Post-IPO at ~$311 vs $185 issue price implies ~200x trailing sales on ~$510M 2025 revenue; the IPO-watch catalyst we were tracking has executed and the market re-rated past any reasonable entry on the first print.

200x trailing sales is a multiple from which even a doubling of revenue over 24 months still leaves ~100x sales — historically a -50% to -70% compression vector regardless of execution quality. OpenAI revenue concentration brushes Article III ('direct OpenAI / Anthropic / xAI exposure plays'). High conviction the entry-now thesis fails; potential as a long is <2x without multiple expansion that runs against gravity → low. Retail leveraged-product activity (2x leveraged ETF flagged in source tweet) is a topping-signal tell. No portfolio-level tripwire breached — this is a name-specific avoid at current entry, not a thesis-breach call.

Post-IPO at ~$311 vs $185 issue price implies ~200x trailing sales on ~$510M 2025 revenue; the IPO-watch catalyst we were tracking has executed and the market re-rated past any reasonable entry on the first print.