{
 "as_of": "2026-07-15",
 "count": 181,
 "companies": [
  {
   "slug": "harmonic-drive-systems",
   "name": "Harmonic Drive Systems (HDS)",
   "aliases": [
    "HDS",
    "Harmonic Drive LLC",
    "Harmonic Drive SE"
   ],
   "status": "public",
   "ticker": "6324",
   "exchange": "Tokyo Stock Exchange",
   "country": "Japan",
   "cap": "~US$4.4B (¥685.4B) as of 2026-07-14",
   "role": "Japanese strain-wave reducer incumbent, ~80% global share",
   "sector_file": "01-components-actuators.md",
   "sector_anchor": "harmonic-drive-systems-hds",
   "index_anchor": "harmonic-drive-systems-hds",
   "primary_url": "https://stockanalysis.com/quote/tyo/6324/",
   "also": []
  },
  {
   "slug": "leaderdrive",
   "name": "Leaderdrive (Leader Harmonious Drive Systems)",
   "aliases": [
    "Green Harmonic",
    "Leader Harmonious Drive Systems",
    "Leaderdrive",
    "Suzhou Green Harmonic",
    "绿的谐波",
    "苏州绿的谐波"
   ],
   "status": "public",
   "ticker": "688017.SS",
   "exchange": "SSE STAR Market",
   "country": "China",
   "cap": "~US$9.9B (¥70.92B CNY) as of 2026-07-14",
   "role": "China's largest harmonic reducer maker, challenger to HDS",
   "sector_file": "01-components-actuators.md",
   "sector_anchor": "leaderdrive-leader-harmonious-drive-systems-苏州绿的谐波传动科技",
   "index_anchor": "leaderdrive-leader-harmonious-drive-systems",
   "primary_url": "https://stockanalysis.com/quote/sha/688017/",
   "also": []
  },
  {
   "slug": "zhejiang-shuanghuan-driveline",
   "name": "Zhejiang Shuanghuan Driveline (Shuanghuan Transmission)",
   "aliases": [
    "Shuanghuan Transmission",
    "Shuanghuan"
   ],
   "status": "public",
   "ticker": "002472.SZ",
   "exchange": "Shenzhen Stock Exchange",
   "country": "China",
   "cap": "~US$5.0B (¥36.03B CNY) as of 2026-07-14",
   "role": "Chinese auto-gear giant turned precision-reducer volume entrant",
   "sector_file": "01-components-actuators.md",
   "sector_anchor": "zhejiang-shuanghuan-driveline-shuanghuan-transmission",
   "index_anchor": "zhejiang-shuanghuan-driveline-shuanghuan-transmission",
   "primary_url": "https://stockanalysis.com/quote/SHE/002472/",
   "also": []
  },
  {
   "slug": "nabtesco",
   "name": "Nabtesco",
   "aliases": [],
   "status": "public",
   "ticker": "6268",
   "exchange": "Tokyo Stock Exchange",
   "country": "Japan",
   "cap": "~US$3.9B (¥606.5B) as of 2026-07-14",
   "role": "Japanese RV/cycloidal reducer incumbent for industrial arms",
   "sector_file": "01-components-actuators.md",
   "sector_anchor": "nabtesco",
   "index_anchor": "nabtesco",
   "primary_url": "https://stockanalysis.com/quote/tyo/6268/",
   "also": []
  },
  {
   "slug": "spinea",
   "name": "Spinea (a Timken company)",
   "aliases": [
    "TwinSpin"
   ],
   "status": "subsidiary",
   "ticker": "TKR",
   "exchange": "NYSE",
   "country": "Slovakia",
   "cap": "Not separately valued; parent Timken ~US$9.64B mkt cap as of 2026-07-14",
   "role": "Slovak cycloidal reducer maker, owned by Timken",
   "sector_file": "01-components-actuators.md",
   "sector_anchor": "spinea-a-timken-company",
   "index_anchor": "spinea-a-timken-company",
   "primary_url": "https://stockanalysis.com/stocks/tkr/",
   "also": []
  },
  {
   "slug": "rollvis-sa",
   "name": "Rollvis SA",
   "aliases": [],
   "status": "private",
   "ticker": "",
   "exchange": "",
   "country": "Switzerland",
   "cap": "No disclosed valuation; privately held, no funding rounds",
   "role": "Swiss planetary roller-screw maker, #2 globally, owned by GSA",
   "sector_file": "01-components-actuators.md",
   "sector_anchor": "rollvis-sa",
   "index_anchor": "rollvis-sa",
   "primary_url": "https://rollvis.com/about-us/",
   "also": []
  },
  {
   "slug": "ewellix",
   "name": "Ewellix",
   "aliases": [
    "SKF Motion Technologies"
   ],
   "status": "subsidiary",
   "ticker": "SHA0.DE",
   "exchange": "XETRA",
   "country": "Sweden",
   "cap": "Acquired by Schaeffler 2022 at ~€582M EV plus ~€120M net debt",
   "role": "Swedish roller-screw maker, #3 globally, owned by Schaeffler",
   "sector_file": "01-components-actuators.md",
   "sector_anchor": "ewellix",
   "index_anchor": "ewellix",
   "primary_url": "https://www.schaeffler.com/en/media/press-releases/press-releases-detail.jsp?id=87843777",
   "also": []
  },
  {
   "slug": "schaeffler-ag",
   "name": "Schaeffler AG",
   "aliases": [],
   "status": "public",
   "ticker": "SHA0",
   "exchange": "XETRA",
   "country": "Germany",
   "cap": "€8.08B as of 2026-07-14",
   "role": "German bearings group, owner of Ewellix, humanoid actuator entrant",
   "sector_file": "01-components-actuators.md",
   "sector_anchor": "schaeffler-ag",
   "index_anchor": "schaeffler-ag",
   "primary_url": "https://stockanalysis.com/quote/etr/SHA0/",
   "also": []
  },
  {
   "slug": "skf",
   "name": "SKF (AB SKF)",
   "aliases": [
    "AB SKF"
   ],
   "status": "public",
   "ticker": "SKF-B.ST",
   "exchange": "Nasdaq Stockholm",
   "country": "Sweden",
   "cap": "~US$12.5B (SEK 118.29B) as of close 2026-07-13",
   "role": "Swedish bearings incumbent, origin of Ewellix",
   "sector_file": "01-components-actuators.md",
   "sector_anchor": "skf-ab-skf",
   "index_anchor": "skf-ab-skf",
   "primary_url": "https://stockanalysis.com/quote/sto/SKF.B/",
   "also": []
  },
  {
   "slug": "nippon-thompson-iko",
   "name": "Nippon Thompson (IKO)",
   "aliases": [
    "IKO"
   ],
   "status": "public",
   "ticker": "6480",
   "exchange": "Tokyo Stock Exchange",
   "country": "Japan",
   "cap": "~US$0.9B (¥139.2B) as of 2026-07-14",
   "role": "Japanese needle-roller-bearing maker, sub-5-micron grinding capacity",
   "sector_file": "01-components-actuators.md",
   "sector_anchor": "nippon-thompson-iko",
   "index_anchor": "nippon-thompson-iko",
   "primary_url": "https://stockanalysis.com/quote/tyo/6480/",
   "also": []
  },
  {
   "slug": "thk",
   "name": "THK",
   "aliases": [],
   "status": "public",
   "ticker": "6481",
   "exchange": "Tokyo Stock Exchange",
   "country": "Japan",
   "cap": "~US$5.2B (¥809.0B) as of 2026-07-14",
   "role": "World's largest linear-motion/ball-screw maker",
   "sector_file": "01-components-actuators.md",
   "sector_anchor": "thk",
   "index_anchor": "thk",
   "primary_url": "https://stockanalysis.com/quote/tyo/6481/",
   "also": []
  },
  {
   "slug": "hiwin-technologies",
   "name": "HIWIN Technologies",
   "aliases": [
    "HIWIN"
   ],
   "status": "public",
   "ticker": "2049.TW",
   "exchange": "Taiwan Stock Exchange",
   "country": "Taiwan",
   "cap": "~US$3.5B (NT$112.15B) as of 2026-07-14",
   "role": "Taiwan's linear-motion and ball-screw champion",
   "sector_file": "01-components-actuators.md",
   "sector_anchor": "hiwin-technologies",
   "index_anchor": "hiwin-technologies",
   "primary_url": "https://stockanalysis.com/quote/tpe/2049/",
   "also": []
  },
  {
   "slug": "kollmorgen",
   "name": "Kollmorgen (Regal Rexnord)",
   "aliases": [
    "Kollmorgen"
   ],
   "status": "subsidiary",
   "ticker": "RRX",
   "exchange": "NYSE",
   "country": "US",
   "cap": "Not separately valued; parent Regal Rexnord US$13.99B mkt cap as of 2026-07-14",
   "role": "US frameless torque-motor maker, high-end duopoly seat",
   "sector_file": "01-components-actuators.md",
   "sector_anchor": "kollmorgen-regal-rexnord",
   "index_anchor": "kollmorgen-regal-rexnord",
   "primary_url": "https://stockanalysis.com/stocks/rrx/",
   "also": []
  },
  {
   "slug": "renishaw-and-rls",
   "name": "Renishaw (and RLS)",
   "aliases": [
    "RLS",
    "RLS d.o.o.",
    "AksIM"
   ],
   "status": "public",
   "ticker": "RSW.L",
   "exchange": "London Stock Exchange",
   "country": "UK",
   "cap": "~US$4.7B (£3.51B) as of 2026-07-14",
