POLICY FILE / EFFECTIVE SEPTEMBER 2, 2026
Editorial Standards
How we separate a capital signal from the story built around it.
Primary sources first
We prefer regulatory filings, investor materials, government contracts, dockets, budgets, procurement notices, and other first-party records. Secondary reporting can add context but does not replace the underlying document.
Stage the commitment
We distinguish guidance, authorization, financing, contract, order, construction, payment, and completed deployment. These stages are not interchangeable.
Show the counter-case
Every meaningful thesis deserves a failure condition. We look for overcapacity, financing risk, schedule risk, policy exposure, concentration, and evidence that the buyer may be wrong.
Corrections and updates
When a sourced figure changes, we aim to date the update and preserve the original context. Significant errors are corrected rather than silently rewritten.