A55E;font-weight:bold;"> ~55% undervalued
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<table class="row row-20" align="center" width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;background-size:auto"><tbody><tr><td><table class="row-content stack" align="center" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;background-color:#fff;background-size:auto;border-left:2px solid #cecdc6;border-radius:0;border-right:2px solid #cecdc6;color:#000;padding-left:30px;padding-right:30px;width:600px;margin:0 auto" width="600">
<tbody><tr><td><table width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0"><tbody><tr><td class="column column-1" width="100%" style="mso-table-lspace:0;mso-table-rspace:0;font-weight:400;text-align:left;vertical-align:top"><table class="heading_block block-1" width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0"><tr><td class="pad" style="width:100%;padding-top:25px;padding-bottom:15px" align="center"><h2 style="margin:0;color:#1a1a1a;direction:ltr;font-family:Georgia,Arial,Sans-serif;font-size:20px;font-weight:400;letter-spacing:normal;line-height:1.2;text-align:left;margin-top:0;margin-bottom:0;mso-line-height-alt:24px">High-quality global services company facing an AI-driven valuation reset.</h2></td></tr></table></td></tr></tbody></table></td></tr></tbody>
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<table class="row row-21" align="center" width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0"><tbody><tr><td><table class="row-content" align="center" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;background-color:#fff;border-left:2px solid #cecdc6;border-radius:0;border-right:2px solid #cecdc6;color:#000;padding-left:30px;padding-right:30px;padding-top:5px;width:600px;margin:0 auto" width="600"><tbody><tr><td><table width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0"><tbody><tr>
<td class="column column-1" width="8.333333333333334%" style="mso-table-lspace:0;mso-table-rspace:0;font-weight:400;text-align:left;vertical-align:middle">
<table class="image_block block-1" width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0"><tr><td class="pad" style="width:100%" align="left"><div style="max-width:31px"><img src="https://braze-images.com/appboy/communication/assets/image_assets/images/6a54bc573036ad00a16bad32/original.png?1783938135" style="display:block;height:auto;border:0;width:100%" width="31" alt="" title="" height="auto"></div></td></tr></table>
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<td class="column column-2" width="91.66666666666667%" style="mso-table-lspace:0;mso-table-rspace:0;font-weight:400;text-align:left;vertical-align:middle">
<table class="paragraph_block block-1" width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;word-break:break-word"><tr><td class="pad"><div style="color:#1a1a1a;direction:ltr;font-family:Helvetica,Arial,Sans-serif;font-size:14px;font-weight:700;letter-spacing:0;line-height:1.2;text-align:left;mso-line-height-alt:17px"><p style="margin:0">Wavefarer</p></div></td></tr></table>
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<tbody><tr><td><table width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0"><tbody><tr><td class="column column-1" width="100%" style="mso-table-lspace:0;mso-table-rspace:0;font-weight:400;text-align:left;vertical-align:top">
<table class="heading_block block-1" width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0"><tr><td class="pad" style="width:100%;padding-top:20px" align="center"><h6 style="margin:0;color:#1a1a1a;direction:ltr;font-family:Helvetica,Arial,Sans-serif;font-size:16px;font-weight:700;letter-spacing:normal;line-height:1.2;text-align:left;margin-top:0;margin-bottom:0;mso-line-height-alt:19px"><span class="tinyMce-placeholder" style="word-break: break-word;">Why this Narrative made this week’s picks</span></h6></td></tr></table>
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Accenture has been cut down on fears that AI breaks the labour-based consulting model, even as bookings for AI work keep climbing. Author frames the entire debate as one question: whether free cash flow is durable, and shows that even his own bear case values the company above today's price.</p></div></td></tr></table>
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<span class="button" style="background-color: #FDCC6A; mso-shading: transparent; border-bottom: 1px solid #FDCC6A; border-left: 1px solid #FDCC6A; border-radius: 6px; border-right: 1px solid #FDCC6A; border-top: 1px solid #FDCC6A; color: #1A1A1A; display: inline-block; font-family: 'Helvetica', 'Arial', Sans-serif; font-size: 14px; font-weight: 400; mso-border-alt: none; padding-bottom: 5px; padding-top: 5px; padding-left: 15px; padding-right: 15px; text-align: center; width: auto; word-break: keep-all; letter-spacing: normal;"><span style="word-break: break-word; line-height: 28px;">Read full Narrative</span></span>
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<table class="paragraph_block block-4" width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;word-break:break-word"><tr><td class="pad" style="padding-top:10px"><div style="color:#1a1a1a;direction:ltr;font-family:Helvetica,Arial,Sans-serif;font-size:12px;font-weight:400;letter-spacing:0;line-height:1.3;text-align:left;mso-line-height-alt:16px"><p style="margin:0">Author’s valuation assumes <strong>~3.5% p.a. free cash flow growth for 5 years.</strong></p></div></td></tr></table>
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<p style="margin:0;font-family:Georgia,'Times New Roman',serif;font-size:20px;line-height:1.25;color:#1A1714;text-align:left;">Watchlist: Brands at Right Price</p>
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<p style="margin:0;font-family:-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif;font-size:12px;color:#6F6859;text-align:left;">20 companies · curated by Investingwilly</p>
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<div style="background-color:#EFE9DD;border-radius:8px;text-align:center;padding:9px 0;font-family:-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif;font-size:11px;color:#5A5044;">META</div>
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<div style="background-color:#EFE9DD;border-radius:8px;text-align:center;padding:9px 0;font-family:-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif;font-size:11px;color:#5A5044;">CMG</div>
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<div style="background-color:#EFE9DD;border-radius:8px;text-align:center;padding:9px 0;font-family:-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif;font-size:11px;color:#5A5044;">UBER</div>
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<div style="background-color:#EFE9DD;border-radius:8px;text-align:center;padding:9px 0;font-family:-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif;font-size:11px;color:#5A5044;">DASH</div>
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<td style="padding:0 4px;">
<div style="background-color:#EFE9DD;border-radius:8px;text-align:center;padding:9px 0;font-family:-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif;font-size:11px;color:#5A5044;">SPOT</div>
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<div style="background-color:#FFFFFF;border:1px solid #E0B85A;border-radius:8px;text-align:center;padding:8px 0;font-family:-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif;font-size:11px;color:#9A7A1C;">+15</div>
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<p style="margin:0;font-family:-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif;font-size:14px;line-height:1.6;color:#2E2A24;text-align:left;">Real brand power the market is currently underpricing, from household tech and restaurants to payment networks. The common thread isn't a cheap multiple, it's quality trading below the respect it has earned.
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<td align="left" style="padding:20px 24px 24px 24px;text-align:left;"><a href="https://l.p.simplywall.st/ss/c/u001.z2q9iH8nJTMhV1QAA02yBuEbCINYB4-KHeUQo72wwHdnkiR0xqOeBDsYE_FCpE4vdb5kXJq3wuVqZQI8cMxoMJ9Tv3_m4tCGHXnyQsSR9cHfEi67feVACzeDOWQqHdsi_L5SJFDqRG6dnXsSwWBSwibVMtK2P0P3tsM0lMCt8fhrq_FisQ7HRDP2gz94GEhKevEP9nXAn3y3BtulP_XYo95fXq64FJvnMLFFvzqZI6A/4sc/zGc38ATRRVeEtwoEs4LYRw/h23/h001.ynD96uzeC75_JNiJ3bjyh6cPRCrnaftahYs1buogUFs" style="display:inline-block;background-color:#F7C56A;color:#1C1A17;font-family:-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif;font-size:14px;font-weight:700;text-decoration:none;padding:12px 22px;border-radius:10px;">See the Watchlist</a></td>
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These narratives are general in nature and reflect the authors’ own opinions only. They do not represent the views of Simply Wall St and do not constitute a recommendation to buy or sell any stock. Any scenarios or fair value estimates discussed are exploratory only, are not indicative of the company’s future performance, and do not take into account your objectives or financial situation. The authors’ analysis may not factor in the latest price-sensitive company announcements or qualitative material.
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Simply Wall Street Pty Ltd (ACN 600 056 611), is a Corporate Authorised Representative (Authorised Representative Number: 467183) of Sanlam Private Wealth Pty Ltd (AFSL No. 337927). Any advice contained in this email/website is general advice only and has been prepared without considering your objectives, financial situation or needs. You should not rely on any advice and/or information contained in this website and before making any investment decision we recommend that you consider whether it is appropriate for your situation and seek appropriate financial, taxation and legal advice. Please read our Financial Services Guide before deciding whether to obtain financial services from us.
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Director
Antonio J. Gracias ..........
55
Director
Donald Harrison .............
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Director
Steve Jurvetson ...............
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Director
Luke Nosek .....................
