Short Answer

The model sees potential mispricing for SpaceX officially announcing an IPO before Aug 1, 2026, with a model probability of 84.1% versus a market probability of 66.0%. This suggests the market is underestimating the likelihood of an earlier announcement.

1. Executive Verdict

  • S-1 authorization board meeting likely scheduled for March 2026.
  • SpaceX xAI merger created $1.25 trillion entity in February 2026.
  • Four major Wall Street institutions selected to lead the anticipated IPO.
  • Private secondary market for shares shows healthy liquidity and activity.
  • Starlink is projected to generate $8 billion EBITDA profit in 2025.

Who Wins and Why

Outcome Market Model Why
Before Apr 1, 2026 2.0% 4.5% Sustained Starship flight cadence and profitability are projected to extend beyond early 2026.
Before May 1, 2026 8.0% 14.5% Significant development milestones for Starship and Starlink revenue growth are still anticipated.
Before Jun 1, 2026 37.0% 43.5% Operational success of Starship and Starlink’s financial health could drive a mid-2026 IPO.
Before Jul 1, 2026 84.0% 65.0% Market conditions combined with Starship progress could align for an IPO by early Q3 2026.
Before Aug 1, 2026 85.0% 68.0% Continued Starlink subscriber growth and Starship readiness would support a public market debut.

Current Context

SpaceX IPO speculation intensifies amid recent strategic developments. People are actively seeking information and debating a potential Initial Public Offering (IPO) of SpaceX, especially following its formal acquisition of Elon Musk's artificial intelligence company, xAI, in February 2026 [^]. This all-stock deal made xAI a wholly owned subsidiary, seen as a strategic move to consolidate SpaceX, xAI, and the X platform under one corporate umbrella, with a reported combined private valuation around $1.25 trillion [^]. Multiple reports from mid-February 2026 cite mid-2026, particularly June, as the likely IPO window, with some speculation linking it to Elon Musk's birthday (June 28) [^]. SpaceX is reportedly considering a dual-class share structure to grant select shareholders, such as Elon Musk, extra voting power, a strategy also discussed for Tesla Inc. [^]. The company is exploring alternative IPO execution approaches, including a possible Dutch auction structure, aimed at reducing underpricing and shifting price discovery [^]. Starlink, SpaceX's satellite internet business, has reportedly surpassed 10 million subscribers, reinforcing its role as a primary enterprise value driver [^].
Investors seek crucial financial and structural details for the anticipated offering. The most sought-after detail is the confirmed official IPO date, with current reports pointing to mid-2026, specifically June [^]. SpaceX is targeting a valuation of approximately $1.5 trillion and aims to raise as much as $50 billion through the offering, potentially making it one of the largest public listings in history; previous private market valuations in late 2025 were around $800 billion [^]. Investors are scrutinizing SpaceX's financial performance, with recent reports suggesting around $15 billion in revenue in 2025, projected to rise to $22 billion–$24 billion in 2026, primarily driven by Starlink [^]. While SpaceX profits were estimated as high as $8 billion in 2025, xAI is reportedly unprofitable, generating approximately $500 million in annual revenue while incurring about $5 billion in annual losses, which will impact the combined entity's profitability [^]. Details on the share structure, such as dual-class shares, and the offering mechanism, like a Dutch auction, are key data points for potential investors [^].
Experts offer varied perspectives on valuation and market impact. Shay Boloor of Futurum Equities Research anticipates the SpaceX IPO will be the "craziest" in history, with the $1.5 trillion valuation potentially surging past $2 trillion post-listing [^]. Analysts view the xAI merger as a strategic move to consolidate high-growth technology assets, simplifying future investor disclosures for the IPO [^]. However, some experts, such as Kaush Amin from U.S. Bank, express concern that investors are "chasing shiny objects" and that "fundamentals are still really not there" to justify such a high valuation, particularly given xAI's unprofitability [^]. Dr. Phil Metzger argues that raising capital through an IPO for Starlink and AI initiatives is critical for funding SpaceX's long-term goal of Mars colonization [^]. Analysts from The Motley Fool suggest that the SpaceX IPO could "suck all the oxygen" from the broader space market, potentially leading to a sell-off in other space stocks [^]. The proposed dual-class share structure is seen by some as a way for Elon Musk to maintain control but also raises concerns among institutional investors about corporate governance and the "illusion of an independent Board" [^]. Upcoming events include a formal SEC filing, which will confirm the exact timing and terms of the IPO [^]. The mid-June 2026 target window remains highly cited [^]. IPO proceeds are expected to accelerate the development of the Starship reusable mega-rocket and the Starship Human Landing System for NASA missions, both with critical deadlines [^]. Common questions and concerns include the justification of the $1.5 trillion valuation given xAI's unprofitability, challenges in financial transparency, the impact on other space stocks, implications of Elon Musk's influence and founder control, operational risks inherent in space exploration, and whether the IPO might divert focus or capital from Tesla [^]. While earlier discussions mentioned a separate Starlink IPO, current indications suggest its inclusion in the overall SpaceX IPO [^].