   "role": "UK metrology group, RLS makes AksIM encoders for robot joints",
   "sector_file": "01-components-actuators.md",
   "sector_anchor": "renishaw-and-rls",
   "index_anchor": "renishaw-and-rls",
   "primary_url": "https://stockanalysis.com/quote/lon/RSW/",
   "also": []
  },
  {
   "slug": "heidenhain",
   "name": "Heidenhain (DR. JOHANNES HEIDENHAIN GmbH)",
   "aliases": [
    "Heidenhain",
    "DR. JOHANNES HEIDENHAIN GmbH"
   ],
   "status": "private",
   "ticker": "",
   "exchange": "",
   "country": "Germany",
   "cap": "No disclosed valuation; ~€1.3B group revenue (2024)",
   "role": "German high-precision encoder incumbent",
   "sector_file": "01-components-actuators.md",
   "sector_anchor": "heidenhain-dr-johannes-heidenhain-gmbh",
   "index_anchor": "heidenhain-dr-johannes-heidenhain-gmbh",
   "primary_url": "https://www.heidenhain.com/about-us/corporate-profile",
   "also": []
  },
  {
   "slug": "zhaowei-machinery-electronics",
   "name": "Zhaowei Machinery & Electronics",
   "aliases": [
    "Zhaowei",
    "兆威机电",
    "ZWGEARBOX"
   ],
   "status": "public",
   "ticker": "003021.SZ",
   "exchange": "Shenzhen Stock Exchange",
   "country": "China",
   "cap": "~US$2.8B (¥20.39B CNY) as of 2026-07-14",
   "role": "China's largest micro-transmission maker, dexterous-hand shipper",
   "sector_file": "01-components-actuators.md",
   "sector_anchor": "zhaowei-machinery-electronics-兆威机电",
   "index_anchor": "zhaowei-machinery-electronics",
   "primary_url": "https://stockanalysis.com/quote/SHE/003021/",
   "also": []
  },
  {
   "slug": "sanhua-intelligent-controls",
   "name": "Sanhua Intelligent Controls",
   "aliases": [
    "Sanhua",
    "三花智控"
   ],
   "status": "public",
   "ticker": "002050.SZ",
   "exchange": "Shenzhen Stock Exchange (A+H)",
   "country": "China",
   "cap": "~US$23.3B (¥167.44B CNY) as of 2026-07-14",
   "role": "Chinese thermal-management giant, top Optimus actuator assembler",
   "sector_file": "01-components-actuators.md",
   "sector_anchor": "sanhua-intelligent-controls-三花智控",
   "index_anchor": "sanhua-intelligent-controls",
   "primary_url": "https://stockanalysis.com/quote/SHE/002050/",
   "also": []
  },
  {
   "slug": "tuopu-group",
   "name": "Tuopu Group",
   "aliases": [
    "Tuopu",
    "拓普集团"
   ],
   "status": "public",
   "ticker": "601689.SS",
   "exchange": "Shanghai Stock Exchange",
   "country": "China",
   "cap": "~US$13.0B (¥93.76B CNY) as of 2026-07-14",
   "role": "Ningbo auto-parts Tier-1, exclusive Optimus rotary-actuator supplier",
   "sector_file": "01-components-actuators.md",
   "sector_anchor": "tuopu-group-拓普集团",
   "index_anchor": "tuopu-group",
   "primary_url": "https://stockanalysis.com/quote/sha/601689/",
   "also": []
  },
  {
   "slug": "estun-automation",
   "name": "Estun Automation",
   "aliases": [
    "Estun",
    "埃斯顿"
   ],
   "status": "public",
   "ticker": "002747.SZ",
   "exchange": "Shenzhen Stock Exchange (dual-listed HKEX)",
   "country": "China",
   "cap": "~US$4.9B (¥35.16B CNY) as of 2026-07-14",
   "role": "China's largest industrial-robot maker, vertically integrated motion control",
   "sector_file": "01-components-actuators.md",
   "sector_anchor": "estun-automation-埃斯顿",
   "index_anchor": "estun-automation",
   "primary_url": "https://stockanalysis.com/quote/SHE/002747/",
   "also": []
  },
  {
   "slug": "inovance-technology",
   "name": "Inovance Technology",
   "aliases": [
    "Inovance",
    "汇川技术"
   ],
   "status": "public",
   "ticker": "300124.SZ",
   "exchange": "Shenzhen ChiNext",
   "country": "China",
   "cap": "~US$22.7B (¥163.08B CNY) as of 2026-07-14",
   "role": "China's dominant servo-drive/servo-motor maker",
   "sector_file": "01-components-actuators.md",
   "sector_anchor": "inovance-technology-汇川技术",
   "index_anchor": "inovance-technology",
   "primary_url": "https://stockanalysis.com/quote/SHE/300124/",
   "also": []
  },
  {
   "slug": "mp-materials",
   "name": "MP Materials",
   "aliases": [
    "MP"
   ],
   "status": "public",
   "ticker": "MP",
   "exchange": "NYSE",
   "country": "US",
   "cap": "~$9.29B as of 2026-07-10 (178.02M shares outstanding)",
   "role": "integrated US rare-earth miner-separator-magnet maker, building DoD-backed supply outside China",
   "sector_file": "02-minerals-magnets.md",
   "sector_anchor": "mp-materials",
   "index_anchor": "mp-materials",
   "primary_url": "https://mpmaterials.com/news/mp-materials-announces-transformational-public-private-partnership-with-the-department-of-defense-to-accelerate-u-s-rare-earth-magnet-independence/",
   "also": []
  },
  {
   "slug": "lynas-rare-earths",
   "name": "Lynas Rare Earths",
   "aliases": [
    "Lynas"
   ],
   "status": "public",
   "ticker": "LYC",
   "exchange": "ASX",
   "country": "Australia",
   "cap": "~A$16.35B as of 2026-07-14 (share price A$16.24)",
   "role": "largest rare-earth separator outside China, only heavy-RE producer outside China",
   "sector_file": "02-minerals-magnets.md",
   "sector_anchor": "lynas-rare-earths",
   "index_anchor": "lynas-rare-earths",
   "primary_url": "https://lynasrareearths.com/investors-media/asx-announcements/",
   "also": []
  },
  {
   "slug": "noveon-magnetics",
   "name": "Noveon Magnetics",
   "aliases": [
    "Noveon"
   ],
   "status": "private",
   "ticker": "",
   "exchange": "",
   "country": "US",
   "cap": "Post-money not disclosed; $215M Series C closed 19 Jan 2026",
   "role": "only US manufacturer of sintered NdFeB magnets",
   "sector_file": "02-minerals-magnets.md",
   "sector_anchor": "noveon-magnetics",
   "index_anchor": "noveon-magnetics",
   "primary_url": "https://noveonmagnetics.com/",
   "also": []
  },
  {
   "slug": "vulcan-elements",
   "name": "Vulcan Elements",
   "aliases": [],
   "status": "private",
   "ticker": "",
   "exchange": "",
   "country": "US",
   "cap": "~$2B, up from ~$200M, following Nov 2025 federal package",
   "role": "de-novo US NdFeB magnet maker copying the MP state-backing template",
   "sector_file": "02-minerals-magnets.md",
   "sector_anchor": "vulcan-elements",
   "index_anchor": "vulcan-elements",
   "primary_url": "https://vulcanelements.com/vulcan-elements-forges-1-4-billion/",
   "also": []
  },
  {
   "slug": "niron-magnetics",
   "name": "Niron Magnetics",
   "aliases": [
    "Clean Earth Magnet"
   ],
   "status": "private",
   "ticker": "",
   "exchange": "",
   "country": "US",
   "cap": "Post-money not disclosed; ~$214M total funding across 12 rounds (Tracxn, 2026)",
   "role": "iron-nitride rare-earth-free permanent magnet developer",
   "sector_file": "02-minerals-magnets.md",
   "sector_anchor": "niron-magnetics",
   "index_anchor": "niron-magnetics",
   "primary_url": "https://nironmagnetics.com/niron-magnetics-awarded-52-million-to-advance-us-rare-earth-free-magnet-manufacturing/",
   "also": []
  },
  {
   "slug": "usa-rare-earth",
   "name": "USA Rare Earth",
   "aliases": [
    "USAR"
   ],
   "status": "public",
   "ticker": "USAR",
   "exchange": "NASDAQ",
   "country": "US",
   "cap": "~$4.16B as of 2026-07-14 (share price ~$18.20)",
   "role": "vertically-integrating US rare-earth-to-magnet company, China-blacklisted",
   "sector_file": "02-minerals-magnets.md",
   "sector_anchor": "usa-rare-earth",
   "index_anchor": "usa-rare-earth",
   "primary_url": "https://investors.usare.com/",
   "also": []
  },
  {
   "slug": "neo-performance-materials",
   "name": "Neo Performance Materials",
   "aliases": [
    "Neo"
   ],
   "status": "public",
   "ticker": "NEO",
   "exchange": "TSX",
   "country": "Canada",
   "cap": "CAD ~1.92B as of 2026-07-14 (up ~229% trailing year)",
