SOMEN Research

Independent research on private, pre-IPO technology companies and the AI supply chain. Every number traces to a public source; every core claim ships with a falsifier and a resolve-by date; resolutions are graded on the public scorecard.

Reference layer derived from the desk's knowledge graph: 532 companies, 55,521 sourced edges, 836 claim events (re-derived at render).

Reference pages

• Scorecard - every published claim, its falsifier, resolve-by date, and graded resolution.
• Marks table - claimed valuation vs last round vs secondary-market price, per company, per-cell sources.
• Napkin table - round size over post-money, thinnest slices first.

Teardowns

• Not Publicly Computable (2026-09-29) - What the robotics market's marks actually measure.
• The Bigger Stencil: ASML's 12-Inch Photomask Plan (2026-09-22) - The High NA mask-format transition and its chokepoints.
• Anthropic's $543 Billion Compute Ledger (2026-09-15) - The take-or-pay rungs, counterparty by counterparty.
• Memory After the Sold-Out Years (2026-09-10) - Three memory makers, three post-2027 paths, and the export wall.
• Nscale: $103 Billion Claimed, $21 Million Filed (2026-09-07) - The IPO backlog claim against the revenue actually filed in the registers.
• Two Stacks: The AI Compute Supply Chain Map (2026-08-26) - Both AI compute chains, Western and Chinese, end to end. It narrows as it deepens.
• Etched: The 2.9 Percent Round (2026-08-18) - Ownership arithmetic on a $10.3B private mark; updated when the Series D landed.

Essays live at somen.ai. Nothing here is a prediction, a price target, or investment advice.

Rendered 2026-09-29T09:18:44Z from the live graph. The arithmetic cannot lobby you.