The retroactive equity-condition estimate

Had a warrant-priced equity condition attached to SpaceX's public support

Equity stake rate on support 10%

Contract share treated as subsidy-equivalent 25%

Valuation appreciation since support 30×

Subsidy-equivalent support—

Public stake today (SpaceX only)—

As a citizen dividend (÷332M)—

Illustrative: stake today = (contracts×subsidy-share + state/local) × stake-rate × appreciation. Contracts are payment for services — only the subsidy-equivalent slice is treated as convertible. SpaceX alone; the rule would apply economy-wide.

Sources: USAspending.gov (SpaceX awards, identified major contracts); U.S. Treasury TARP reports & SIGTARP (illustrative, rounded); FCC RDOF orders; Good Jobs First. S&P 500 via Yahoo Finance. See SOURCES.md.