   "role": "Western integrated oxide-to-magnet chain outside China (Estonia)",
   "sector_file": "02-minerals-magnets.md",
   "sector_anchor": "neo-performance-materials",
   "index_anchor": "neo-performance-materials",
   "primary_url": "https://www.neomaterials.com/neo-performance-materials-opens-state-of-the-art-permanent-magnet-facility-in-europe/",
   "also": []
  },
  {
   "slug": "energy-fuels",
   "name": "Energy Fuels",
   "aliases": [],
   "status": "public",
   "ticker": "UUUU",
   "exchange": "NYSE American",
   "country": "US",
   "cap": "~$3.27B as of 2026-07-14 (share price ~$13.25)",
   "role": "US uranium producer, only US site producing separated heavy rare earths",
   "sector_file": "02-minerals-magnets.md",
   "sector_anchor": "energy-fuels",
   "index_anchor": "energy-fuels",
   "primary_url": "https://investors.energyfuels.com/2026-03-25-Energy-Fuels-Announces-First-U-S-Primary-Production-of-Critical-Heavy-Rare-Earth-Material-in-Decades",
   "also": []
  },
  {
   "slug": "cyclic-materials",
   "name": "Cyclic Materials",
   "aliases": [],
   "status": "private",
   "ticker": "",
   "exchange": "",
   "country": "Canada",
   "cap": "Post-money not disclosed; US$75M Series C closed 23 Jan 2026, total equity funding above US$162M",
   "role": "magnet-to-magnet recycler reaching heavy rare earths without mining",
   "sector_file": "02-minerals-magnets.md",
   "sector_anchor": "cyclic-materials",
   "index_anchor": "cyclic-materials",
   "primary_url": "https://cyclicmaterials.earth/resources/cyclic-materials-secures-usd-75m-series-c-funding-to-fast-track-local-and-resilient-rare-earths-supply-at-global-scale",
   "also": []
  },
  {
   "slug": "reetec",
   "name": "REEtec",
   "aliases": [],
   "status": "private",
   "ticker": "",
   "exchange": "",
   "country": "Norway",
   "cap": "No post-money disclosed; NOK 1.2B (~EUR 115M) raised",
   "role": "Norwegian rare-earth separation company, first industrial REE plant in Europe outside Estonia",
   "sector_file": "02-minerals-magnets.md",
   "sector_anchor": "reetec",
   "index_anchor": "reetec",
   "primary_url": "https://www.reetec.no/",
   "also": []
  },
  {
   "slug": "molycorp-historical-2015-chapter-11",
   "name": "Molycorp (historical — 2015 Chapter 11)",
   "aliases": [
    "Molycorp"
   ],
   "status": "historical",
   "ticker": "",
   "exchange": "",
   "country": "US",
   "cap": "~$6B at 2010 IPO peak; equity worthless at filing; ~$1.7B debt restructured",
   "role": "prior failed US rare-earth alternative supplier, cautionary precedent",
   "sector_file": "02-minerals-magnets.md",
   "sector_anchor": "molycorp-historical-2015-chapter-11",
   "index_anchor": "molycorp-historical-2015-chapter-11",
   "primary_url": "https://fortune.com/2015/06/25/molycorp-bankruptcy/",
   "also": []
  },
  {
   "slug": "zf-friedrichshafen-i2sm-magnet-free-motor",
   "name": "ZF Friedrichshafen (I2SM magnet-free motor)",
   "aliases": [
    "ZF",
    "I2SM"
   ],
   "status": "private",
   "ticker": "",
   "exchange": "",
   "country": "Germany",
   "cap": "No equity market cap (foundation-owned); FY2025 sales €38.8B, net debt €10.2B",
   "role": "maker of I2SM, most credible production-intent magnet-free traction motor",
   "sector_file": "02-minerals-magnets.md",
   "sector_anchor": "zf-friedrichshafen-i2sm-magnet-free-motor",
   "index_anchor": "zf-friedrichshafen-i2sm-magnet-free-motor",
   "primary_url": "https://press.zf.com/press/en/releases/release_60480.html",
   "also": []
  },
  {
   "slug": "proterial-ex-hitachi-metals",
   "name": "Proterial (ex-Hitachi Metals)",
   "aliases": [
    "Hitachi Metals",
    "NEOMAX"
   ],
   "status": "private",
   "ticker": "",
   "exchange": "",
   "country": "Japan",
   "cap": "No listed market cap (taken private); Bain-led tender ~$5.7B equity, ~$7.5B incl. debt",
   "role": "Japanese NEOMAX NdFeB magnet maker, non-Chinese incumbent",
   "sector_file": "02-minerals-magnets.md",
   "sector_anchor": "proterial-ex-hitachi-metals",
   "index_anchor": "proterial-ex-hitachi-metals",
   "primary_url": "https://www.proterial.com/e/",
   "also": []
  },
  {
   "slug": "jl-mag-rare-earth-jinli-permanent-magnet",
   "name": "JL Mag Rare-Earth (\"Jinli Permanent Magnet\")",
   "aliases": [
    "JL Mag",
    "Jinli Permanent Magnet",
    "Jinli"
   ],
   "status": "public",
   "ticker": "300748",
   "exchange": "Shenzhen",
   "country": "China",
   "cap": "CNY ~33.5B as of 2026-07-14 (Shenzhen A-share line); also HKEX-listed as 6680.HK since 2024",
   "role": "world's largest NdFeB magnet producer, supplier to Tesla/BYD/Toyota",
   "sector_file": "02-minerals-magnets.md",
   "sector_anchor": "jl-mag-rare-earth-jinli-permanent-magnet",
   "index_anchor": "jl-mag-rare-earth-jinli-permanent-magnet",
   "primary_url": "https://stockanalysis.com/quote/she/300748/",
   "also": []
  },
  {
   "slug": "china-northern-rare-earth-group-high-tech",
   "name": "China Northern Rare Earth (Group) High-Tech",
   "aliases": [],
   "status": "public",
   "ticker": "600111",
   "exchange": "Shanghai Stock Exchange",
   "country": "China",
   "cap": "CNY ~143.99B as of 2026-07-14 (+58.2% trailing year)",
   "role": "world's largest rare-earth producer by volume, Bayan Obo access, state-controlled",
   "sector_file": "02-minerals-magnets.md",
   "sector_anchor": "china-northern-rare-earth-group-high-tech",
   "index_anchor": "china-northern-rare-earth-group-high-tech",
   "primary_url": "https://news.metal.com/newscontent/103879658-china-northern-rare-earth-q1-2026-revenue-up-2769-yoy-net-profit-surges-11312-due-to-higher-prices",
   "also": []
  },
  {
   "slug": "tesla-inc-optimus-program",
   "name": "Tesla, Inc. (the Optimus program)",
   "aliases": [
    "Optimus"
   ],
   "status": "public",
   "ticker": "TSLA",
   "exchange": "NASDAQ",
   "country": "US",
   "cap": "~$1.53 trillion mkt cap (as of 2026-07-13)",
   "role": "vertically-integrated captive humanoid program, captive-demand proof point",
   "sector_file": "03-humanoid-oems.md",
   "sector_anchor": "tesla-inc-the-optimus-program",
   "index_anchor": "tesla-inc-the-optimus-program",
   "primary_url": "https://ir.tesla.com/",
   "also": []
  },
  {
   "slug": "figure-ai",
   "name": "Figure AI",
   "aliases": [
    "Figure",
    "Helix"
   ],
   "status": "private",
   "ticker": "",
   "exchange": "",
   "country": "US",
   "cap": "$39B post-money, Series C >$1B (announced 2025-09-16)",
   "role": "best-funded western humanoid pure-play, BMW Spartanburg deployment",
   "sector_file": "03-humanoid-oems.md",
   "sector_anchor": "figure-ai",
   "index_anchor": "figure-ai",
   "primary_url": "https://www.figure.ai/news/series-c",
   "also": []
  },
  {
   "slug": "agility-robotics",
   "name": "Agility Robotics (incl. the Churchill Capital Corp XI SPAC)",
   "aliases": [
    "Digit",
    "Churchill Capital Corp XI",
    "CCXI",
    "AGLT"
   ],
   "status": "private",
   "ticker": "",
   "exchange": "",
   "country": "US",
   "cap": "~$2.5B implied enterprise value in Churchill Capital Corp XI SPAC merger (announced 2026-06-24); >$620M gross proceeds expected; not yet trading as of 2026-07-14",
   "role": "most-deployed western humanoid platform, first RaaS commercial record",
   "sector_file": "03-humanoid-oems.md",
   "sector_anchor": "agility-robotics-incl-the-churchill-capital-corp-xi-spac",
   "index_anchor": "agility-robotics-incl-the-churchill-capital-corp-xi-spac",
   "primary_url": "https://www.agilityrobotics.com/",
   "also": []
  },
  {
   "slug": "apptronik",
   "name": "Apptronik",
   "aliases": [
    "Apollo",
    "Robot Park"
   ],
   "status": "private",
   "ticker": "",
   "exchange": "",
   "country": "US",