50
Director

Executive Officers and Management DirectorsElon Musk has served as our Chief Executive Officer, Chief Technical Officer and Chairman of our board since May 2002. Mr. Musk is also the Technoking of Tesla and has served as Chief Executive Officer of Tesla since October 2008. Mr. Musk was Chief Technology Officer and on the board of directors of X, beginning October 2022 and served as the Chief Executive Officer and on the board of directors of xAI, beginning March 2023, in each case through the March 2025 merger of X and xAI. Following the merger, Mr. Musk served as the President, Treasurer, and Chief Executive Officer and on the board of directors of xAI, until it was acquired by the Company in February 2026. Mr. Musk is also a founder and Chief Executive Officer of Neuralink Corp., a company focused on developing brain-machine interfaces, and The Boring Company, an infrastructure company. Prior to the Company, Mr. Musk co-founded PayPal, an electronic payment system, which was acquired by eBay in October 2002, and Zip2 Corporation, a provider of Internet enterprise software and services, which was acquired by Compaq in March 1999. Mr. Musk serves on the board of directors of Tesla and previously served on the board of directors of Endeavor Group Holdings, Inc. from April 2021 to June 2022. Mr. Musk holds a B.A. in Physics from the University of Pennsylvania and a B.S. in Business from the Wharton School of the University of Pennsylvania. Mr. Musk brings to our board historical knowledge, operational and technical expertise, and continuity.Gwynne Shotwell has served as our President and Chief Operating Officer since 2008 and has been a member of our board since March 2009. Previously, Ms. Shotwell served as our Vice President, Business Development, from 2002 to 2008. Prior to joining the Company, Ms. Shotwell held positions with Microcosm, Inc., an aerospace company, as a director, and The Aerospace Corporation, an independent, non-profit organization performing objective technical analyses and assessments for a variety of government, civil, and commercial customers, as a senior project engineer. Ms. Shotwell also serves on the board of directors of Polaris, Inc., a manufacturer of powersports vehicles, and on Northwestern University’s Board of Trustees. Ms. Shotwell was inducted into the National Academy of Engineering and was previously named the Satellite Executive of the Year, included on Time’s 100 Most Influential People, and Fortune Magazine’s World’s 50 Greatest Leaders. Ms. Shotwell holds a B.S. in Mechanical Engineering and an M.S. in Applied Mathematics from Northwestern University. As one of the key members of our leadership team, Ms. Shotwell brings to our board extensive operational experience and in-house knowledge of the Company’s operations, technology, research and development and business management.Bret Johnsen has served as our Chief Financial Officer since 2011. In this role, Mr. Johnsen leads our global finance organization and is responsible for our long-term financial strategy, internal financial operations, interactions with the financial community, and the financial aspects of our growth initiatives. With more than two decades of experience in financial leadership, primarily in high-profile technology and semiconductor companies, his leadership continues to play a key role in driving our financial performance, long-term value creation and operational discipline. Prior to joining the Company, Mr. Johnsen served as Chief Financial Officer at Mindspeed Technologies, Inc., a publicly traded semiconductor company, from 2008 to 2011. Prior to that role, he spent nearly
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a decade at Broadcom Inc., a global semiconductor company, from 1999 to 2008, holding roles of increasing responsibility within the organization, including serving as Vice President and Corporate Controller. Mr. Johnsen serves as a Trustee of the University of Southern California and holds a B.S. in Accounting from the University of Southern California and an M.S. in Finance from San Diego State University, and he is a Certified Public Accountant (CPA).Non-Management DirectorsIra Ehrenpreis has served on our board since February 2026. Mr. Ehrenpreis is a founder and managing member of DBL Partners, a leading impact investing venture capital firm, formed in 2015. Previously, he was a partner at Technology Partners, a venture capital firm. Mr. Ehrenpreis serves on the board of directors of Tesla. He serves as the Chairman of the VCNetwork, the largest and most active California venture capital organization. Mr. Ehrenpreis also serves as the Chair of the National Association of Corporate Directors (NACD) Northern California and the Co-Chair of the Stanford Precourt Institute for Energy Advisory Council. Among several other awards and honors, Mr. Ehrenpreis has been named a member of the NACD Directorship 100 for being “one of the most influential leaders in the boardroom and corporate governance community.” Mr. Ehrenpreis holds a B.A. from the University of California, Los Angeles and a J.D. and M.B.A. from Stanford University. Mr. Ehrenpreis brings to our board experience in the technology, impact and venture capital industries, as well as valuable insights in corporate governance, strategic growth and shareholder values. Randy Glein has served on our board since February 2026 and previously served as a board observer since 2009. Mr. Glein is co-founder and managing partner of DFJ Growth, a venture capital firm that has invested in more than 100 growth-stage technology companies over the past 20 years. He currently serves on the board of directors of several private technology companies and has previously served on the board of directors of Anaplan, Inc. and Tremor Video, Inc. Prior to DFJ Growth, Mr. Glein served as Chief Financial Officer of FeedBurner (acquired by Google in 2007) and Vice President of Tribune Company and its corporate investment group, Tribune Ventures. Mr. Glein began his career in the aerospace industry as a systems engineer with Hughes Space & Communications and in business development roles with its DIRECTV and New Ventures units. Mr. Glein holds a B.S.E.E. in Electrical Engineering from the University of Florida, an M.S.E.E. in Electrical Engineering from the University of Southern California, and an M.B.A. from the UCLA Anderson School of Management. Mr. Glein brings to our board experience in the venture capital industry and more than 35 years of business and leadership experience in the technology, media, and satellite communications industries. Antonio J. Gracias has served on our board since October 2010. Since 2001, Mr. Gracias has been Chief Executive Officer and Chief Investment Officer of Valor Management LLC, a private equity firm. As Founder, CEO, and CIO of Valor, he oversees one of the leading growth-focused investment firms in the United States with over $55 billion in assets under management. He has served on the board of Neuralink Corp., a company focused on developing brain-machine interfaces, since May 2026, served on the board of The Boring Company, an infrastructure company, since May 2026 and served as a director of Harmony Biosciences Holdings, Inc., a pharmaceutical company, from September 2017 to May 2026. He also served as a director of Marathon Pharmaceuticals, LLC from November 2013 until its acquisition by PTC Therapeutics in May 2017, and SolarCity Corporation from 2012 to 2016. Mr. Gracias previously served as a director of Tesla from 2007 to 2021 helping take the company public and acting as Lead Independent Director for eight years. Prior to founding Valor Management LLC in 2001, Mr. Gracias served as Founder and Managing Member of MG Capital, a private equity firm headquartered in Chicago, where he was the lead transaction principal from 1995 through 2000. Prior to MG Capital, Mr. Gracias was an associate with Goldman, Sachs & Co. in New York, where he served the firm’s institutional clients in the International Equity Division. Mr. Gracias is also actively involved in philanthropic activities. He is a trustee of The Aspen Institute, where he was a 2009 Henry Crown Fellow, an Aspen Institute program designed to engage the next generation of leaders in the challenge of community-spirited leadership. Additionally, he serves as a member of several prestigious non-profit and endowment boards, including the Board of Visitors for the Georgetown University School of Foreign Service and the Pritzker School of Molecular Engineering at the University of Chicago. He is also a member of the University of Chicago Board of Trustees. Mr. Gracias holds a joint B.S. and M.S.F.S. (Honors Degree) in International Finance and Economics from the Georgetown University School of Foreign Service and a J.D. from the University of Chicago Law School. Mr. Gracias brings to our board skills and experience in
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investment strategy, portfolio company management and improvement, operations of business, and finance across several industries, including aerospace, technology, and manufacturing.Donald Harrison has served on our board since February 2015. Mr. Harrison has served as President, Global Partnerships and Corporate Development at Google LLC, a technology company, since 2017. Mr. Harrison previously served as Vice-President, Corporate Development at Google from 2012 to 2017 and as Vice-President and Deputy General Counsel from 2005 to 2012. Mr. Harrison also sits on the board of directors of Reliance Jio, the largest mobile telecommunications services provider in India. Mr. Harrison holds a B.A. in Philosophy and Political Science from the University of King’s College and a J.D. and LLB from the University of Toronto. Mr. Harrison brings to our board years of business and leadership experience and provides valuable experience in the areas of strategic transactions and partnerships.Steve Jurvetson has served on our board since March 2009. Mr. Jurvetson is a co-founder of Future Ventures, a venture capital firm, which he founded in 2019, and previously he co-founded and served as Managing Director of Draper Fisher Jurvetson, a venture capital firm, from 1995 to 2017. Mr. Jurvetson serves as a director of The Metals Company, a deep sea mining exploration company, and also previously served as a director of Tesla from 2009 to 2020, and NeoPhotonics Corp. from 2004 to 2011. Mr. Jurvetson also served as a director of Planet Labs from 2011 to 2017 and a director of D-Wave from 2003 to 2020. Before co-founding Future Ventures and Draper Fisher Jurvetson, Mr. Jurvetson was an R&D Engineer at Hewlett-Packard, where seven of his chip designs were fabricated. He also worked in product marketing at Apple Inc. and NeXT and management consulting with Bain & Company. Mr. Jurvetson holds B.S. and M.S. degrees in Electrical Engineering from Stanford University and an M.B.A. from the Stanford Business School. Mr. Jurvetson brings to our board experience in the venture capital industry and years of business and leadership experience.Luke Nosek has served on our board since July 2008. Mr. Nosek co-founded Gigafund, a venture capital firm, in July 2017, and has been Managing Partner since inception. Mr. Nosek previously co-founded Founders Fund, a venture capital fund, in April 2006, and served as General Partner through July 2017. Prior to that, Mr. Nosek co-founded and served