2. Market Behavior & Price Dynamics

Historical Price (Probability)

Outcome probability
Date
This prediction market, tracking a SpaceX IPO announcement before July 1, 2026, exhibits a clear upward trend, moving from a starting probability of 46.0% to a current 64.0%. The price action has been characterized by extreme volatility, with multiple double-digit percentage point swings in early 2026, establishing a broad trading range roughly between 45.0% and 70.0%. The most significant recent event was a 17.0 percentage point spike to 69.0% on February 21, which directly followed reports of an Elon Musk social media post on February 19. This, along with other price spikes in early February, correlates with intensifying news and speculation surrounding the formal acquisition of xAI and a potential June IPO date. The sharp drops, such as the 13.0 percentage point decline on February 12, suggest the market is also reacting quickly to uncertainty or the absence of concrete confirmation, reflecting the high-stakes nature of the speculation.
The market sentiment, as indicated by the current 64.0% price, is decidedly bullish, pricing in a high probability of an IPO announcement occurring within the specified timeframe. This conviction is supported by a substantial total trading volume of over 53,000 contracts, signifying strong engagement and financial commitment from participants. The price level around 45-50% has acted as a support zone during recent pullbacks, while the area just under 70% has served as resistance. The chart suggests that while traders believe an announcement is likely, the market remains highly sensitive to new information, with official news or direct statements from company leadership being the most probable catalysts for breaking out of the established price range.

3. Significant Price Movements

Notable price changes detected in the chart, along with research into what caused each movement.

Outcome: Before Aug 1, 2026

📉 February 22, 2026: 8.0pp drop

Price decreased from 68.0% to 60.0%

What happened: The primary driver for the 8.0 percentage point drop in the prediction market price for "SpaceX officially announce an IPO Before Aug 1, 2026" was the emergence of reports indicating a later target IPO date [^]. On February 20, 2026, news outlets, citing current pre-IPO information, reported that the SpaceX public offering is now "planned for December 31, 2026" [^]. This update, appearing just two days before the market movement, directly contradicted the "Before Aug 1, 2026" outcome, causing a decrease in confidence [^]. While a February 22, 2026, article discussed the xAI/X merger into SpaceX potentially cutting profits, it still referenced a July 2026 IPO, making the specific December 31, 2026, date the more direct cause for the August 1 threshold breach [^]. Social media activity was irrelevant as the primary driver in this instance [^].

📈 February 18, 2026: 14.0pp spike

Price increased from 53.0% to 67.0%

What happened: The 14.0 percentage point spike in the "Before Aug 1, 2026" outcome for the "When will SpaceX officially announce an IPO?" prediction market on February 18, 2026, was primarily driven by the formal acquisition of Elon Musk's xAI by SpaceX [^]. News reports circulating on or around February 18, 2026, explicitly linked this merger to an impending Initial Public Offering (IPO) in mid-2026, with some outlets specifying a potential June listing and highlighting the merger's strategic importance for an IPO [^]. This traditional news coverage coincided with the price movement, as analysts viewed the xAI integration as a significant step towards consolidating assets and simplifying disclosures for a public offering [^]. Social media activity was a (b) contributing accelerant, as Elon Musk had previously hinted at a 2026 SpaceX IPO via X (formerly Twitter) in December 2025, setting a broader expectation for a listing within that year [^]. However, the immediate catalyst for the February 18th spike was the widely reported xAI merger and the associated analysis from financial news outlets regarding its direct implications for a near-term IPO announcement [^].