   "cap": "~$5.3B post-money on $520M Series A-X extension (announced 2026-02-11); >$935M total Series A",
   "role": "Austin humanoid maker, Google DeepMind physical-embodiment partner",
   "sector_file": "03-humanoid-oems.md",
   "sector_anchor": "apptronik",
   "index_anchor": "apptronik",
   "primary_url": "https://apptronik.com/news-collection/apptronik-closes-over-935-million-series-a",
   "also": []
  },
  {
   "slug": "1x-technologies",
   "name": "1X Technologies (NEO / Redwood)",
   "aliases": [
    "NEO",
    "Redwood",
    "1X"
   ],
   "status": "private",
   "ticker": "",
   "exchange": "",
   "country": "Norway",
   "cap": "last closed round $100M Series B (Jan 2024); ~$10B reported target since Sept 2025, not confirmed closed; ~$125M+ total disclosed funding",
   "role": "home-humanoid maker, teleoperation-funded data flywheel",
   "sector_file": "03-humanoid-oems.md",
   "sector_anchor": "1x-technologies-neo-redwood",
   "index_anchor": "1x-technologies-neo-redwood",
   "primary_url": "https://www.1x.tech/neo",
   "also": []
  },
  {
   "slug": "unitree-robotics",
   "name": "Unitree Robotics",
   "aliases": [
    "Unitree"
   ],
   "status": "private",
   "ticker": "",
   "exchange": "",
   "country": "China",
   "cap": "implied post-money ~RMB 42B (~$5.9-6.2B) per approved STAR Market IPO registration (July 2026); IPO seeks ~RMB 4.2B (~$618M); not yet trading as of 2026-07-14",
   "role": "Chinese price-floor setter for humanoid hardware, STAR Market IPO-bound",
   "sector_file": "03-humanoid-oems.md",
   "sector_anchor": "unitree-robotics-宇树科技",
   "index_anchor": "unitree-robotics",
   "primary_url": "https://www.unitree.com/",
   "also": []
  },
  {
   "slug": "ubtech-robotics",
   "name": "UBTech Robotics",
   "aliases": [
    "UBTech"
   ],
   "status": "public",
   "ticker": "9880.HK",
   "exchange": "HKEX",
   "country": "China",
   "cap": "HK$41.99B (~US$5.4B) at HK$83.55/share (as of 2026-07-14)",
   "role": "listed Chinese humanoid maker with audited mass-production volume record",
   "sector_file": "03-humanoid-oems.md",
   "sector_anchor": "ubtech-robotics-优必选",
   "index_anchor": "ubtech-robotics",
   "primary_url": "https://www.ubtrobot.com/en/investor-relations",
   "also": []
  },
  {
   "slug": "agibot-zhiyuan-robotics",
   "name": "AgiBot / Zhiyuan Robotics",
   "aliases": [
    "Zhiyuan Robotics",
    "AgiBot World"
   ],
   "status": "private",
   "ticker": "",
   "exchange": "",
   "country": "China",
   "cap": "reported ~US$2.09B unicorn valuation (Dealroom, 2026); no company-confirmed post-money as of 2026-07-14; reportedly preparing HK IPO targeting HK$40-50B (~US$5.1-6.4B)",
   "role": "world's #1 humanoid shipper by units, open-dataset publisher",
   "sector_file": "03-humanoid-oems.md",
   "sector_anchor": "agibot-zhiyuan-robotics-智元机器人",
   "index_anchor": "agibot-zhiyuan-robotics",
   "primary_url": "https://www.agibot.com/News/monographic",
   "also": []
  },
  {
   "slug": "galaxea-ai",
   "name": "Galaxea AI",
   "aliases": [
    "Xinghaitu"
   ],
   "status": "private",
   "ticker": "",
   "exchange": "",
   "country": "China",
   "cap": ">RMB 20B (~US$2.8-2.9B) after RMB 2B (~$291M) round (reported 2026-04-02)",
   "role": "Beijing embodied-AI maker illustrating Chinese capital-frenzy funding pace",
   "sector_file": "03-humanoid-oems.md",
   "sector_anchor": "galaxea-ai-星海图",
   "index_anchor": "galaxea-ai",
   "primary_url": "https://galaxea-ai.com/en",
   "also": []
  },
  {
   "slug": "boston-dynamics",
   "name": "Boston Dynamics (Hyundai Motor Group)",
   "aliases": [
    "BD"
   ],
   "status": "subsidiary",
   "ticker": "005380.KS",
   "exchange": "Korea Exchange (KOSPI)",
   "country": "US",
   "cap": "~$1.1B enterprise value at 2021 Hyundai control acquisition (last disclosed mark); parent Hyundai has a separate $26B US robotics-investment programme",
   "role": "captive robotics arm of Hyundai, all 2026 Atlas output committed in-house",
   "sector_file": "03-humanoid-oems.md",
   "sector_anchor": "boston-dynamics-hyundai-motor-group",
   "index_anchor": "boston-dynamics-hyundai-motor-group",
   "primary_url": "https://bostondynamics.com/blog/boston-dynamics-unveils-new-atlas-robot-to-revolutionize-industry/",
   "also": []
  },
  {
   "slug": "clone-robotics",
   "name": "Clone Robotics",
   "aliases": [
    "Protoclone",
    "Clone Alpha"
   ],
   "status": "private",
   "ticker": "",
   "exchange": "",
   "country": "Poland",
   "cap": "no priced institutional round disclosed; ~$7.1M total funding (Crunchbase/Tracxn, 2026); Republic crowdfunding round at ~$30M cap",
   "role": "artificial-muscle humanoid maker, actuator-chokepoint substitute case",
   "sector_file": "03-humanoid-oems.md",
   "sector_anchor": "clone-robotics",
   "index_anchor": "clone-robotics",
   "primary_url": "https://clonerobotics.com/android/",
   "also": []
  },
  {
   "slug": "reflex-robotics",
   "name": "Reflex Robotics",
   "aliases": [],
   "status": "private",
   "ticker": "",
   "exchange": "",
   "country": "US",
   "cap": "no valuation disclosed; ~$7.0-7.3M total seed funding (Crunchbase/Tracxn, 2026)",
   "role": "cheap wheeled-humanoid maker, third brand in GXO's multi-vendor incubator",
   "sector_file": "03-humanoid-oems.md",
   "sector_anchor": "reflex-robotics",
   "index_anchor": "reflex-robotics",
   "primary_url": "https://gxo.com/news_article/gxo-partners-with-reflex-robotics-to-deploy-new-warehouse-automation/",
   "also": []
  },
  {
   "slug": "foundation-robotics",
   "name": "Foundation Robotics / Foundation Future Industries (Phantom)",
   "aliases": [
    "Foundation Future Industries",
    "Foundation",
    "Phantom MK-1"
   ],
   "status": "private",
   "ticker": "",
   "exchange": "",
   "country": "US",
   "cap": "no closed priced round disclosed; reportedly seeking ~$500M at $3B+ valuation (2026, not struck); ~$21M total funding raised to date",
   "role": "defense-humanoid startup, Pentagon SBIR contractor and Ukraine test case",
   "sector_file": "03-humanoid-oems.md",
   "sector_anchor": "foundation-robotics-foundation-future-industries-phantom",
   "index_anchor": "foundation-robotics-foundation-future-industries-phantom",
   "primary_url": "https://foundation.bot/",
   "also": []
  },
  {
   "slug": "xpeng-iron",
   "name": "XPeng (IRON)",
   "aliases": [
    "IRON"
   ],
   "status": "public",
   "ticker": "XPEV",
   "exchange": "NYSE",
   "country": "China",
   "cap": "~$12.68B at $13.26/share (as of 2026-07-14); also listed HKEX: 9868",
   "role": "Chinese EV maker running the automaker-captive humanoid playbook",
   "sector_file": "03-humanoid-oems.md",
   "sector_anchor": "xpeng-iron",
   "index_anchor": "xpeng-iron",
   "primary_url": "https://www.xpeng.com/news/019a56f54fe99a2a0a8d8a0282e402b7",
   "also": []
  },
  {
   "slug": "sanctuary-ai",
   "name": "Sanctuary AI",
   "aliases": [
    "Phoenix"
   ],
   "status": "private",
   "ticker": "",
   "exchange": "",
   "country": "Canada",
   "cap": "no post-money disclosed; ~US$130M cumulative funding through early 2026, anchored by a US$76M Series A (Nov 2022)",
   "role": "hydraulic-hand humanoid maker, negative control for deployment-record failure",
   "sector_file": "03-humanoid-oems.md",
   "sector_anchor": "sanctuary-ai",
   "index_anchor": "sanctuary-ai",
   "primary_url": "https://sanctuary.ai/news/",
   "also": []
  },
  {
   "slug": "fourier-intelligence",
   "name": "Fourier (Fourier Intelligence, 傅利叶)",
   "aliases": [
    "Fourier Intelligence",
    "GR-3",
    "Care-Bot"
   ],
   "status": "private",
   "ticker": "",
   "exchange": "",
   "country": "China",
   "cap": "no post-money disclosed; ~US$246M total disclosed funding, most recent CNY 300M (~$43M) Series E+ closed 2025-08-01",
