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A small slice sets the price: what changed in v1.3.0
From v1.2.0 (2026-10-20, b4ec6e4e4) to v1.3.0 (2026-10-27, db67c5ce1), paragraph by paragraph.
0 paragraphs added, 0 removed, 4 changed in place, 46 unchanged. About 0 words added and 41 removed. Insertions are marked like this, deletions like this; unchanged runs are folded to one line; figures appear as their file names.
2 unchanged paragraphs
!shot ip-slice.webp | images/ | A small slice sets the price of the whole. At the IPO,whole: 4.2% of SpaceX was sold at $135 a share, and the whole company wasshare priced it at $1.77tn. The valuations reported along the way were set the same way, by small transactions. | concept
18 unchanged paragraphs, under In short {#in-short}, What was nagging me {#question}, What was actually sold {#sold}…
!shot ip-float.webp | images/ | How much of each company was sold at its IPO, from the final prospectuses, with the median for all US IPOs since 1980 and for 2025 from Jay Ritter's statistics.2025. | comparison
4 unchanged paragraphs, under The money is not small {#amount}
!shot ip-size.webp | images/ | The biggest IPOs, base offering only, in September 2026 dollars;dollars, and,and for three of them, the money raised as a share of the US stock market. | comparison
4 unchanged paragraphs, under Revenue at record speed, profit not yet {#revenue}
!shot ip-sales.webp | images/ | Valuation against a year of revenue: the dot-com peak, using trailing revenue,peak and the 2026 AI companies, using annualised run-rates.companies. | comparison
18 unchanged paragraphs, under How a small slice sets the price {#mechanism}, What founders should take from it {#founders}, What this does not claim {#limits}…