Growth slows
Restatement cut
Cost of capital rises
Forward-year underwriting: the multiple rests on the unearned 2028 base, held by three piers
forward-year revenue underwriting
reference multiples on forecast revenue
not current earnings
the $2T IPO multiple
~10-11x forward base
current
run rate
earned today
2028
forward base
not yet earned
revenue still to be earned — the road to 2028
growth pace
growth stalls
restatement
restated lower
cheap capital
capital tightens
multiple holds
multiple compresses before 2028