   "role": "Shanghai rehab-humanoid maker with a paying healthcare vertical",
   "sector_file": "03-humanoid-oems.md",
   "sector_anchor": "fourier-fourier-intelligence-傅利叶",
   "index_anchor": "fourier-fourier-intelligence-傅利叶",
   "primary_url": "https://www.fftai.com/",
   "also": []
  },
  {
   "slug": "galbot",
   "name": "Galbot",
   "aliases": [
    "Galaxy General",
    "银河通用"
   ],
   "status": "private",
   "ticker": "",
   "exchange": "",
   "country": "China",
   "cap": ">RMB 20B (~US$3B) after RMB 2.5B (~$362M) round (announced March 2026); ~RMB 7B (~$1B) cumulative funding in three years",
   "role": "China's highest-valued unlisted embodied-AI firm, FamilyMart deployment",
   "sector_file": "03-humanoid-oems.md",
   "sector_anchor": "galbot-银河通用-galaxy-general",
   "index_anchor": "galbot",
   "primary_url": "https://www.galbot.com/about",
   "also": []
  },
  {
   "slug": "dexterity",
   "name": "Dexterity",
   "aliases": [],
   "status": "private",
   "ticker": "",
   "exchange": "",
   "country": "US",
   "cap": "$1.65B post-money on $95M round (announced 2025-03-11); ~$300M total capital raised",
   "role": "non-humanoid warehouse-robot maker, sanity check on humanoid economics",
   "sector_file": "03-humanoid-oems.md",
   "sector_anchor": "dexterity",
   "index_anchor": "dexterity",
   "primary_url": "https://www.dexterity.ai/",
   "also": []
  },
  {
   "slug": "anduril-industries",
   "name": "Anduril Industries",
   "aliases": [],
   "status": "private",
   "ticker": "",
   "exchange": "",
   "country": "US",
   "cap": "$61B post-money on $5B Series H (announced 2026-05-13); >$11B total raised",
   "role": "defense-tech firm proving private hardware can reach audited government scale",
   "sector_file": "03-humanoid-oems.md",
   "sector_anchor": "anduril-industries",
   "index_anchor": "anduril-industries",
   "primary_url": "https://www.anduril.com/news/anduril-announces-usd5b-series-h-raise",
   "also": []
  },
  {
   "slug": "openai",
   "name": "OpenAI",
   "aliases": [],
   "status": "private",
   "ticker": "",
   "exchange": "",
   "country": "US",
   "cap": "$852B post-money (round closed 2026-03-31, on a $122B raise)",
   "role": "largest AI compute buyer; restarted in-house robotics data collection",
   "sector_file": "04-labs-and-buyers.md",
   "sector_anchor": "openai",
   "index_anchor": "openai",
   "primary_url": "https://openai.com/index/accelerating-the-next-phase-ai/",
   "also": []
  },
  {
   "slug": "anthropic",
   "name": "Anthropic",
   "aliases": [],
   "status": "private",
   "ticker": "",
   "exchange": "",
   "country": "US",
   "cap": "$965B post-money (Series H, 2026-05-28, $65B raised)",
   "role": "frontier lab; benchmark for spend on RL environments vs labels",
   "sector_file": "04-labs-and-buyers.md",
   "sector_anchor": "anthropic",
   "index_anchor": "anthropic",
   "primary_url": "https://www.anthropic.com/news/series-h",
   "also": []
  },
  {
   "slug": "alphabet-google-deepmind",
   "name": "Alphabet / Google DeepMind",
   "aliases": [
    "Google DeepMind",
    "Google"
   ],
   "status": "public",
   "ticker": "GOOGL",
   "exchange": "NASDAQ",
   "country": "US",
   "cap": "~$4.3T (as of 2026-07-10)",
   "role": "hyperscaler running Gemini Robotics on owned data pipeline",
   "sector_file": "04-labs-and-buyers.md",
   "sector_anchor": "alphabet-google-deepmind",
   "index_anchor": "alphabet-google-deepmind",
   "primary_url": "https://abc.xyz/investor/",
   "also": []
  },
  {
   "slug": "nvidia",
   "name": "NVIDIA",
   "aliases": [],
   "status": "public",
   "ticker": "NVDA",
   "exchange": "NASDAQ",
   "country": "US",
   "cap": "~$4.9T (June 2026)",
   "role": "compute toll-taker, cross-investor in labs, source of EgoScale scaling law",
   "sector_file": "04-labs-and-buyers.md",
   "sector_anchor": "nvidia",
   "index_anchor": "nvidia",
   "primary_url": "https://investor.nvidia.com/",
   "also": []
  },
  {
   "slug": "meta-platforms",
   "name": "Meta Platforms",
   "aliases": [
    "Meta"
   ],
   "status": "public",
   "ticker": "META",
   "exchange": "NASDAQ",
   "country": "US",
   "cap": "~$1.69T (as of 2026-07-10)",
   "role": "ambient egocentric-capture funnel via smart glasses; bought 49% of Scale AI",
   "sector_file": "04-labs-and-buyers.md",
   "sector_anchor": "meta-platforms",
   "index_anchor": "meta-platforms",
   "primary_url": "https://investor.atmeta.com/",
   "also": []
  },
  {
   "slug": "microsoft",
   "name": "Microsoft",
   "aliases": [],
   "status": "public",
   "ticker": "MSFT",
   "exchange": "NASDAQ",
   "country": "US",
   "cap": "~$3.07T (May 2026)",
   "role": "largest hyperscaler capex line; OpenAI's landlord-turned-shareholder",
   "sector_file": "04-labs-and-buyers.md",
   "sector_anchor": "microsoft",
   "index_anchor": "microsoft",
   "primary_url": "https://www.microsoft.com/en-us/investor/earnings/fy-2026-q3/press-release-webcast",
   "also": []
  },
  {
   "slug": "amazon",
   "name": "Amazon",
   "aliases": [
    "Amazon DSP",
    "Amazon Delivery Service Partner (DSP) program",
    "DSP"
   ],
   "status": "public",
   "ticker": "AMZN",
   "exchange": "NASDAQ",
   "country": "US",
   "cap": "Not separately capitalised; parent Amazon.com Inc. is a multi-trillion-dollar public company; program has generated $58B cumulative revenue for DSP owners",
   "role": "largest 2026 capex; DSP franchise is template for robot-operator network",
   "sector_file": "04-labs-and-buyers.md",
   "sector_anchor": "amazon",
   "index_anchor": "amazon",
   "primary_url": "https://ir.aboutamazon.com/",
   "also": [
    {
     "file": "06-operators-tooling.md",
     "anchor": "amazon-delivery-service-partner-dsp-program"
    }
   ]
  },
  {
   "slug": "apple",
   "name": "Apple",
   "aliases": [],
   "status": "public",
   "ticker": "AAPL",
   "exchange": "NASDAQ",
   "country": "US",
   "cap": "~$4.65T (July 2026)",
   "role": "weakest robotics signal among megacaps; MP Materials magnet buyer",
   "sector_file": "04-labs-and-buyers.md",
   "sector_anchor": "apple",
   "index_anchor": "apple",
   "primary_url": "https://www.apple.com/newsroom/2026/04/apple-reports-second-quarter-results/",
   "also": []
  },
  {
   "slug": "bytedance-seed-robotics",
   "name": "ByteDance (Seed Robotics)",
   "aliases": [
    "Seed Robotics",
    "PICO"
   ],
   "status": "private",
   "ticker": "",
   "exchange": "",
   "country": "China",
   "cap": "~$550B implied (secondary stake sale, early 2026)",
   "role": "trains GR-3 on human data captured via own VR headsets",
   "sector_file": "04-labs-and-buyers.md",
   "sector_anchor": "bytedance-seed-robotics",
   "index_anchor": "bytedance-seed-robotics",
   "primary_url": "https://seed.bytedance.com/en/direction/robotics",
   "also": []
  },
  {
   "slug": "physical-intelligence-π",
   "name": "Physical Intelligence (π)",
   "aliases": [
    "PI",
    "π"
   ],
   "status": "private",
   "ticker": "",
   "exchange": "",
   "country": "US",
   "cap": "$5.6B post-money confirmed (Series B, Nov 2025); reported in talks >$11B, unclosed as of 2026-07-13",
   "role": "self-collects robot demonstrations, open-sources model, keeps data",
   "sector_file": "04-labs-and-buyers.md",
   "sector_anchor": "physical-intelligence-π",
   "index_anchor": "physical-intelligence-π",
   "primary_url": "https://www.physicalintelligence.company/",
   "also": []
  },
  {
   "slug": "skild-ai",
   "name": "Skild AI",
   "aliases": [
    "Skild"
   ],
   "status": "private",
   "ticker": "",
   "exchange": "",
   "country": "US",
   "cap": ">$14B post-money (Series C, ~$1.4B raised, 2026-01-14)",
