# Segmara Private-Market Data Policy

Last updated: 2026-10-05

This file defines how Segmara should handle private-market price and valuation data. It is not a quote sheet, trade blotter, brokerage feed, offer, or recommendation.

## Current Status

The live site publishes dated, indicative private-company reference marks for research. Segmara does not sell, broker, or arrange share purchases: it does not publish executable prices, take or execute orders, custody assets, or create stock balances.

The site can collect:

- Company interest (the companies a reader follows).
- Email addresses for the free tracker.
- Account sign-ups.

The site should not collect:

- Binding order instructions.
- Payment details.
- Brokerage account data.
- Wallet addresses.
- KYC documents.
- Signed purchase documents.

## Price Data Rules

Private-company price data must be labeled by source type:

- `official_round`: company-announced financing valuation.
- `reported_tender`: reported employee or insider tender offer.
- `secondary_indication`: non-executable secondary-market indication.
- `broker_quote`: a price published by a broker or marketplace, labeled as an indication, not executable.
- `admin_research`: internal research note requiring verification.

Every market data entry should include:

- Company.
- Source type.
- Source URL.
- Source date.
- Valuation or price, if available.
- Whether the value is executable.
- Whether issuer or transfer approval may be required.
- Whether the data can be shown publicly.

## Public Display Rule

Public pages may discuss reported private-market performance at a high level, but must not present a number as a guaranteed executable price.

Use:

- Reported valuation.
- Reported tender offer.
- Secondary-market indication.
- Private-market interest.
- Not a public quote.
- Not guaranteed executable.

Do not use:

- Buy now at this price.
- Live share price.
- Guaranteed allocation.
- SpaceX shares available to everyone.
- Deposit to buy shares.

## Admin Snapshot Template

Use this structure when a reviewer adds market research:

```json
{
  "company": "SpaceX",
  "source_type": "reported_tender",
  "source_url": "https://example.com/source",
  "source_date": "YYYY-MM-DD",
  "reported_valuation": "",
  "reported_share_price": "",
  "executable": false,
  "public_display_allowed": false,
  "notes": "Verify against a primary source before publishing."
}
```

## Sources To Prefer

1. Official company announcements.
2. SEC or regulator materials.
3. Recognized financial press with clear sourcing.
4. Secondary platforms and brokers, only when clearly labeled as indications.

## Current Research Needs

- SpaceX: verify any tender, secondary, or public-market claim before publishing it.
- OpenAI: verify any tender or secondary indication before publishing it.
- Anthropic: prefer official company funding announcements when available.
- Neuralink: verify funding and valuation claims against reliable financial press or company materials.

## No Share Purchases

Market data never makes a share purchase possible on Segmara. Segmara does not sell, broker, or arrange share purchases; indicative marks are reference points, not offers.