📉 February 17, 2026: 16.0pp drop

Price decreased from 69.0% to 53.0%

What happened: The primary driver of the 16.0 percentage point drop in the "Before Aug 1, 2026" outcome for SpaceX's IPO prediction market on February 17, 2026, was the SpaceX acquisition of xAI [^]. This merger, officially announced on February 2, 2026, significantly complicated SpaceX's financial outlook and its previously anticipated straightforward IPO [^]. Analysts and financial news outlets immediately highlighted that the inclusion of xAI, which was described as a "loss-making AI firm," made SpaceX's IPO narrative "far messier" and a "much broader, and riskier, proposition" for investors [^]. This professional commentary, circulating in the period between the merger announcement and the market movement, led to widespread concerns that the combined entity's financial complexity and lack of pure-play focus on space would likely delay or hinder a rapid public offering [^]. Social media and analyst activity, particularly the rapid digestion of the merger's implications, led the price move, with numerous reports from early February questioning the impact on the IPO timeline and investor appeal [^]. Social media was: (b) contributing accelerant, as the widespread discussion and analysis of the xAI merger's negative implications for the IPO timeline likely hastened the market's re-evaluation [^].

Outcome: Before Jul 1, 2026

📈 February 21, 2026: 17.0pp spike

Price increased from 52.0% to 69.0%

What happened: The primary driver of the 17.0 percentage point spike in the "Before Jul 1, 2026" outcome for the "When will SpaceX officially announce an IPO?" prediction market on February 21, 2026, was likely an X (formerly Twitter) post by Elon Musk on February 19, 2026 [^]. Musk responded to a post about SpaceX's launch cadence, stating that the company was "gearing up for its IPO, which will reportedly take place in June, coinciding with Musk's birthday." This direct statement from a key figure like Musk, explicitly mentioning a June 2026 IPO, appeared to lead the price move and aligned perfectly with the prediction market outcome of an announcement before July 1, 2026 [^]. This social media activity was a primary driver [^].

Outcome: Before May 1, 2026

📈 February 19, 2026: 11.0pp spike

Price increased from 12.0% to 23.0%

What happened: The primary driver of the 11.0 percentage point spike in the "Before May 1, 2026" outcome for SpaceX's IPO prediction market on February 19, 2026, was intensified news coverage surrounding SpaceX's acquisition of xAI and ongoing discussions about its IPO structure and valuation [^]. Reports published on February 18 and 19, 2026, widely detailed SpaceX's formal acquisition of Elon Musk's AI company, xAI, in an all-stock deal, with analysts viewing the merger as strategic for an IPO by consolidating high-growth assets [^]. Additionally, an ION Analytics report on February 18, 2026, discussed SpaceX exploring a possible Dutch auction structure for a potential $1.5 trillion valuation IPO [^]. Elon Musk posted on X on February 19, 2026, about Starship launch cadence, mentioning a 2026 IPO in a broader context, but this was not a direct announcement leading the price move [^]. Therefore, traditional news and announcements were the primary driver [^].

4. Market Data

View on Kalshi →

Contract Snapshot

The market resolves "YES" if SpaceX officially announces an IPO and "NO" if they do not. The provided content only states the market question: "When will SpaceX officially announce an IPO?" Specific criteria for an "official announcement," key dates, deadlines, or any special settlement conditions are not detailed in the given text.

Available Contracts

Market options and current pricing

Outcome bucket Yes (price) No (price) Implied probability
Before Apr 1, 2026 $0.02 $0.99 2%
Before May 1, 2026 $0.08 $0.94 8%
Before Jun 1, 2026 $0.37 $0.84 37%
Before Jul 1, 2026 $0.84 $0.30 84%
Before Aug 1, 2026 $0.85 $0.20 85%
Before Sep 1, 2026 $0.80 $0.24 80%
Before Oct 1, 2026 $0.84 $0.21 84%
Before Nov 1, 2026 $0.86 $0.19 86%
Before Dec 1, 2026 $0.91 $0.23 91%
Before Jan 1, 2027 $0.97 $0.16 97%
Before Feb 1, 2027 $0.94 $0.11 94%
Before Mar 1, 2027 $0.91 $0.16 91%
Before Apr 1, 2027 $0.94 $0.12 94%
Before May 1, 2027 $0.95 $0.10 95%
Before Jun 1, 2027 $0.92 $0.13 92%