   "role": "sim-first foundation-model buyer, pretrains largely in simulation",
   "sector_file": "04-labs-and-buyers.md",
   "sector_anchor": "skild-ai",
   "index_anchor": "skild-ai",
   "primary_url": "https://www.skild.ai/blogs/series-c",
   "also": []
  },
  {
   "slug": "xai",
   "name": "xAI",
   "aliases": [],
   "status": "subsidiary",
   "ticker": "SPCX",
   "exchange": "NASDAQ",
   "country": "US",
   "cap": "no standalone valuation; folded into SpaceX (NASDAQ: SPCX), which listed 2026-06-12 at ~$2.1T and fell toward its $135 IPO price by 2026-07-13; xAI itself was valued at $250B in the Feb 2026 merger (standalone Series E was $230B, Jan 2026)",
   "role": "frontier lab absorbed into SpaceX via merger",
   "sector_file": "04-labs-and-buyers.md",
   "sector_anchor": "xai",
   "index_anchor": "xai",
   "primary_url": "https://www.cnbc.com/2026/02/03/musk-xai-spacex-biggest-merger-ever.html",
   "also": []
  },
  {
   "slug": "mistral-ai",
   "name": "Mistral AI",
   "aliases": [
    "Mistral"
   ],
   "status": "private",
   "ticker": "",
   "exchange": "",
   "country": "France",
   "cap": "€11.7B (~$14B) post-money (Series C, Sept 2025); in early talks for ~€20B (~$23B), unclosed as of 2026-07-14",
   "role": "European private-stack entry; contamination-sensitive benchmark exhibit",
   "sector_file": "04-labs-and-buyers.md",
   "sector_anchor": "mistral-ai",
   "index_anchor": "mistral-ai",
   "primary_url": "https://mistral.ai/news",
   "also": []
  },
  {
   "slug": "thinking-machines-lab",
   "name": "Thinking Machines Lab",
   "aliases": [
    "TML"
   ],
   "status": "private",
   "ticker": "",
   "exchange": "",
   "country": "US",
   "cap": "$12B post-money (on a $2B seed, July 2025); $50-60B round talks collapsed by Jan 2026",
   "role": "marker of where private AI capital's price discipline broke, then held",
   "sector_file": "04-labs-and-buyers.md",
   "sector_anchor": "thinking-machines-lab",
   "index_anchor": "thinking-machines-lab",
   "primary_url": "https://thinkingmachines.ai/",
   "also": []
  },
  {
   "slug": "safe-superintelligence-ssi",
   "name": "Safe Superintelligence (SSI)",
   "aliases": [
    "SSI"
   ],
   "status": "private",
   "ticker": "",
   "exchange": "",
   "country": "US",
   "cap": "~$32B (reported April 2025, on ~$6B raised since June 2024); no newer mark as of 2026-07-14",
   "role": "highest-valued AI lab with no product; pure research bet",
   "sector_file": "04-labs-and-buyers.md",
   "sector_anchor": "safe-superintelligence-ssi",
   "index_anchor": "safe-superintelligence-ssi",
   "primary_url": "https://techcrunch.com/2025/04/12/openai-co-founder-ilya-sutskevers-safe-superintelligence-reportedly-valued-at-32b/",
   "also": []
  },
  {
   "slug": "world-labs",
   "name": "World Labs",
   "aliases": [],
   "status": "private",
   "ticker": "",
   "exchange": "",
   "country": "US",
   "cap": "no disclosed post-money; ~$1.23B total raised; press-estimated ~$5B ahead of the Feb 2026 round",
   "role": "spatial-intelligence lab; synthetic 3D data counter-case to captured data",
   "sector_file": "04-labs-and-buyers.md",
   "sector_anchor": "world-labs",
   "index_anchor": "world-labs",
   "primary_url": "https://www.worldlabs.ai/blog/funding-2026",
   "also": []
  },
  {
   "slug": "wayve",
   "name": "Wayve",
   "aliases": [],
   "status": "private",
   "ticker": "",
   "exchange": "",
   "country": "UK",
   "cap": "$8.6B post-money (Series D, 2026-02-24); $8.5B secondary tender (2026-06-30)",
   "role": "driving-foundation-model company; named Foxglove customer",
   "sector_file": "04-labs-and-buyers.md",
   "sector_anchor": "wayve",
   "index_anchor": "wayve",
   "primary_url": "https://wayve.ai/press/series-d/",
   "also": []
  },
  {
   "slug": "hyundai-motor-group-and-boston-dynamics-rmac",
   "name": "Hyundai Motor Group (and Boston Dynamics / RMAC)",
   "aliases": [
    "Hyundai",
    "Boston Dynamics",
    "BD",
    "RMAC"
   ],
   "status": "public",
   "ticker": "005380.KS",
   "exchange": "Korea Exchange (KRX)",
   "country": "South Korea",
   "cap": "Hyundai Motor Co. ~₩109.75T (~$84.1B) (June 2026); Boston Dynamics does not report separately",
   "role": "closed loop: owns Boston Dynamics, factories, and actuator supply chain",
   "sector_file": "04-labs-and-buyers.md",
   "sector_anchor": "hyundai-motor-group-and-boston-dynamics-rmac",
   "index_anchor": "hyundai-motor-group-and-boston-dynamics-rmac",
   "primary_url": "https://www.hyundainews.com/releases/4664",
   "also": []
  },
  {
   "slug": "samsung-electronics-rainbow-robotics",
   "name": "Samsung Electronics / Rainbow Robotics",
   "aliases": [
    "Rainbow Robotics"
   ],
   "status": "public",
   "ticker": "005930.KS",
   "exchange": "Korea Exchange (KRX)",
   "country": "South Korea",
   "cap": "Samsung Electronics ~$1.108T (₩1,611T) (2026-07-13); Rainbow Robotics ~₩12.99T (~$9-10B) (April 2026), Samsung-consolidated subsidiary since 2024-12-31",
   "role": "megacap that bought control of a humanoid maker outright",
   "sector_file": "04-labs-and-buyers.md",
   "sector_anchor": "samsung-electronics-rainbow-robotics",
   "index_anchor": "samsung-electronics-rainbow-robotics",
   "primary_url": "https://news.samsung.com/global/samsung-electronics-to-become-largest-shareholder-in-rainbow-robotics-accelerating-future-robot-development",
   "also": []
  },
  {
   "slug": "mercor",
   "name": "Mercor",
   "aliases": [],
   "status": "private",
   "ticker": "",
   "exchange": "",
   "country": "US",
   "cap": "$10B post-money (Series C, Sep/Oct 2025); in talks as of 2026-07-09 for ~$20B (unclosed)",
   "role": "neutral expert-data marketplace for AI labs",
   "sector_file": "05-data-vendors-evals.md",
   "sector_anchor": "mercor",
   "index_anchor": "mercor",
   "primary_url": "https://mercor.com/",
   "also": []
  },
  {
   "slug": "surge-ai",
   "name": "Surge AI",
   "aliases": [],
   "status": "private",
   "ticker": "",
   "exchange": "",
   "country": "US",
   "cap": "no closed priced round; in talks (from Jul 2025) at ~$15-25B, unclosed as of 2026-07-14",
   "role": "bootstrapped RLHF/expert-data vendor, out-earned Scale",
   "sector_file": "05-data-vendors-evals.md",
   "sector_anchor": "surge-ai",
   "index_anchor": "surge-ai",
   "primary_url": "https://www.surgehq.ai/",
   "also": []
  },
  {
   "slug": "scale-ai",
   "name": "Scale AI (and the Meta stake)",
   "aliases": [
    "Scale"
   ],
   "status": "private",
   "ticker": "",
   "exchange": "",
   "country": "US",
   "cap": "~$29B implied post-money at Meta deal (Jun 2025); prior $13.8B (May 2024)",
   "role": "data-labeling incumbent, 49% owned by Meta",
   "sector_file": "05-data-vendors-evals.md",
   "sector_anchor": "scale-ai-and-the-meta-stake",
   "index_anchor": "scale-ai-and-the-meta-stake",
   "primary_url": "https://scale.com/blog/scale-ai-announces-next-phase-of-company-evolution",
   "also": []
  },
  {
   "slug": "invisible-technologies",
   "name": "Invisible Technologies",
   "aliases": [
    "Invisible"
   ],
   "status": "private",
   "ticker": "",
   "exchange": "",
   "country": "US",
   "cap": ">$2B at $100M round (Sep 2025, Vanara Capital-led); ~$144M total raised",
   "role": "ops-plus-AI-data house, neutral vendor beneficiary",
   "sector_file": "05-data-vendors-evals.md",
   "sector_anchor": "invisible-technologies",
   "index_anchor": "invisible-technologies",
   "primary_url": "https://invisibletech.ai/fundraise",
   "also": []
  },
  {
   "slug": "turing",
   "name": "Turing",
   "aliases": [],
   "status": "private",
   "ticker": "",
   "exchange": "",
   "country": "US",
   "cap": "$2.2B post-money at $111M Series E (Mar 2025); ~$225M raised to date",
