The filing gives you a single company. The digital footprint gives you the units. In this note, our analysts read each business on the signal that fits it, demand and conversion for Starlink, adoption and active use for Cursor, category share for Grok, and map the whole thing back to the ticker.
What’s inside:
- How the unit driving roughly two-thirds of revenue is actually performing on demand, conversion, and installs
- Why the pending $60B Cursor deal looks different once you separate web traffic from real usage
- Where the market’s attention diverged from the operating data in the two weeks after the IPO
- The signals we’d watch next quarter, each of which moves before it hits a filing