as Vice President of Business Development, Vice President of Marketing, and Vice President of Strategy of PayPal, an electronic payment system, from November 1998 to February 2002. Mr. Nosek also serves as a member of the board of directors of various private companies, including Last Energy, a nuclear energy company that designs and manufactures small modular reactors, Emerald Cloud Lab, which operates remotely accessible and largely autonomous life science laboratories, and ResearchGate, an online platform connecting scientists and researchers with each other and their work. Mr. Nosek also served as a board member of DeepMind prior to its acquisition by Google. Mr. Nosek holds a B.S. in Computer Engineering from the University of Illinois Urbana-Champaign. Mr. Nosek brings to the board experience in the venture capital industry and years of business and leadership experience.Additional InformationOn October 16, 2018, the U.S. District Court for the Southern District of New York entered a final judgment approving the terms of a settlement, filed with the court on September 29, 2018, in connection with the actions taken by the SEC relating to Mr. Musk’s August 7, 2018 Twitter (now known as X) posts stating that he was considering taking Tesla private at a specified price and with secured financing. The SEC alleged that these posts were materially false and misleading, in violation of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. In settling the action, Mr. Musk did not admit or deny the SEC’s allegations and consented to the entry of a judgment that enjoined him from violating these laws, ordered him to pay a $20 million civil penalty and required him to comply with procedures implemented by Tesla with respect to preclearing his public statements about Tesla. While he was required to step down as chairman of the board of Tesla for three years, there is no restriction on Mr. Musk’s ability to serve as an officer or director on the board of directors of any public or private company. On April 26, 2019, this settlement was amended to further clarify the pre-clearance procedures applicable to his making certain public statements about Tesla. The amendment was subsequently approved by the District Court. On April 3, 2026, in Pampena v. Musk, the U.S. District Court for the Northern District of California entered a partial judgment against Mr. Musk in his personal capacity only in favor of lead plaintiffs on behalf of themselves
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and a class of investors who sold certain Twitter, Inc. equity securities between May 13 and October 4, 2022. The judgment is based on a jury verdict rendered on March 20, 2026 that found (i) in favor of plaintiffs on claims alleging that Mr. Musk violated Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder in connection with two statements made by Mr. Musk in May 2022 and (ii) in favor of Mr. Musk on claims challenging a third statement and alleging a “scheme to defraud” under Rules 10b-5(a) and (c). The claims in this case all concern Mr. Musk’s then-pending potential purchase of Twitter, Inc. On May 1, 2026, Mr. Musk challenged the partial judgment by filing a post-trial motion for judgment as a matter of law and motion to decertify the class. The motion practice is ongoing, and the Court is expected to hear these motions in June 2026. Family Relationships There are no family relationships among any of our directors or executive officers. Controlled Company ExemptionUpon completion of this offering, Mr. Musk will beneficially own approximately % of our outstanding Class B common stock, which under our charter, as described under “Description of Capital Stock,” will be entitled to elect 51% of the total number of authorized directors (rounded up to the nearest whole number), and % of the total voting power of our outstanding common stock (or % if the underwriters exercise their option to purchase additional shares of Class A common stock in full). As a result, we will be a “controlled company” within the meaning of Nasdaq and Nasdaq Texas corporate governance standards. Under the listing rules of Nasdaq and Nasdaq Texas, a company of which more than 50% of the voting power with respect to director elections is held by another person or group of persons acting together is a “controlled company” and may elect not to comply with certain Nasdaq and Nasdaq Texas corporate governance requirements, including the requirements that: •a majority of such company’s board of directors consist of independent directors as defined under the listing rules of Nasdaq and Nasdaq Texas;•director nominees be selected or recommended for board of directors’ selection by a nominating committee composed entirely of independent directors, with a written charter addressing the nominations process as required under the listing rules of Nasdaq and Nasdaq Texas;•the compensation committee be composed entirely of independent directors with a written charter addressing the committee’s purpose and responsibilities; and •annual performance evaluations of the compensation and nominating committees be conducted. Following the completion of this offering, we intend to utilize certain of these exemptions. As a result, we do not expect to have a compensation and nominating committee that is composed entirely of independent directors or that has a committee charter that addresses all Nasdaq and Nasdaq Texas requirements applicable to companies that are not controlled companies. Additionally, we may elect to take advantage of certain other exemptions in the future for as long as we remain a “controlled company.” Accordingly, our Class A shareholders will not have the same protections afforded to shareholders of companies that are subject to all of the corporate governance requirements of Nasdaq and Nasdaq Texas. In the event that we cease to be a “controlled company” and our shares continue to be listed on Nasdaq and Nasdaq Texas, we will be required to comply with all of the applicable governance requirements within the applicable transition periods. Composition of Our BoardUpon the consummation of the offering, our board will consist of eight directors. Subject to the terms of our charter and bylaws, the number of directors on our board will be determined from time to time by our board. Under the terms of our charter, the holders of our outstanding Class B common stock, voting separately as a class, will have the right to elect 51% of the total number of authorized directors, rounded up to the nearest whole number (the “Class B Directors”). Holders of Class A and Class B common stock, voting together as a single class, will elect the remaining members of our board (the “Common Stock Directors”). We expect that upon the completion of the offering Mr. Musk, Gwynne Shotwell, Antonio J. Gracias, Donald Harrison, and Luke Nosek will serve as the initial
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Class B Directors and Ira Ehrenpreis, Randy Glein, and Steve Jurvetson will serve as the initial Common Stock Directors.Our board will be subject to annual elections. Each director will hold office until the next annual meeting of our shareholders and until his or her successor is duly elected and qualified or until his or her earlier death, resignation or removal (as provided in our charter). For additional information, please refer to “Description of Capital Stock.” Role of our Board in Risk OversightWe face a number of risks, including those described under the section titled “Risk Factors” included elsewhere in this prospectus. Our board believes that risk management is an important part of establishing, updating and executing on our business strategy. Our board, as a whole and at the committee level, has oversight responsibility relating to risks that could affect our corporate strategy, business objectives, compliance, operations and financial condition and performance. Our board focuses its oversight on the most significant risks facing us and on the processes to identify, prioritize, assess, manage and mitigate those risks. While our board has an oversight role, management is principally tasked with direct responsibility for management and assessment of risks and the implementation of processes and controls to mitigate their effects on us. Director IndependenceBased upon information requested from and provided by each director concerning his or her background, employment and affiliations, our board has determined that each of Ira Ehrenpreis, Randy Glein, Donald Harrison, Steve Jurvetson, and Luke Nosek is independent within the meaning of the listing standards of Nasdaq and Nasdaq Texas currently in effect. In making this determination, our board considered the relationships that each of these directors has with our company and all other facts and circumstances our board deemed relevant in determining their independence, including (i) the beneficial ownership of our capital stock by each such director and/or investment funds or other entities affiliated with them and (ii) the relationships set forth below under “Certain Relationships and Related Person Transactions.” The board also considered that Donald Harrison was employed by an organization that does business with Company. The amount received by the Company or such other organization in each of the last three fiscal years did not exceed the greater of $200,000 or 5% of either the Company’s or such organization’s consolidated gross revenues.Board Leadership StructureUpon the completion of this offering, as provided in our charter, our board will continue to be led by Mr. Musk. Pursuant to the terms of our charter, he can only be removed from the board and these leadership positions by the affirmative vote of the holders of a majority of the outstanding shares of our Class B common stock, voting separately as a class. Our board has concluded that our current leadership structure is appropriate at this time. Board CommitteesIn connection with the completion of this offering, our board will establish an audit committee and a compensation and nominating committee. Audit and compensation and nominating committees will be governed by their charters that will be available on our website at www.spacex.com. Pursuant to our bylaws, our board may, from time to time, establish other committees to facilitate the management of our business and operations. Information contained on our website or linked therein or otherwise connected thereto does not constitute part of nor is it incorporated by reference into this prospectus or the registration statement of which this prospectus forms a part. Audit CommitteeThe primary responsibilities of our audit committee will include, among other things: •assisting our board in its oversight responsibilities regarding the integrity of our financial statements, our compliance with legal and regulatory requirements, the independent accountant’s qualifications and independence and our accounting and financial reporting processes of and the audits of our financial statements;