   "role": "coding-data and engineering-talent supplier to frontier labs",
   "sector_file": "05-data-vendors-evals.md",
   "sector_anchor": "turing",
   "index_anchor": "turing",
   "primary_url": "https://www.turing.com/blog/turing-raises-111m-to-accelerate-the-future-of-agi",
   "also": []
  },
  {
   "slug": "micro1",
   "name": "micro1",
   "aliases": [],
   "status": "private",
   "ticker": "",
   "exchange": "",
   "country": "US",
   "cap": "$500M post-money at $35M Series A (Sep 2025); later multibillion reports unconfirmed as of 2026-07-14",
   "role": "egocentric/physical-capture data vendor shipping capture kits",
   "sector_file": "05-data-vendors-evals.md",
   "sector_anchor": "micro1",
   "index_anchor": "micro1",
   "primary_url": "https://techcrunch.com/2025/09/12/micro1-a-competitor-to-scale-ai-raises-funds-at-500m-valuation/",
   "also": []
  },
  {
   "slug": "snorkel-ai",
   "name": "Snorkel AI",
   "aliases": [],
   "status": "private",
   "ticker": "",
   "exchange": "",
   "country": "US",
   "cap": "$1.3B post-money at $100M Series D (May 2025); ~$237M total raised",
   "role": "programmatic-labeling vendor turned expert-data/evaluator",
   "sector_file": "05-data-vendors-evals.md",
   "sector_anchor": "snorkel-ai",
   "index_anchor": "snorkel-ai",
   "primary_url": "https://snorkel.ai/",
   "also": []
  },
  {
   "slug": "handshake-ai",
   "name": "Handshake (Handshake AI)",
   "aliases": [
    "Handshake AI"
   ],
   "status": "private",
   "ticker": "",
   "exchange": "",
   "country": "US",
   "cap": "~$3.3B reported (Jan 2026, at Cleanlab acquisition); last priced round $3.5B (2022)",
   "role": "recruiting network turned labeling vendor, acqui-hired Cleanlab",
   "sector_file": "05-data-vendors-evals.md",
   "sector_anchor": "handshake-handshake-ai",
   "index_anchor": "handshake-handshake-ai",
   "primary_url": "https://joinhandshake.com/blog/our-team/handshake-acquires-cleanlab/",
   "also": []
  },
  {
   "slug": "mechanize",
   "name": "Mechanize",
   "aliases": [],
   "status": "private",
   "ticker": "",
   "exchange": "",
   "country": "US",
   "cap": "no disclosed valuation; ~$9.1M total funding raised (angel/seed)",
   "role": "RL-environment startup building digital-office environments/evals",
   "sector_file": "05-data-vendors-evals.md",
   "sector_anchor": "mechanize",
   "index_anchor": "mechanize",
   "primary_url": "https://www.mechanize.work/",
   "also": []
  },
  {
   "slug": "prime-intellect",
   "name": "Prime Intellect",
   "aliases": [
    "Environments Hub"
   ],
   "status": "private",
   "ticker": "",
   "exchange": "",
   "country": "US",
   "cap": "$1B post-money at $130M round (Jul 2026, NVIDIA NVentures-led)",
   "role": "open RL-environment stack and hosted RL training/eval infra",
   "sector_file": "05-data-vendors-evals.md",
   "sector_anchor": "prime-intellect",
   "index_anchor": "prime-intellect",
   "primary_url": "https://www.primeintellect.ai/",
   "also": []
  },
  {
   "slug": "lmarena",
   "name": "LMArena",
   "aliases": [
    "LMSYS Chatbot Arena"
   ],
   "status": "private",
   "ticker": "",
   "exchange": "",
   "country": "US",
   "cap": "$1.7B post-money at $150M Series A (Jan 2026); prior $600M seed (May 2025)",
   "role": "commercialized human-preference eval leaderboard",
   "sector_file": "05-data-vendors-evals.md",
   "sector_anchor": "lmarena",
   "index_anchor": "lmarena",
   "primary_url": "https://lmarena.ai/",
   "also": []
  },
  {
   "slug": "metr",
   "name": "METR (Model Evaluation & Threat Research)",
   "aliases": [
    "METR",
    "ARC Evals"
   ],
   "status": "nonprofit",
   "ticker": "",
   "exchange": "",
   "country": "US",
   "cap": "not applicable; nonprofit, ~$17M via Audacious Project (Oct 2024)",
   "role": "independent non-commercial AI evaluations institute",
   "sector_file": "05-data-vendors-evals.md",
   "sector_anchor": "metr-model-evaluation-threat-research",
   "index_anchor": "metr-model-evaluation-threat-research",
   "primary_url": "https://metr.org/about",
   "also": []
  },
  {
   "slug": "epoch-ai",
   "name": "Epoch AI",
   "aliases": [],
   "status": "nonprofit",
   "ticker": "",
   "exchange": "",
   "country": "US",
   "cap": "No valuation (nonprofit); funded by philanthropic grants (Open Philanthropy)",
   "role": "research nonprofit behind data-stock and scaling forecasts",
   "sector_file": "05-data-vendors-evals.md",
   "sector_anchor": "epoch-ai",
   "index_anchor": "epoch-ai",
   "primary_url": "https://epoch.ai/about",
   "also": [
    {
     "file": "08-standards-forecasters.md",
     "anchor": "epoch-ai"
    }
   ]
  },
  {
   "slug": "harvey",
   "name": "Harvey",
   "aliases": [],
   "status": "private",
   "ticker": "",
   "exchange": "",
   "country": "US",
   "cap": "$11B post-money at $200M round (Mar 2026); up from $8B Dec 2025; >$1B total raised",
   "role": "legal-AI vendor monetizing applied professional rules",
   "sector_file": "05-data-vendors-evals.md",
   "sector_anchor": "harvey",
   "index_anchor": "harvey",
   "primary_url": "https://www.harvey.ai/blog/harvey-raises-growth-round-at-dollar11-billion-valuation-co-led-by-gic-and-sequoia",
   "also": []
  },
  {
   "slug": "thomson-reuters",
   "name": "Thomson Reuters (TRI)",
   "aliases": [
    "TRI",
    "CoCounsel"
   ],
   "status": "public",
   "ticker": "TRI",
   "exchange": "NASDAQ",
   "country": "Canada",
   "cap": "~$41.1B as of 2026-07-14",
   "role": "incumbent legal-rules corpus owner (Westlaw, CoCounsel)",
   "sector_file": "05-data-vendors-evals.md",
   "sector_anchor": "thomson-reuters-tri",
   "index_anchor": "thomson-reuters-tri",
   "primary_url": "https://ir.thomsonreuters.com/news-releases/news-release-details/thomson-reuters-reports-first-quarter-2026-results",
   "also": []
  },
  {
   "slug": "glg",
   "name": "GLG (Gerson Lehrman Group)",
   "aliases": [
    "Gerson Lehrman Group"
   ],
   "status": "private",
   "ticker": "",
   "exchange": "",
   "country": "US",
   "cap": "no current public valuation; withdrew 2021/22 IPO filing",
   "role": "world's largest pre-AI expert network",
   "sector_file": "05-data-vendors-evals.md",
   "sector_anchor": "glg-gerson-lehrman-group",
   "index_anchor": "glg-gerson-lehrman-group",
   "primary_url": "https://glginsights.com/",
   "also": []
  },
  {
   "slug": "appen",
   "name": "Appen (ASX: APX)",
   "aliases": [],
   "status": "public",
   "ticker": "APX",
   "exchange": "ASX",
   "country": "Australia",
   "cap": "A$239.0M as of 2026-07-14; down from ~A$4.3B 2020 peak",
   "role": "listed pre-LLM crowd data-annotation incumbent",
   "sector_file": "05-data-vendors-evals.md",
   "sector_anchor": "appen-asx-apx",
   "index_anchor": "appen-asx-apx",
   "primary_url": "https://stockanalysis.com/quote/asx/APX/market-cap/",
   "also": []
  },
  {
   "slug": "innodata",
   "name": "Innodata (NASDAQ: INOD)",
   "aliases": [],
   "status": "public",
   "ticker": "INOD",
   "exchange": "NASDAQ",
   "country": "US",
   "cap": "~$2.2B as of 2026-07-14",
   "role": "listed pure-play AI data-engineering vendor, audited revenue window",
   "sector_file": "05-data-vendors-evals.md",
   "sector_anchor": "innodata-nasdaq-inod",
   "index_anchor": "innodata-nasdaq-inod",
   "primary_url": "https://investor.innodata.com/news/news-details/2026/Innodata-Reports-Record-First-Quarter-2026-Results/default.aspx",
   "also": []
  },
  {
   "slug": "telus-digital",
   "name": "TELUS Digital",
   "aliases": [
    "TIXT"
   ],
   "status": "subsidiary",
   "ticker": "T",
   "exchange": "NYSE/TSX",
   "country": "Canada",
   "cap": "take-private at ~US$2.9B enterprise value (closed 2025-10-31), now inside TELUS Corp",
