This note was published on 11 June 2026, before the events discussed had fully played out. It maps a conditional equity-supply scenario rather than asserting that a precise dollar amount must reach the market. The relevant variables are realised issuance, free-float expansion, index eligibility, lockup schedules, buybacks and demand at each stage. The figures below are estimates from the sources cited in the original analysis; they should be treated as ranges, not settled outcomes. The $3.6 trillion headline is a private-market valuation and exposure estimate, not cash expected to enter the market. Failure of the issuance, index-inclusion or float-expansion assumptions would invalidate the scenario.