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•preparing the report required by the SEC for inclusion in our annual proxy or information statement; •approving audit and non-audit services to be performed by the independent accountants; and•performing such other functions as our board may from time to time assign to the audit committee.The audit committee will be empowered to retain any advisors as it deems necessary or appropriate to assist it in fulfilling its responsibilities, and to approve the fees and other retention terms of such advisors. Upon the completion of this offering, Randy Glein and Steve Jurvetson are expected to be the members of our audit committee. Randy Glein is expected to qualify as an “audit committee financial expert” as such term is defined under the rules of the SEC implementing Section 407 of the Sarbanes-Oxley Act and each of Randy Glein and Steve Jurvetson qualifies as an independent director for purposes of Rule 10A-3 of the Exchange Act and the listing standards of Nasdaq and Nasdaq Texas. We will identify the third member to serve on the audit committee within the applicable one year period under the Nasdaq and Nasdaq Texas listing rules. Randy Glein is expected to serve as the chair of the audit committee. Compensation and Nominating CommitteeThe primary responsibilities of our compensation and nominating committee will include, among other things: •overseeing the Company’s overall compensation philosophy; •reviewing and approving, or recommending to the full board for approval, the compensation and other benefits for executive officers; •reviewing and recommending to our board for approval the form and amount of compensation for our independent directors;•making recommendations to our board regarding director candidates and assisting our board in determining the composition of our board and its committees, subject to the terms of our charter; and•performing such other functions as our board may from time to time assign to the committee. Upon the completion of this offering, Ira Ehrenpreis, Antonio J. Gracias, and Luke Nosek are expected to be the members of our compensation and nominating committee. As a “controlled company,” we will rely upon the exemption from Nasdaq’s and Nasdaq Texas’ requirement that we have a compensation and nominating committee that is composed entirely of independent directors with a committee charter that addresses all Nasdaq and Nasdaq Texas’ requirements applicable to companies that are not controlled companies. Each of Ira Ehrenpreis and Luke Nosek qualifies as an independent director under the listing standards of Nasdaq and Nasdaq Texas, including the heightened independence standards for members of a compensation committee, and as a “non-employee director” as defined in Rule 16b-3 of the Exchange Act. Ira Ehrenpreis is expected to serve as the chair of the compensation and nominating committee. Compensation Committee Interlocks and Insider ParticipationDuring the last completed fiscal year, we were not a publicly traded company and did not have a compensation committee or any other committee serving a similar function. Historically, the board has been responsible for determining, and has made all decisions regarding, the compensation for Mr. Musk. With respect to those expected to serve as our other executive officers, Mr. Musk has had primary responsibility for compensation-related decisions; however, all equity awards were approved by the board. Code of Business Conduct and EthicsIn connection with this offering, our board will adopt a code of business conduct and ethics applicable to our employees, directors and officers, in accordance with applicable SEC rules and the corporate governance rules of Nasdaq and Nasdaq Texas. We expect that any amendments to the code or any waivers of its requirements applicable to our directors and executive officers will be disclosed on our website at www.spacex.com, as and to the

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[RANDOM] [RANDOM] [RANDOM] [RANDOM] [RANDOM] [RANDOM] [RANDOM] [RANDOM] [RANDOM] [RANDOM] [RANDOM] [RANDOM]

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Director
Antonio J. Gracias ..........
55
Director
Donald Harrison .............
54
Director
Steve Jurvetson ...............
59
Director
Luke Nosek .....................
50
Director

Executive Officers and Management DirectorsElon Musk has served as our Chief Executive Officer, Chief Technical Officer and Chairman of our board since May 2002. Mr. Musk is also the Technoking of Tesla and has served as Chief Executive Officer of Tesla since October 2008. Mr. Musk was Chief Technology Officer and on the board of directors of X, beginning October 2022 and served as the Chief Executive Officer and on the board of directors of xAI, beginning March 2023, in each case through the March 2025 merger of X and xAI. Following the merger, Mr. Musk served as the President, Treasurer, and Chief Executive Officer and on the board of directors of xAI, until it was acquired by the Company in February 2026. Mr. Musk is also a founder and Chief Executive Officer of Neuralink Corp., a company focused on developing brain-machine interfaces, and The Boring Company, an infrastructure company. Prior to the Company, Mr. Musk co-founded PayPal, an electronic payment system, which was acquired by eBay in October 2002, and Zip2 Corporation, a provider of Internet enterprise software and services, which was acquired by Compaq in March 1999. Mr. Musk serves on the board of directors of Tesla and previously served on the board of directors of Endeavor Group Holdings, Inc. from April 2021 to June 2022. Mr. Musk holds a B.A. in Physics from the University of Pennsylvania and a B.S. in Business from the Wharton School of the University of Pennsylvania. Mr. Musk brings to our board historical knowledge, operational and technical expertise, and continuity.Gwynne Shotwell has served as our President and Chief Operating Officer since 2008 and has been a member of our board since March 2009. Previously, Ms. Shotwell served as our Vice President, Business Development, from 2002 to 2008. Prior to joining the Company, Ms. Shotwell held positions with Microcosm, Inc., an aerospace company, as a director, and The Aerospace Corporation, an independent, non-profit organization performing objective technical analyses and assessments for a variety of government, civil, and commercial customers, as a senior project engineer. Ms. Shotwell also serves on the board of directors of Polaris, Inc., a manufacturer of powersports vehicles, and on Northwestern University’s Board of Trustees. Ms. Shotwell was inducted into the National Academy of Engineering and was previously named the Satellite Executive of the Year, included on Time’s 100 Most Influential People, and Fortune Magazine’s World’s 50 Greatest Leaders. Ms. Shotwell holds a B.S. in Mechanical Engineering and an M.S. in Applied Mathematics from Northwestern University. As one of the key members of our leadership team, Ms. Shotwell brings to our board extensive operational experience and in-house knowledge of the Company’s operations, technology, research and development and business management.Bret Johnsen has served as our Chief Financial Officer since 2011. In this role, Mr. Johnsen leads our global finance organization and is responsible for our long-term financial strategy, internal financial operations, interactions with the financial community, and the financial aspects of our growth initiatives. With more than two decades of experience in financial leadership, primarily in high-profile technology and semiconductor companies, his leadership continues to play a key role in driving our financial performance, long-term value creation and operational discipline. Prior to joining the Company, Mr. Johnsen served as Chief Financial Officer at Mindspeed Technologies, Inc., a publicly traded semiconductor company, from 2008 to 2011. Prior to that role, he spent nearly
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a decade at Broadcom Inc., a global semiconductor company, from 1999 to 2008, holding roles of increasing responsibility within the organization, including serving as Vice President and Corporate Controller. Mr. Johnsen serves as a Trustee of the University of Southern California and holds a B.S. in Accounting from the University of Southern California and an M.S. in Finance from San Diego State University, and he is a Certified Public Accountant (CPA).Non-Management DirectorsIra Ehrenpreis has served on our board since February 2026. Mr. Ehrenpreis is a founder and managing member of DBL Partners, a leading impact investing venture capital firm, formed in 2015. Previously, he was a partner at Technology Partners, a venture capital firm. Mr. Ehrenpreis serves on the board of directors of Tesla. He serves as the Chairman of the VCNetwork, the largest and most active California venture capital organization. Mr. Ehrenpreis also serves as the Chair of the National Association of Corporate Directors (NACD) Northern California and the Co-Chair of the Stanford Precourt Institute for Energy Advisory Council. Among several other awards and honors, Mr. Ehrenpreis has been named a member of the NACD Directorship 100 for being “one of the most influential leaders in the boardroom and corporate governance community.” Mr. Ehrenpreis holds a B.A. from the University of California, Los Angeles and a J.D. and M.B.A. from Stanford University. Mr. Ehrenpreis brings to our board experience in the technology, impact and venture capital industries, as well as valuable insights in corporate governance, strategic growth and shareholder values. Randy Glein has served on our board since February 2026 and previously served as a board observer since 2009. Mr. Glein is co-founder and managing partner of DFJ Growth, a venture capital firm that has invested in more than 100 growth-stage technology companies over the past 20 years. He currently serves on the board of directors of several private technology companies and has previously served on the board of directors of Anaplan, Inc. and Tremor Video, Inc. Prior to DFJ Growth, Mr. Glein served as Chief Financial Officer of FeedBurner (acquired by Google in 2007) and Vice President of Tribune Company and its corporate investment group, Tribune Ventures. Mr. Glein began his career in the aerospace industry as a systems engineer with Hughes Space & Communications and in business development roles with its DIRECTV and New Ventures units. Mr. Glein holds a B.S.E.E. in Electrical Engineering from the University of Florida, an M.S.E.E. in Electrical Engineering from the University of Southern California, and an M.B.A. from the UCLA Anderson School of Management. Mr. Glein brings to our board experience in the venture capital industry and more than 35 years of business and leadership experience in the technology, media, and satellite communications industries. Antonio J. Gracias has served on our board since October 2010. Since 2001, Mr. Gracias has been Chief Executive Officer and Chief Investment Officer of Valor Management LLC, a private equity firm. As Founder, CEO, and CIO of Valor, he oversees one of the leading growth-focused investment firms in the United States with over $55 billion in assets under management. He has served on the board of Neuralink Corp., a company focused on developing brain-machine interfaces, since May 2026, served on the board of The Boring Company, an infrastructure company, since May 2026 and served as a director of Harmony Biosciences Holdings, Inc., a pharmaceutical company, from September 2017 to May 2026. He also served as a director of Marathon Pharmaceuticals, LLC from November 2013 until its acquisition by PTC Therapeutics in May 2017, and SolarCity Corporation from 2012 to 2016. Mr. Gracias previously served as a director of Tesla from 2007 to 2021 helping take the company public and acting as Lead Independent Director for eight years. Prior to founding Valor Management LLC in 2001, Mr. Gracias served as Founder and Managing Member of MG Capital, a private equity firm headquartered in Chicago, where he was the lead transaction principal from 1995 through 2000. Prior to MG Capital, Mr. Gracias was an associate with Goldman, Sachs & Co. in New York, where he served the firm’s institutional clients in the International Equity Division. Mr. Gracias is also actively involved in philanthropic activities. He is a trustee of The Aspen Institute, where he was a 2009 Henry Crown Fellow, an Aspen Institute program designed to engage the next generation of leaders in the challenge of community-spirited leadership. Additionally, he serves as a member of several prestigious non-profit and endowment boards, including the Board of Visitors for the Georgetown University School of Foreign Service and the Pritzker School of Molecular Engineering at the University of Chicago. He is also a member of the University of Chicago Board of Trustees. Mr. Gracias holds a joint B.S. and M.S.F.S. (Honors Degree) in International Finance and Economics from the Georgetown University School of Foreign Service and a J.D. from the University of Chicago Law School. Mr. Gracias brings to our board skills and experience in