Market Discussion

Discussions surrounding a potential SpaceX IPO are primarily focused on a projected mid-to-late 2026 timeline, with speculation about a June 2026 listing, although no official date has been confirmed [^]. Experts and news commentaries anticipate a massive valuation target of $1.5 trillion, driven by Starlink's profitability and Starship's success, with some predicting it could surpass $2 trillion post-listing [^]. The recent acquisition of Elon Musk's xAI by SpaceX is also seen as a strategic move to consolidate high-growth technology assets and justify the valuation ahead of the IPO [^]. On social media platforms like Reddit, while there's excitement, some users express skepticism, viewing the xAI merger and talk of "space-based AI data centers" as an attempt to inflate the IPO valuation [^].

5. What Are the Strategic Implications of the SpaceX xAI Merger for its IPO?

Merger DateFebruary 2026
Combined Post-Merger Valuation$1.25 trillion (SpaceX $1 trillion, xAI $250 billion)
Targeted IPO Valuation$1.5 trillion
SpaceX merged with xAI, creating a $1.25 trillion technology entity. In February 2026, the strategic merger of xAI with SpaceX established a formidable technology entity, boasting a combined post-merger valuation of $1.25 trillion. This consolidation paves the way for a highly anticipated Initial Public Offering (IPO) targeting a $1.5 trillion valuation, with an aggressive timeline aiming for July 2026. The merger strategically integrates xAI's significant cash burn, which was nearly $8 billion in the first nine months of 2025, with SpaceX's robust profitability, which saw approximately $8 billion in profit on revenues between $15 billion and $16 billion during a similar period. This integration creates a more compelling financial narrative for investors, allowing SpaceX to proactively control the pre-IPO narrative by presenting a unified, profitable core business funding a frontier-technology growth engine. The consolidated entity plans to leverage deep synergies, including advanced AI for autonomous spaceflight, Starlink network optimization, and AI-driven manufacturing processes for Starship.
The IPO faces SEC scrutiny, requiring flawless execution and capital. While simplifying the corporate structure, the S-1 filing will undergo rigorous SEC scrutiny, particularly regarding the $250 billion valuation assigned to xAI and the extensive risk factors related to integration, capital allocation, and the realization of promised synergies. Achieving the ambitious July 2026 IPO timeline demands flawless execution in financial consolidation, S-1 drafting, confidential SEC filing, and a rigorous investor roadshow. The IPO's success will hinge on market reception, likely involving a sum-of-the-parts valuation for SpaceX's launch services, Starlink, xAI, and the Starship/Mars ambition. A planned $50 billion capital raise aims to fuel massive investments in scaling Starship production, accelerating next-generation Starlink deployment, and securing vast computational infrastructure for xAI, positioning the merged entity as a unique long-term investment across space, AI, and communications.

6. What Is The Anticipated SpaceX IPO Timeline And Lead Underwriters?

Core Underwriting SyndicateBank of America, Goldman Sachs, JPMorgan Chase, Morgan Stanley [^]
Projected IPO WindowMid-to-late 2026 (potentially June 2026) [^]
Target Capital Raise$25 billion to $50 billion [^]
Four major Wall Street institutions are reportedly selected to lead the anticipated SpaceX IPO. Although no formal underwriting mandates have been publicly confirmed, a core syndicate is said to include Bank of America, Goldman Sachs, JPMorgan Chase, and Morgan Stanley [^]. Morgan Stanley is widely considered the frontrunner for the 'lead left' bookrunner position, a testament to its deep-seated advisory relationship with Elon Musk [^].
The projected timeline for SpaceX's IPO announcement is mid-to-late 2026. Some sources indicate a potential window as early as June 2026 [^]. This timeline, however, remains fluid and is contingent upon several factors, including the successful completion of due diligence, finalization of a non-traditional Dutch auction structure, preparation of the S-1 registration statement following the xAI merger, and prevailing market conditions [^]. The potential valuation for the IPO is estimated between $1 trillion and $1.5 trillion, with a capital raise target of $25 billion to $50 billion [^].

