Public stocks have a single source of truth: the last print on whichever exchange the company is listed. Private companies don't. Reference prices are built — out of recent rounds, tender results, ESPP grants, and observable secondary-market trades.
Inputs
For SpaceX, the freshest signal is the February 2026 tender at $1.5T. That implies $778.53 a share against the company's reported share count. We anchor to that figure and let the on-platform tape move it as orders fill.
Movement
Prices on VeldenStake move every time an order fills against the platform's reference. Over the day, the displayed price reflects order-weighted activity bounded inside a publication band derived from public comps (SpaceX trades against a basket including Lockheed, Boeing's space exposure, and the public-comp index for defense).
Limits
We are explicit that this is a reference rather than a true continuous-auction price. If you trade enough volume on a name, the on-platform reference can lead the next funding round's mark. That is the model — VeldenStake is a market, not just a quote.