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investment strategy, portfolio company management and improvement, operations of business, and finance across several industries, including aerospace, technology, and manufacturing.Donald Harrison has served on our board since February 2015. Mr. Harrison has served as President, Global Partnerships and Corporate Development at Google LLC, a technology company, since 2017. Mr. Harrison previously served as Vice-President, Corporate Development at Google from 2012 to 2017 and as Vice-President and Deputy General Counsel from 2005 to 2012. Mr. Harrison also sits on the board of directors of Reliance Jio, the largest mobile telecommunications services provider in India. Mr. Harrison holds a B.A. in Philosophy and Political Science from the University of King’s College and a J.D. and LLB from the University of Toronto. Mr. Harrison brings to our board years of business and leadership experience and provides valuable experience in the areas of strategic transactions and partnerships.Steve Jurvetson has served on our board since March 2009. Mr. Jurvetson is a co-founder of Future Ventures, a venture capital firm, which he founded in 2019, and previously he co-founded and served as Managing Director of Draper Fisher Jurvetson, a venture capital firm, from 1995 to 2017. Mr. Jurvetson serves as a director of The Metals Company, a deep sea mining exploration company, and also previously served as a director of Tesla from 2009 to 2020, and NeoPhotonics Corp. from 2004 to 2011. Mr. Jurvetson also served as a director of Planet Labs from 2011 to 2017 and a director of D-Wave from 2003 to 2020. Before co-founding Future Ventures and Draper Fisher Jurvetson, Mr. Jurvetson was an R&D Engineer at Hewlett-Packard, where seven of his chip designs were fabricated. He also worked in product marketing at Apple Inc. and NeXT and management consulting with Bain & Company. Mr. Jurvetson holds B.S. and M.S. degrees in Electrical Engineering from Stanford University and an M.B.A. from the Stanford Business School. Mr. Jurvetson brings to our board experience in the venture capital industry and years of business and leadership experience.Luke Nosek has served on our board since July 2008. Mr. Nosek co-founded Gigafund, a venture capital firm, in July 2017, and has been Managing Partner since inception. Mr. Nosek previously co-founded Founders Fund, a venture capital fund, in April 2006, and served as General Partner through July 2017. Prior to that, Mr. Nosek co-founded and served as Vice President of Business Development, Vice President of Marketing, and Vice President of Strategy of PayPal, an electronic payment system, from November 1998 to February 2002. Mr. Nosek also serves as a member of the board of directors of various private companies, including Last Energy, a nuclear energy company that designs and manufactures small modular reactors, Emerald Cloud Lab, which operates remotely accessible and largely autonomous life science laboratories, and ResearchGate, an online platform connecting scientists and researchers with each other and their work. Mr. Nosek also served as a board member of DeepMind prior to its acquisition by Google. Mr. Nosek holds a B.S. in Computer Engineering from the University of Illinois Urbana-Champaign. Mr. Nosek brings to the board experience in the venture capital industry and years of business and leadership experience.Additional InformationOn October 16, 2018, the U.S. District Court for the Southern District of New York entered a final judgment approving the terms of a settlement, filed with the court on September 29, 2018, in connection with the actions taken by the SEC relating to Mr. Musk’s August 7, 2018 Twitter (now known as X) posts stating that he was considering taking Tesla private at a specified price and with secured financing. The SEC alleged that these posts were materially false and misleading, in violation of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. In settling the action, Mr. Musk did not admit or deny the SEC’s allegations and consented to the entry of a judgment that enjoined him from violating these laws, ordered him to pay a $20 million civil penalty and required him to comply with procedures implemented by Tesla with respect to preclearing his public statements about Tesla. While he was required to step down as chairman of the board of Tesla for three years, there is no restriction on Mr. Musk’s ability to serve as an officer or director on the board of directors of any public or private company. On April 26, 2019, this settlement was amended to further clarify the pre-clearance procedures applicable to his making certain public statements about Tesla. The amendment was subsequently approved by the District Court. On April 3, 2026, in Pampena v. Musk, the U.S. District Court for the Northern District of California entered a partial judgment against Mr. Musk in his personal capacity only in favor of lead plaintiffs on behalf of themselves
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and a class of investors who sold certain Twitter, Inc. equity securities between May 13 and October 4, 2022. The judgment is based on a jury verdict rendered on March 20, 2026 that found (i) in favor of plaintiffs on claims alleging that Mr. Musk violated Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder in connection with two statements made by Mr. Musk in May 2022 and (ii) in favor of Mr. Musk on claims challenging a third statement and alleging a “scheme to defraud” under Rules 10b-5(a) and (c). The claims in this case all concern Mr. Musk’s then-pending potential purchase of Twitter, Inc. On May 1, 2026, Mr. Musk challenged the partial judgment by filing a post-trial motion for judgment as a matter of law and motion to decertify the class. The motion practice is ongoing, and the Court is expected to hear these motions in June 2026. Family Relationships There are no family relationships among any of our directors or executive officers. Controlled Company ExemptionUpon completion of this offering, Mr. Musk will beneficially own approximately % of our outstanding Class B common stock, which under our charter, as described under “Description of Capital Stock,” will be entitled to elect 51% of the total number of authorized directors (rounded up to the nearest whole number), and % of the total voting power of our outstanding common stock (or % if the underwriters exercise their option to purchase additional shares of Class A common stock in full). As a result, we will be a “controlled company” within the meaning of Nasdaq and Nasdaq Texas corporate governance standards. Under the listing rules of Nasdaq and Nasdaq Texas, a company of which more than 50% of the voting power with respect to director elections is held by another person or group of persons acting together is a “controlled company” and may elect not to comply with certain Nasdaq and Nasdaq Texas corporate governance requirements, including the requirements that: •a majority of such company’s board of directors consist of independent directors as defined under the listing rules of Nasdaq and Nasdaq Texas;•director nominees be selected or recommended for board of directors’ selection by a nominating committee composed entirely of independent directors, with a written charter addressing the nominations process as required under the listing rules of Nasdaq and Nasdaq Texas;•the compensation committee be composed entirely of independent directors with a written charter addressing the committee’s purpose and responsibilities; and •annual performance evaluations of the compensation and nominating committees be conducted. Following the completion of this offering, we intend to utilize certain of these exemptions. As a result, we do not expect to have a compensation and nominating committee that is composed entirely of independent directors or that has a committee charter that addresses all Nasdaq and Nasdaq Texas requirements applicable to companies that are not controlled companies. Additionally, we may elect to take advantage of certain other exemptions in the future for as long as we remain a “controlled company.” Accordingly, our Class A shareholders will not have the same protections afforded to shareholders of companies that are subject to all of the corporate governance requirements of Nasdaq and Nasdaq Texas. In the event that we cease to be a “controlled company” and our shares continue to be listed on Nasdaq and Nasdaq Texas, we will be required to comply with all of the applicable governance requirements within the applicable transition periods. Composition of Our BoardUpon the consummation of the offering, our board will consist of eight directors. Subject to the terms of our charter and bylaws, the number of directors on our board will be determined from time to time by our board. Under the terms of our charter, the holders of our outstanding Class B common stock, voting separately as a class, will have the right to elect 51% of the total number of authorized directors, rounded up to the nearest whole number (the “Class B Directors”). Holders of Class A and Class B common stock, voting together as a single class, will elect the remaining members of our board (the “Common Stock Directors”). We expect that upon the completion of the offering Mr. Musk, Gwynne Shotwell, Antonio J. Gracias, Donald Harrison, and Luke Nosek will serve as the initial