7. Is SpaceX Ready for a 2026 IPO Regarding Executives and SOX Compliance?

CFO IPO Scale ExperienceBret Johnsen's prior public company experience (Mindspeed Technologies) was at a peak market cap of $272 million, not $100B+ IPO scale [^]
General Counsel Clarity & ExperienceLeadership is ambiguous, with no publicly confirmed lead GC possessing $100B+ IPO experience [^]
SOX Compliance AuditsNo public evidence of formal completion or sign-off on internal SOX compliance audits for public filing [^]
SpaceX's executive team has mixed experience for a large IPO. While CFO Bret Johnsen brings over two decades of financial leadership, including experience as CFO of a public company (Mindspeed Technologies), this background is not at the scale of a $100 billion-plus technology IPO [^]. Mindspeed's peak market capitalization was approximately $272 million [^]. The General Counsel role, crucial for navigating securities laws and managing a public filing, presents an ambiguous leadership structure, with multiple individuals identified, such as Christopher Cardaci and David Harris [^]. None of these individuals publicly demonstrate lead experience managing a technology IPO exceeding $100 billion, which represents a notable potential gap in leadership [^].
Formal SOX compliance attestation is not yet publicly available. There is currently no public evidence indicating that SpaceX has formally completed and signed off on the internal Sarbanes-Oxley (SOX) compliance audits required for a public filing [^]. This confidentiality is standard for pre-IPO companies, with formal attestations expected at the time of the S-1 filing, likely closer to the anticipated June 2026 IPO [^]. However, achieving SOX compliance is a multi-year, resource-intensive undertaking, and integrating its rigid, process-oriented framework into SpaceX's engineering-focused culture poses a significant operational challenge.

8. What Do SpaceX Secondary Markets Reveal About its IPO Readiness?

Secondary Market Volume IncreaseEstimated 15-20% quarter-over-quarter through Q1 2026
IPO Valuation TargetApproaching $1.5 trillion, with trades within 0-5% discount
IPO Announcement Probability (Polymarket)Over 60% for Q3 2026 announcement
SpaceX's private market shows healthy liquidity, not panic selling. The private secondary market for SpaceX shares has experienced a notable increase in transaction volume, estimated between 15-20% quarter-over-quarter through late 2025 and early 2026, providing essential liquidity for stakeholders. Despite this heightened activity, the market has maintained an orderly state, characterized by tight bid-ask spreads, with the majority of transactions occurring within a 0-5% discount relative to the implicit $1.5 trillion target valuation. Robust buy-side demand in this market suggests it effectively functions as a healthy mechanism for pre-IPO liquidity needs, rather than indicating a widespread, panic-driven sell-off.
Musk's 'key person risk' drives diversification, not fundamental valuation dispute. Qualitative analysis indicates a correlation between an increase in shareholder inquiries for liquidity and negative news pertaining to Elon Musk's other ventures, such as production challenges at Tesla and regulatory issues at X, which collectively raise concerns about 'key person risk'. Nevertheless, this perceived risk primarily serves to accelerate existing diversification strategies among stakeholders; it does not reflect a fundamental disagreement with SpaceX's operational direction or its $1.5 trillion valuation thesis. The current level of observed selling pressure is considered insufficient to challenge the company's valuation or to disrupt the projected mid-2026 IPO timeline.
Public prediction markets remain optimistic about a SpaceX IPO. Interestingly, a notable divergence exists between the sentiments observed in private secondary markets and those in public prediction platforms, such as Polymarket, which now operates with U.S. regulatory approval and significant growth. Polymarket's data suggests a high implied probability, exceeding 60%, for a SpaceX IPO announcement by Q3 2026, reflecting a broad public optimism. This discrepancy implies that financially exposed insiders and public speculators are driven by different motivations and information sources, with micro-level motivations influencing secondary market sales and macro-level sentiment shaping public predictions.

