General Fusion (General Fusion Group Ltd. — pending Nasdaq: GFUZ)

Deep multi-angle pass. Trail has THREE credible disclosed marks plus several DELIBERATE omissions per the honesty gate.\n\nDISCLOSED (included): (1) 2023 ~$425M — General Fusion's last reported private valuation, after the US$25M 2023 Series F; sourced to The Globe and Mail / CB Insights, NOT an official company disclosure, pre/post unspecified; date approximate (2023, month not pinned). (2) 2025 SAFE valuation cap $500M — a CONVERTIBLE mark (tagged kind=spac since it's a pre-deal convertible, not a primary priced round), disclosed in the Spring Valley III F-4/A: SAFEs raised $44.5M with a $500M+aggregate-SAFEs post-money cap and 25% qualified-financing discount; this is a CAP, not a priced post-money. Pinned to the Aug-2025 $22M close. (3) Jan-2026 de-SPAC pro-forma — $600M pre-money / $724M implied enterprise value / $1.038B expected equity value (announced 2026-01-22; SEC declared F-4 effective 2026-06-12; shareholder vote 2026-07-06; to trade as GFUZ/GFUZW on Nasdaq). PIPE ~$105M at ~$12.00/share + up to $230M trust.\n\nOMITTED (no disclosed valuation — NOT invented): The 2021 Series E (US$130M; Temasek/GIC/Bezos/Lutke; Nov 2021) — heavily covered but its post-money was NEVER publicly disclosed. The ~2019 Series D (~US$65M+). The 2024 ~US$15M bridge and Aug-2025 US$22M (~C$30M) financings, which press explicitly states 'did not reset the valuation' — pay-to-play / distressed bridges with no fresh priced mark.\n\nCONFIDENCE = medium: the SPAC pro-forma is high-confidence (SEC F-4). The $425M and $500M-cap marks are credible but secondary/provider-sourced; pre/post-money not cleanly specified for $425M, and the $500M is a cap not a clearing price. The pre-SPAC priced-equity trail is genuinely sparse — the company stopped disclosing round valuations after Series E, and 2024-25 rounds were unpriced bridges. Dates for the $425M and SAFE cap are approximate (pinned to nearest known raise event).