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Class B Directors and Ira Ehrenpreis, Randy Glein, and Steve Jurvetson will serve as the initial Common Stock Directors.Our board will be subject to annual elections. Each director will hold office until the next annual meeting of our shareholders and until his or her successor is duly elected and qualified or until his or her earlier death, resignation or removal (as provided in our charter). For additional information, please refer to “Description of Capital Stock.” Role of our Board in Risk OversightWe face a number of risks, including those described under the section titled “Risk Factors” included elsewhere in this prospectus. Our board believes that risk management is an important part of establishing, updating and executing on our business strategy. Our board, as a whole and at the committee level, has oversight responsibility relating to risks that could affect our corporate strategy, business objectives, compliance, operations and financial condition and performance. Our board focuses its oversight on the most significant risks facing us and on the processes to identify, prioritize, assess, manage and mitigate those risks. While our board has an oversight role, management is principally tasked with direct responsibility for management and assessment of risks and the implementation of processes and controls to mitigate their effects on us. Director IndependenceBased upon information requested from and provided by each director concerning his or her background, employment and affiliations, our board has determined that each of Ira Ehrenpreis, Randy Glein, Donald Harrison, Steve Jurvetson, and Luke Nosek is independent within the meaning of the listing standards of Nasdaq and Nasdaq Texas currently in effect. In making this determination, our board considered the relationships that each of these directors has with our company and all other facts and circumstances our board deemed relevant in determining their independence, including (i) the beneficial ownership of our capital stock by each such director and/or investment funds or other entities affiliated with them and (ii) the relationships set forth below under “Certain Relationships and Related Person Transactions.” The board also considered that Donald Harrison was employed by an organization that does business with Company. The amount received by the Company or such other organization in each of the last three fiscal years did not exceed the greater of $200,000 or 5% of either the Company’s or such organization’s consolidated gross revenues.Board Leadership StructureUpon the completion of this offering, as provided in our charter, our board will continue to be led by Mr. Musk. Pursuant to the terms of our charter, he can only be removed from the board and these leadership positions by the affirmative vote of the holders of a majority of the outstanding shares of our Class B common stock, voting separately as a class. Our board has concluded that our current leadership structure is appropriate at this time. Board CommitteesIn connection with the completion of this offering, our board will establish an audit committee and a compensation and nominating committee. Audit and compensation and nominating committees will be governed by their charters that will be available on our website at www.spacex.com. Pursuant to our bylaws, our board may, from time to time, establish other committees to facilitate the management of our business and operations. Information contained on our website or linked therein or otherwise connected thereto does not constitute part of nor is it incorporated by reference into this prospectus or the registration statement of which this prospectus forms a part. Audit CommitteeThe primary responsibilities of our audit committee will include, among other things: •assisting our board in its oversight responsibilities regarding the integrity of our financial statements, our compliance with legal and regulatory requirements, the independent accountant’s qualifications and independence and our accounting and financial reporting processes of and the audits of our financial statements;
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•preparing the report required by the SEC for inclusion in our annual proxy or information statement; •approving audit and non-audit services to be performed by the independent accountants; and•performing such other functions as our board may from time to time assign to the audit committee.The audit committee will be empowered to retain any advisors as it deems necessary or appropriate to assist it in fulfilling its responsibilities, and to approve the fees and other retention terms of such advisors. Upon the completion of this offering, Randy Glein and Steve Jurvetson are expected to be the members of our audit committee. Randy Glein is expected to qualify as an “audit committee financial expert” as such term is defined under the rules of the SEC implementing Section 407 of the Sarbanes-Oxley Act and each of Randy Glein and Steve Jurvetson qualifies as an independent director for purposes of Rule 10A-3 of the Exchange Act and the listing standards of Nasdaq and Nasdaq Texas. We will identify the third member to serve on the audit committee within the applicable one year period under the Nasdaq and Nasdaq Texas listing rules. Randy Glein is expected to serve as the chair of the audit committee. Compensation and Nominating CommitteeThe primary responsibilities of our compensation and nominating committee will include, among other things: •overseeing the Company’s overall compensation philosophy; •reviewing and approving, or recommending to the full board for approval, the compensation and other benefits for executive officers; •reviewing and recommending to our board for approval the form and amount of compensation for our independent directors;•making recommendations to our board regarding director candidates and assisting our board in determining the composition of our board and its committees, subject to the terms of our charter; and•performing such other functions as our board may from time to time assign to the committee. Upon the completion of this offering, Ira Ehrenpreis, Antonio J. Gracias, and Luke Nosek are expected to be the members of our compensation and nominating committee. As a “controlled company,” we will rely upon the exemption from Nasdaq’s and Nasdaq Texas’ requirement that we have a compensation and nominating committee that is composed entirely of independent directors with a committee charter that addresses all Nasdaq and Nasdaq Texas’ requirements applicable to companies that are not controlled companies. Each of Ira Ehrenpreis and Luke Nosek qualifies as an independent director under the listing standards of Nasdaq and Nasdaq Texas, including the heightened independence standards for members of a compensation committee, and as a “non-employee director” as defined in Rule 16b-3 of the Exchange Act. Ira Ehrenpreis is expected to serve as the chair of the compensation and nominating committee. Compensation Committee Interlocks and Insider ParticipationDuring the last completed fiscal year, we were not a publicly traded company and did not have a compensation committee or any other committee serving a similar function. Historically, the board has been responsible for determining, and has made all decisions regarding, the compensation for Mr. Musk. With respect to those expected to serve as our other executive officers, Mr. Musk has had primary responsibility for compensation-related decisions; however, all equity awards were approved by the board. Code of Business Conduct and EthicsIn connection with this offering, our board will adopt a code of business conduct and ethics applicable to our employees, directors and officers, in accordance with applicable SEC rules and the corporate governance rules of Nasdaq and Nasdaq Texas. We expect that any amendments to the code or any waivers of its requirements applicable to our directors and executive officers will be disclosed on our website at www.spacex.com, as and to the

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Antonio J. Gracias ..........
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Donald Harrison .............
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Steve Jurvetson ...............
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Luke Nosek .....................
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Executive Officers and Management DirectorsElon Musk has served as our Chief Executive Officer, Chief Technical Officer and Chairman of our board since May 2002. Mr. Musk is also the Technoking of Tesla and has served as Chief Executive Officer of Tesla since October 2008. Mr. Musk was Chief Technology Officer and on the board of directors of X, beginning October 2022 and served as the Chief Executive Officer and on the board of directors of xAI, beginning March 2023, in each case through the March 2025 merger of X and xAI. Following the merger, Mr. Musk served as the President, Treasurer, and Chief Executive Officer and on the board of directors of xAI, until it was acquired by the Company in February 2026. Mr. Musk is also a founder and Chief Executive Officer of Neuralink Corp., a company focused on developing brain-machine interfaces, and The Boring Company, an infrastructure company. Prior to the Company, Mr. Musk co-founded PayPal, an electronic payment system, which was acquired by eBay in October 2002, and Zip2 Corporation, a provider of Internet enterprise software and services, which was acquired by Compaq in March 1999. Mr. Musk serves on the board of directors of Tesla and previously served on the board of directors of Endeavor Group Holdings, Inc. from April 2021 to June 2022. Mr. Musk holds a B.A. in Physics from the University of Pennsylvania and a B.S. in Business from the Wharton School of the University of Pennsylvania. Mr. Musk brings to our board historical knowledge, operational and technical expertise, and continuity.Gwynne Shotwell has served as our President and Chief Operating Officer since 2008 and has been a member of our board since March 2009. Previously, Ms. Shotwell served as our Vice President, Business Development, from 2002 to 2008. Prior to joining the Company, Ms. Shotwell held positions with Microcosm, Inc., an aerospace company, as a director, and The Aerospace Corporation, an independent, non-profit organization performing objective technical analyses and assessments for a variety of government, civil, and commercial customers, as a senior project engineer. Ms. Shotwell also serves on the board of directors of Polaris, Inc., a manufacturer of powersports vehicles, and on Northwestern University’s Board of Trustees. Ms. Shotwell was inducted into the National Academy of Engineering and was previously named the Satellite Executive of the Year, included on Time’s 100 Most Influential People, and Fortune Magazine’s World’s 50 Greatest Leaders. Ms. Shotwell holds a B.S. in Mechanical Engineering and an M.S. in Applied Mathematics from Northwestern University. As one of the key members of our leadership team, Ms. Shotwell brings to our board extensive operational experience and in-house knowledge of the Company’s operations, technology, research and development and business management.Bret Johnsen has served as our Chief Financial Officer since 2011. In this role, Mr. Johnsen leads our global finance organization and is responsible for our long-term financial strategy, internal financial operations, interactions with the financial community, and the financial aspects of our growth initiatives. With more than two decades of experience in financial leadership, primarily in high-profile technology and semiconductor companies, his leadership continues to play a key role in driving our financial performance, long-term value creation and operational discipline. Prior to joining the Company, Mr. Johnsen served as Chief Financial Officer at Mindspeed Technologies, Inc., a publicly traded semiconductor company, from 2008 to 2011. Prior to that role, he spent nearly
