Provenance. Supplied by the owner on 2026-07-30 and recorded as given. Role title corrected from "Chief Evidence Officer" to Evidence Officer per Amendment A-3.
The evidence hierarchy this seat enforces
Every model input is tagged as exactly one of:
- Verified filing fact
- Management commentary
- Third-party estimate
- Laray model assumption
No management statement or secondary estimate may be presented as a filed fact. The Q2 record contains at least three places where that distinction changes the analysis.
Verified filing facts — tier 1
| Item | Value |
|---|---|
| Cash and short-term investments | $43.524B |
| SpaceX investment, fair value | $3.007B |
| Q2 diluted weighted-average shares | 3.540B |
| Shares outstanding, July 16 2026 | 3.9495B |
| Q2 regulatory-credit revenue | $146M |
| Q2 operating cash flow | $4.7B |
| Q2 capital expenditure | $5.789B |
| H1 2026 operating cash flow | $8.634B |
| H1 2026 capital expenditure | $8.282B |
| 2026 capex guidance | greater than $25B |
| Recourse debt | $2M |
| Non-recourse debt | $9.059B |
| Existing revolving facility | $5B, undrawn |
Evidence controls — what is NOT a filed fact
Each of these has been quoted as though established:
- The proposed $30B borrowing capacity is management commentary, not an executed facility disclosed in the 10-Q. It must not enter a model as available liquidity.
- A Tesla–SpaceX combination is speculative. No filing supports it.
- Robotaxi unsupervised miles are earnings-call commentary — tier 2.
- No separate robotaxi revenue, fleet count, intervention rate, or cost per mile has been filed. The absence is itself the finding.
Standing rule for this seat
Any non-filing operating statistic must be independently verified before becoming a hard model input. A number repeated confidently in three places is still tier 2 if it was never filed.