# SOMEN Research

> SOMEN Research is an independent research desk publishing sourced teardowns of 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 a public scorecard.

## Teardowns (Substack)

- [Not Publicly Computable](https://somen.ai/p/robot-marks-not-publicly-computable): What the robotics market's marks actually measure.
- [The Bigger Stencil: ASML's 12-Inch Photomask Plan](https://somen.ai/p/the-bigger-stencil-asml-photomask): The High NA mask-format transition and its chokepoints.
- [Anthropic's $543 Billion Compute Ledger](https://somen.ai/p/anthropics-543-billion-compute-ledger): The take-or-pay rungs, counterparty by counterparty.
- [Memory After the Sold-Out Years](https://somen.ai/p/memory-after-the-sold-out-years): Three memory makers, three post-2027 paths, and the export wall.
- [Nscale: $103 Billion Claimed, $21 Million Filed](https://somen.ai/p/nscale-103-billion-claimed-21-million): The IPO backlog claim against the revenue actually filed in the registers.
- [Two Stacks: The AI Compute Supply Chain Map](https://somen.ai/p/two-stacks-the-ai-compute-supply): Both AI compute chains, Western and Chinese, end to end. It narrows as it deepens.
- [Etched: The 2.9 Percent Round](https://somen.ai/p/etched-the-29-percent-round): Ownership arithmetic on a $10.3B private mark; updated when the Series D landed.

## Reference pages (this site)

- [Scorecard](https://data.somen.ai/scorecard.md): every published claim, falsifier, resolve-by, and graded resolution.
- [Marks table](https://data.somen.ai/marks.md): claimed valuation vs last round vs secondary-market price, per company, per-cell sources.
- [Napkin table](https://data.somen.ai/napkin.md): round size over post-money, thinnest slices first.

## AI indexing notes

SOMEN Research welcomes accurate summaries and citations of public pages. Link to the original source. For licensing or commercial reuse, contact research@somen.ai.