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a decade at Broadcom Inc., a global semiconductor company, from 1999 to 2008, holding roles of increasing responsibility within the organization, including serving as Vice President and Corporate Controller. Mr. Johnsen serves as a Trustee of the University of Southern California and holds a B.S. in Accounting from the University of Southern California and an M.S. in Finance from San Diego State University, and he is a Certified Public Accountant (CPA).Non-Management DirectorsIra Ehrenpreis has served on our board since February 2026. Mr. Ehrenpreis is a founder and managing member of DBL Partners, a leading impact investing venture capital firm, formed in 2015. Previously, he was a partner at Technology Partners, a venture capital firm. Mr. Ehrenpreis serves on the board of directors of Tesla. He serves as the Chairman of the VCNetwork, the largest and most active California venture capital organization. Mr. Ehrenpreis also serves as the Chair of the National Association of Corporate Directors (NACD) Northern California and the Co-Chair of the Stanford Precourt Institute for Energy Advisory Council. Among several other awards and honors, Mr. Ehrenpreis has been named a member of the NACD Directorship 100 for being “one of the most influential leaders in the boardroom and corporate governance community.” Mr. Ehrenpreis holds a B.A. from the University of California, Los Angeles and a J.D. and M.B.A. from Stanford University. Mr. Ehrenpreis brings to our board experience in the technology, impact and venture capital industries, as well as valuable insights in corporate governance, strategic growth and shareholder values. Randy Glein has served on our board since February 2026 and previously served as a board observer since 2009. Mr. Glein is co-founder and managing partner of DFJ Growth, a venture capital firm that has invested in more than 100 growth-stage technology companies over the past 20 years. He currently serves on the board of directors of several private technology companies and has previously served on the board of directors of Anaplan, Inc. and Tremor Video, Inc. Prior to DFJ Growth, Mr. Glein served as Chief Financial Officer of FeedBurner (acquired by Google in 2007) and Vice President of Tribune Company and its corporate investment group, Tribune Ventures. Mr. Glein began his career in the aerospace industry as a systems engineer with Hughes Space & Communications and in business development roles with its DIRECTV and New Ventures units. Mr. Glein holds a B.S.E.E. in Electrical Engineering from the University of Florida, an M.S.E.E. in Electrical Engineering from the University of Southern California, and an M.B.A. from the UCLA Anderson School of Management. Mr. Glein brings to our board experience in the venture capital industry and more than 35 years of business and leadership experience in the technology, media, and satellite communications industries. Antonio J. Gracias has served on our board since October 2010. Since 2001, Mr. Gracias has been Chief Executive Officer and Chief Investment Officer of Valor Management LLC, a private equity firm. As Founder, CEO, and CIO of Valor, he oversees one of the leading growth-focused investment firms in the United States with over $55 billion in assets under management. He has served on the board of Neuralink Corp., a company focused on developing brain-machine interfaces, since May 2026, served on the board of The Boring Company, an infrastructure company, since May 2026 and served as a director of Harmony Biosciences Holdings, Inc., a pharmaceutical company, from September 2017 to May 2026. He also served as a director of Marathon Pharmaceuticals, LLC from November 2013 until its acquisition by PTC Therapeutics in May 2017, and SolarCity Corporation from 2012 to 2016. Mr. Gracias previously served as a director of Tesla from 2007 to 2021 helping take the company public and acting as Lead Independent Director for eight years. Prior to founding Valor Management LLC in 2001, Mr. Gracias served as Founder and Managing Member of MG Capital, a private equity firm headquartered in Chicago, where he was the lead transaction principal from 1995 through 2000. Prior to MG Capital, Mr. Gracias was an associate with Goldman, Sachs & Co. in New York, where he served the firm’s institutional clients in the International Equity Division. Mr. Gracias is also actively involved in philanthropic activities. He is a trustee of The Aspen Institute, where he was a 2009 Henry Crown Fellow, an Aspen Institute program designed to engage the next generation of leaders in the challenge of community-spirited leadership. Additionally, he serves as a member of several prestigious non-profit and endowment boards, including the Board of Visitors for the Georgetown University School of Foreign Service and the Pritzker School of Molecular Engineering at the University of Chicago. He is also a member of the University of Chicago Board of Trustees. Mr. Gracias holds a joint B.S. and M.S.F.S. (Honors Degree) in International Finance and Economics from the Georgetown University School of Foreign Service and a J.D. from the University of Chicago Law School. Mr. Gracias brings to our board skills and experience in
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investment strategy, portfolio company management and improvement, operations of business, and finance across several industries, including aerospace, technology, and manufacturing.Donald Harrison has served on our board since February 2015. Mr. Harrison has served as President, Global Partnerships and Corporate Development at Google LLC, a technology company, since 2017. Mr. Harrison previously served as Vice-President, Corporate Development at Google from 2012 to 2017 and as Vice-President and Deputy General Counsel from 2005 to 2012. Mr. Harrison also sits on the board of directors of Reliance Jio, the largest mobile telecommunications services provider in India. Mr. Harrison holds a B.A. in Philosophy and Political Science from the University of King’s College and a J.D. and LLB from the University of Toronto. Mr. Harrison brings to our board years of business and leadership experience and provides valuable experience in the areas of strategic transactions and partnerships.Steve Jurvetson has served on our board since March 2009. Mr. Jurvetson is a co-founder of Future Ventures, a venture capital firm, which he founded in 2019, and previously he co-founded and served as Managing Director of Draper Fisher Jurvetson, a venture capital firm, from 1995 to 2017. Mr. Jurvetson serves as a director of The Metals Company, a deep sea mining exploration company, and also previously served as a director of Tesla from 2009 to 2020, and NeoPhotonics Corp. from 2004 to 2011. Mr. Jurvetson also served as a director of Planet Labs from 2011 to 2017 and a director of D-Wave from 2003 to 2020. Before co-founding Future Ventures and Draper Fisher Jurvetson, Mr. Jurvetson was an R&D Engineer at Hewlett-Packard, where seven of his chip designs were fabricated. He also worked in product marketing at Apple Inc. and NeXT and management consulting with Bain & Company. Mr. Jurvetson holds B.S. and M.S. degrees in Electrical Engineering from Stanford University and an M.B.A. from the Stanford Business School. Mr. Jurvetson brings to our board experience in the venture capital industry and years of business and leadership experience.Luke Nosek has served on our board since July 2008. Mr. Nosek co-founded Gigafund, a venture capital firm, in July 2017, and has been Managing Partner since inception. Mr. Nosek previously co-founded Founders Fund, a venture capital fund, in April 2006, and served as General Partner through July 2017. Prior to that, Mr. Nosek co-founded and served as Vice President of Business Development, Vice President of Marketing, and Vice President of Strategy of PayPal, an electronic payment system, from November 1998 to February 2002. Mr. Nosek also serves as a member of the board of directors of various private companies, including Last Energy, a nuclear energy company that designs and manufactures small modular reactors, Emerald Cloud Lab, which operates remotely accessible and largely autonomous life science laboratories, and ResearchGate, an online platform connecting scientists and researchers with each other and their work. Mr. Nosek also served as a board member of DeepMind prior to its acquisition by Google. Mr. Nosek holds a B.S. in Computer Engineering from the University of Illinois Urbana-Champaign. Mr. Nosek brings to the board experience in the venture capital industry and years of business and leadership experience.Additional InformationOn October 16, 2018, the U.S. District Court for the Southern District of New York entered a final judgment approving the terms of a settlement, filed with the court on September 29, 2018, in connection with the actions taken by the SEC relating to Mr. Musk’s August 7, 2018 Twitter (now known as X) posts stating that he was considering taking Tesla private at a specified price and with secured financing. The SEC alleged that these posts were materially false and misleading, in violation of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. In settling the action, Mr. Musk did not admit or deny the SEC’s allegations and consented to the entry of a judgment that enjoined him from violating these laws, ordered him to pay a $20 million civil penalty and required him to comply with procedures implemented by Tesla with respect to preclearing his public statements about Tesla. While he was required to step down as chairman of the board of Tesla for three years, there is no restriction on Mr. Musk’s ability to serve as an officer or director on the board of directors of any public or private company. On April 26, 2019, this settlement was amended to further clarify the pre-clearance procedures applicable to his making certain public statements about Tesla. The amendment was subsequently approved by the District Court. On April 3, 2026, in Pampena v. Musk, the U.S. District Court for the Northern District of California entered a partial judgment against Mr. Musk in his personal capacity only in favor of lead plaintiffs on behalf of themselves