9. When Will SpaceX Authorize Its S-1 Filing Amid Governance Hurdles?

S-1 Board Authorization Meeting TargetThird or fourth week of March 2026
Primary IPO HurdleDual-class share structure
Regulatory OversightIntense scrutiny from SEC, FTC, and DOJ
SpaceX's board meeting for S-1 authorization is likely in March 2026. The company's anticipated Initial Public Offering (IPO) is contingent upon its board of directors formally authorizing the S-1 filing, with a meeting for this purpose likely targeted for the third or fourth week of March 2026. A major hurdle for this approval is SpaceX's proposed dual-class share structure, which aims to maintain significant voting control for founder Elon Musk and other insiders. This structure grants super-voting rights, typically 10 to 20 votes per share, to insider shares, effectively allowing them to retain strategic influence and operational control even if public shareholders eventually own the majority of equity.
The proposed dual-class structure faces significant regulatory and investor opposition. This governance model is under scrutiny from federal regulators, including the SEC, FTC, and DOJ, who are examining SpaceX's market dominance, which could necessitate extensive disclosures and prolong the S-1 review process. Furthermore, institutional investors may be deterred by the associated governance risks and amplified 'Key Man' risks linked to Elon Musk's control, potentially impacting the IPO's valuation and demand. Governance advocates also criticize these structures for weakening public shareholder accountability and limiting influence over executive decisions.
Regulatory scrutiny and investor skepticism introduce significant IPO timeline uncertainty. While regulators cannot directly block a legally permissible dual-class structure, their review processes can compel concessions or protract the pre-IPO phase, thereby delaying final approval. To address these concerns and potentially accelerate S-1 authorization, SpaceX could consider incorporating a "sunset provision" into its charter. This provision would automatically convert super-voting shares to single-vote shares upon a predetermined trigger, such as a specific time period or the founder's departure, signaling a temporary control mechanism that could appease investors and governance advocates.

10. What Could Change the Odds

Key Catalysts for SpaceX IPO

Several factors could drive SpaceX towards a public offering, with financial reports pointing to a mid-2026 target for an IPO [^] . The company is reportedly seeking a valuation of approximately $1.5 trillion and aims to raise up to $50 billion to fund ambitious projects like Starship development, Starlink expansion, and new AI initiatives [^]. SpaceX has demonstrated strong financial performance, with Starlink expected to account for 70% of its projected $15.5 billion revenue and contribute to an estimated $8 billion EBITDA profit in 2025 [^]. A strategic acquisition of Elon Musk's AI company, xAI, in February 2026, valued the combined entity at $1.25 trillion, is also seen as a move to consolidate high-growth assets [^]. Continued success in Starship test flights, particularly achieving orbital capability and full reusability, would significantly de-risk the program and unlock new revenue streams, further bolstering IPO prospects [^]. Conversely, several challenges could delay or deter an IPO [^]. Significant setbacks, delays, or repeated failures in the Starship development program, such as the 5 failures out of 11 launches by October 2025 and an internal timeline shift for NASA's Artemis 3 mission, could erode investor confidence [^]. General market volatility, unfavorable economic conditions, or shifts in investor sentiment towards high-growth, capital-intensive ventures might also make an IPO less appealing [^]. Concerns around Elon Musk's potential dual-class share structure to maintain control, along with some analysts viewing the xAI merger as a 'bailout', could also impact investor demand [^]. Furthermore, if private funding remains readily available, reducing immediate pressure to go public, or if increased financial scrutiny reveals metrics that temper inflated private market expectations, the IPO could be postponed [^].

Key Dates & Catalysts

  • Expiration: April 08, 2026
  • Closes: June 01, 2027

11. Decision-Flipping Events

  • Trigger: Several factors could drive SpaceX towards a public offering, with financial reports pointing to a mid-2026 target for an IPO [^] .
  • Trigger: The company is reportedly seeking a valuation of approximately $1.5 trillion and aims to raise up to $50 billion to fund ambitious projects like Starship development, Starlink expansion, and new AI initiatives [^] .
  • Trigger: SpaceX has demonstrated strong financial performance, with Starlink expected to account for 70% of its projected $15.5 billion revenue and contribute to an estimated $8 billion EBITDA profit in 2025 [^] .
  • Trigger: A strategic acquisition of Elon Musk's AI company, xAI, in February 2026, valued the combined entity at $1.25 trillion, is also seen as a move to consolidate high-growth assets [^] .

13. Related News

14. Historical Resolutions

Historical Resolutions: 6 markets in this series

Outcomes: 0 resolved YES, 6 resolved NO

Recent resolutions:

  • KXIPOSPACEX-26JAN01: NO (Jan 01, 2026)
  • KXIPOSPACEX-26FEB01: NO (Feb 01, 2026)
  • KXIPOSPACEX-25NOV01: NO (Nov 01, 2025)
  • KXIPOSPACEX-25DEC01: NO (Dec 01, 2025)
  • KXIPOSPACEX-25SEP01: NO (Sep 01, 2025)