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and a class of investors who sold certain Twitter, Inc. equity securities between May 13 and October 4, 2022. The judgment is based on a jury verdict rendered on March 20, 2026 that found (i) in favor of plaintiffs on claims alleging that Mr. Musk violated Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder in connection with two statements made by Mr. Musk in May 2022 and (ii) in favor of Mr. Musk on claims challenging a third statement and alleging a “scheme to defraud” under Rules 10b-5(a) and (c). The claims in this case all concern Mr. Musk’s then-pending potential purchase of Twitter, Inc. On May 1, 2026, Mr. Musk challenged the partial judgment by filing a post-trial motion for judgment as a matter of law and motion to decertify the class. The motion practice is ongoing, and the Court is expected to hear these motions in June 2026. Family Relationships There are no family relationships among any of our directors or executive officers. Controlled Company ExemptionUpon completion of this offering, Mr. Musk will beneficially own approximately % of our outstanding Class B common stock, which under our charter, as described under “Description of Capital Stock,” will be entitled to elect 51% of the total number of authorized directors (rounded up to the nearest whole number), and % of the total voting power of our outstanding common stock (or % if the underwriters exercise their option to purchase additional shares of Class A common stock in full). As a result, we will be a “controlled company” within the meaning of Nasdaq and Nasdaq Texas corporate governance standards. Under the listing rules of Nasdaq and Nasdaq Texas, a company of which more than 50% of the voting power with respect to director elections is held by another person or group of persons acting together is a “controlled company” and may elect not to comply with certain Nasdaq and Nasdaq Texas corporate governance requirements, including the requirements that: •a majority of such company’s board of directors consist of independent directors as defined under the listing rules of Nasdaq and Nasdaq Texas;•director nominees be selected or recommended for board of directors’ selection by a nominating committee composed entirely of independent directors, with a written charter addressing the nominations process as required under the listing rules of Nasdaq and Nasdaq Texas;•the compensation committee be composed entirely of independent directors with a written charter addressing the committee’s purpose and responsibilities; and •annual performance evaluations of the compensation and nominating committees be conducted. Following the completion of this offering, we intend to utilize certain of these exemptions. As a result, we do not expect to have a compensation and nominating committee that is composed entirely of independent directors or that has a committee charter that addresses all Nasdaq and Nasdaq Texas requirements applicable to companies that are not controlled companies. Additionally, we may elect to take advantage of certain other exemptions in the future for as long as we remain a “controlled company.” Accordingly, our Class A shareholders will not have the same protections afforded to shareholders of companies that are subject to all of the corporate governance requirements of Nasdaq and Nasdaq Texas. In the event that we cease to be a “controlled company” and our shares continue to be listed on Nasdaq and Nasdaq Texas, we will be required to comply with all of the applicable governance requirements within the applicable transition periods. Composition of Our BoardUpon the consummation of the offering, our board will consist of eight directors. Subject to the terms of our charter and bylaws, the number of directors on our board will be determined from time to time by our board. Under the terms of our charter, the holders of our outstanding Class B common stock, voting separately as a class, will have the right to elect 51% of the total number of authorized directors, rounded up to the nearest whole number (the “Class B Directors”). Holders of Class A and Class B common stock, voting together as a single class, will elect the remaining members of our board (the “Common Stock Directors”). We expect that upon the completion of the offering Mr. Musk, Gwynne Shotwell, Antonio J. Gracias, Donald Harrison, and Luke Nosek will serve as the initial
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Class B Directors and Ira Ehrenpreis, Randy Glein, and Steve Jurvetson will serve as the initial Common Stock Directors.Our board will be subject to annual elections. Each director will hold office until the next annual meeting of our shareholders and until his or her successor is duly elected and qualified or until his or her earlier death, resignation or removal (as provided in our charter). For additional information, please refer to “Description of Capital Stock.” Role of our Board in Risk OversightWe face a number of risks, including those described under the section titled “Risk Factors” included elsewhere in this prospectus. Our board believes that risk management is an important part of establishing, updating and executing on our business strategy. Our board, as a whole and at the committee level, has oversight responsibility relating to risks that could affect our corporate strategy, business objectives, compliance, operations and financial condition and performance. Our board focuses its oversight on the most significant risks facing us and on the processes to identify, prioritize, assess, manage and mitigate those risks. While our board has an oversight role, management is principally tasked with direct responsibility for management and assessment of risks and the implementation of processes and controls to mitigate their effects on us. Director IndependenceBased upon information requested from and provided by each director concerning his or her background, employment and affiliations, our board has determined that each of Ira Ehrenpreis, Randy Glein, Donald Harrison, Steve Jurvetson, and Luke Nosek is independent within the meaning of the listing standards of Nasdaq and Nasdaq Texas currently in effect. In making this determination, our board considered the relationships that each of these directors has with our company and all other facts and circumstances our board deemed relevant in determining their independence, including (i) the beneficial ownership of our capital stock by each such director and/or investment funds or other entities affiliated with them and (ii) the relationships set forth below under “Certain Relationships and Related Person Transactions.” The board also considered that Donald Harrison was employed by an organization that does business with Company. The amount received by the Company or such other organization in each of the last three fiscal years did not exceed the greater of $200,000 or 5% of either the Company’s or such organization’s consolidated gross revenues.Board Leadership StructureUpon the completion of this offering, as provided in our charter, our board will continue to be led by Mr. Musk. Pursuant to the terms of our charter, he can only be removed from the board and these leadership positions by the affirmative vote of the holders of a majority of the outstanding shares of our Class B common stock, voting separately as a class. Our board has concluded that our current leadership structure is appropriate at this time. Board CommitteesIn connection with the completion of this offering, our board will establish an audit committee and a compensation and nominating committee. Audit and compensation and nominating committees will be governed by their charters that will be available on our website at www.spacex.com. Pursuant to our bylaws, our board may, from time to time, establish other committees to facilitate the management of our business and operations. Information contained on our website or linked therein or otherwise connected thereto does not constitute part of nor is it incorporated by reference into this prospectus or the registration statement of which this prospectus forms a part. Audit CommitteeThe primary responsibilities of our audit committee will include, among other things: •assisting our board in its oversight responsibilities regarding the integrity of our financial statements, our compliance with legal and regulatory requirements, the independent accountant’s qualifications and independence and our accounting and financial reporting processes of and the audits of our financial statements;
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•preparing the report required by the SEC for inclusion in our annual proxy or information statement; •approving audit and non-audit services to be performed by the independent accountants; and•performing such other functions as our board may from time to time assign to the audit committee.The audit committee will be empowered to retain any advisors as it deems necessary or appropriate to assist it in fulfilling its responsibilities, and to approve the fees and other retention terms of such advisors. Upon the completion of this offering, Randy Glein and Steve Jurvetson are expected to be the members of our audit committee. Randy Glein is expected to qualify as an “audit committee financial expert” as such term is defined under the rules of the SEC implementing Section 407 of the Sarbanes-Oxley Act and each of Randy Glein and Steve Jurvetson qualifies as an independent director for purposes of Rule 10A-3 of the Exchange Act and the listing standards of Nasdaq and Nasdaq Texas. We will identify the third member to serve on the audit committee within the applicable one year period under the Nasdaq and Nasdaq Texas listing rules. Randy Glein is expected to serve as the chair of the audit committee. Compensation and Nominating CommitteeThe primary responsibilities of our compensation and nominating committee will include, among other things: •overseeing the Company’s overall compensation philosophy; •reviewing and approving, or recommending to the full board for approval, the compensation and other benefits for executive officers; •reviewing and recommending to our board for approval the form and amount of compensation for our independent directors;•making recommendations to our board regarding director candidates and assisting our board in determining the composition of our board and its committees, subject to the terms of our charter; and•performing such other functions as our board may from time to time assign to the committee. Upon the completion of this offering, Ira Ehrenpreis, Antonio J. Gracias, and Luke Nosek are expected to be the members of our compensation and nominating committee. As a “controlled company,” we will rely upon the exemption from Nasdaq’s and Nasdaq Texas’ requirement that we have a compensation and nominating committee that is composed entirely of independent directors with a committee charter that addresses all Nasdaq and Nasdaq Texas’ requirements applicable to companies that are not controlled companies. Each of Ira Ehrenpreis and Luke Nosek qualifies as an independent director under the listing standards of Nasdaq and Nasdaq Texas, including the heightened independence standards for members of a compensation committee, and as a “non-employee director” as defined in Rule 16b-3 of the Exchange Act. Ira Ehrenpreis is expected to serve as the chair of the compensation and nominating committee. Compensation Committee Interlocks and Insider ParticipationDuring the last completed fiscal year, we were not a publicly traded company and did not have a compensation committee or any other committee serving a similar function. Historically, the board has been responsible for determining, and has made all decisions regarding, the compensation for Mr. Musk. With respect to those expected to serve as our other executive officers, Mr. Musk has had primary responsibility for compensation-related decisions; however, all equity awards were approved by the board. Code of Business Conduct and EthicsIn connection with this offering, our board will adopt a code of business conduct and ethics applicable to our employees, directors and officers, in accordance with applicable SEC rules and the corporate governance rules of Nasdaq and Nasdaq Texas. We expect that any amendments to the code or any waivers of its requirements applicable to our directors and executive officers will be disclosed on our website at www.spacex.com, as and to the

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