   "role": "enterprise CX/data-annotation arm, wholly owned by TELUS",
   "sector_file": "05-data-vendors-evals.md",
   "sector_anchor": "telus-digital",
   "index_anchor": "telus-digital",
   "primary_url": "https://www.telusdigital.com/about/newsroom/telus-completes-acquisition-of-telus-digital",
   "also": []
  },
  {
   "slug": "sama",
   "name": "Sama",
   "aliases": [
    "Samasource"
   ],
   "status": "private",
   "ticker": "",
   "exchange": "",
   "country": "US",
   "cap": "no disclosed valuation; ~$84.8M total funding raised",
   "role": "impact-sourcing annotation company (Kenya, Uganda, India)",
   "sector_file": "05-data-vendors-evals.md",
   "sector_anchor": "sama",
   "index_anchor": "sama",
   "primary_url": "https://www.sama.com/",
   "also": []
  },
  {
   "slug": "labelbox",
   "name": "Labelbox",
   "aliases": [
    "Alignerr",
    "Alignerr Connect"
   ],
   "status": "private",
   "ticker": "",
   "exchange": "",
   "country": "US",
   "cap": "~$1B at $110M Series E (Oct 2025); ~$189M raised across five rounds",
   "role": "labeling-tooling company turned data factory/expert marketplace",
   "sector_file": "05-data-vendors-evals.md",
   "sector_anchor": "labelbox",
   "index_anchor": "labelbox",
   "primary_url": "https://labelbox.com/blog/announcing-labelbox-alignerr-connect-with-proven-ai-experts/",
   "also": []
  },
  {
   "slug": "encord",
   "name": "Encord",
   "aliases": [],
   "status": "private",
   "ticker": "",
   "exchange": "",
   "country": "UK",
   "cap": "~$550M post-money at $60M/€50M Series C (2026); ~$110M total raised",
   "role": "multimodal data curation tooling for robotics/AVs, physical AI",
   "sector_file": "05-data-vendors-evals.md",
   "sector_anchor": "encord",
   "index_anchor": "encord",
   "primary_url": "https://encord.com/press/",
   "also": []
  },
  {
   "slug": "lightwheel",
   "name": "Lightwheel",
   "aliases": [],
   "status": "private",
   "ticker": "",
   "exchange": "",
   "country": "China",
   "cap": "valued \"north of $600M\" after $145M Series B; further Ant Group-led round May 2026, terms undisclosed",
   "role": "simulation and egocentric-data infrastructure for embodied AI",
   "sector_file": "05-data-vendors-evals.md",
   "sector_anchor": "lightwheel",
   "index_anchor": "lightwheel",
   "primary_url": "https://lightwheel.ai/",
   "also": []
  },
  {
   "slug": "sunday-robotics",
   "name": "Sunday Robotics",
   "aliases": [],
   "status": "private",
   "ticker": "",
   "exchange": "",
   "country": "US",
   "cap": "$1.15B post-money at $165M Series B (Mar 2026)",
   "role": "home-robot company capturing manipulation data via Skill Capture Glove",
   "sector_file": "05-data-vendors-evals.md",
   "sector_anchor": "sunday-robotics",
   "index_anchor": "sunday-robotics",
   "primary_url": "https://www.globenewswire.com/news-release/2026/3/12/3254877/0/en/sunday-raises-165m-to-launch-first-autonomous-robots-by-thanksgiving.html",
   "also": []
  },
  {
   "slug": "doordash",
   "name": "DoorDash (NASDAQ: DASH) — the Tasks program",
   "aliases": [
    "DoorDash Tasks"
   ],
   "status": "public",
   "ticker": "DASH",
   "exchange": "NASDAQ",
   "country": "US",
   "cap": "~$82.4B as of 2026-07-14",
   "role": "gig-logistics platform turned real-world data-capture network",
   "sector_file": "05-data-vendors-evals.md",
   "sector_anchor": "doordash-nasdaq-dash-the-tasks-program",
   "index_anchor": "doordash-nasdaq-dash-the-tasks-program",
   "primary_url": "https://stockanalysis.com/stocks/dash/market-cap/",
   "also": []
  },
  {
   "slug": "gxo-logistics",
   "name": "GXO Logistics",
   "aliases": [
    "GXO"
   ],
   "status": "public",
   "ticker": "GXO",
   "exchange": "NYSE",
   "country": "US",
   "cap": "$5.67B mkt cap as of 2026-07-14 (share price $49.28)",
   "role": "multi-brand humanoid deployer in live warehouses",
   "sector_file": "06-operators-tooling.md",
   "sector_anchor": "gxo-logistics",
   "index_anchor": "gxo-logistics",
   "primary_url": "https://gxo.com/news_article/gxo-reports-first-quarter-2026-results/",
   "also": []
  },
  {
   "slug": "formic",
   "name": "Formic (Formic Technologies)",
   "aliases": [
    "Formic Technologies"
   ],
   "status": "private",
   "ticker": "",
   "exchange": "",
   "country": "US",
   "cap": "No valuation disclosed; ~$104M total funding (Crunchbase, accessed 2026-07-14)",
   "role": "RaaS operator template for fixed industrial automation",
   "sector_file": "06-operators-tooling.md",
   "sector_anchor": "formic-formic-technologies",
   "index_anchor": "formic-formic-technologies",
   "primary_url": "https://formic.co/",
   "also": []
  },
  {
   "slug": "jabil",
   "name": "Jabil",
   "aliases": [],
   "status": "public",
   "ticker": "JBL",
   "exchange": "NYSE",
   "country": "US",
   "cap": "$33.85B mkt cap as of 2026-07-14 (share price $323.03)",
   "role": "contract manufacturer producing Apptronik's Apollo",
   "sector_file": "06-operators-tooling.md",
   "sector_anchor": "jabil",
   "index_anchor": "jabil",
   "primary_url": "https://investors.jabil.com/",
   "also": []
  },
  {
   "slug": "palantir-technologies",
   "name": "Palantir Technologies",
   "aliases": [
    "Palantir"
   ],
   "status": "public",
   "ticker": "PLTR",
   "exchange": "NASDAQ",
   "country": "US",
   "cap": "$321.98B mkt cap as of 2026-07-14 (share price $134.31)",
   "role": "precedent for forward-deployed services compounding to product margins",
   "sector_file": "06-operators-tooling.md",
   "sector_anchor": "palantir-technologies",
   "index_anchor": "palantir-technologies",
   "primary_url": "https://www.sec.gov/Archives/edgar/data/1321655/000132165526000026/a2026q1ex991pressrelease.htm",
   "also": []
  },
  {
   "slug": "randstad",
   "name": "Randstad",
   "aliases": [
    "RAND"
   ],
   "status": "public",
   "ticker": "RAND",
   "exchange": "Euronext Amsterdam",
   "country": "Netherlands",
   "cap": "€5.26B mkt cap as of 2026-07-14 (share price €30.00)",
   "role": "labour-brokerage margin-floor comparison, largest staffing firm",
   "sector_file": "06-operators-tooling.md",
   "sector_anchor": "randstad",
   "index_anchor": "randstad",
   "primary_url": "https://www.randstad.com/press/2026/fy-2025-perform-transform/",
   "also": []
  },
  {
   "slug": "the-adecco-group",
   "name": "The Adecco Group",
   "aliases": [
    "Adecco"
   ],
   "status": "public",
   "ticker": "ADEN",
   "exchange": "SIX Swiss Exchange",
   "country": "Switzerland",
   "cap": "CHF 3.19B mkt cap as of 2026-07-14 (share price CHF 17.79)",
   "role": "second staffing major establishing labour-brokerage margin floor",
   "sector_file": "06-operators-tooling.md",
   "sector_anchor": "the-adecco-group",
   "index_anchor": "the-adecco-group",
   "primary_url": "https://www.adeccogroup.com/our-group/media/press-releases/q4-fy-2025-results",
   "also": []
  },
  {
   "slug": "manpowergroup",
   "name": "ManpowerGroup",
   "aliases": [
    "Manpower"
   ],
   "status": "public",
   "ticker": "MAN",
   "exchange": "NYSE",
   "country": "US",
   "cap": "$1.83B mkt cap as of 2026-07-14 (share price $39.28)",
   "role": "third staffing major, most vivid body-shop margin illustration",
   "sector_file": "06-operators-tooling.md",
   "sector_anchor": "manpowergroup",
   "index_anchor": "manpowergroup",
   "primary_url": "https://www.sec.gov/Archives/edgar/data/0000871763/000119312526215064/man-20260331.htm",
   "also": []
  },
  {
   "slug": "element-fleet-management",
   "name": "Element Fleet Management",
   "aliases": [
    "Element"
   ],
   "status": "public",
   "ticker": "EFN",
   "exchange": "TSX",
   "country": "Canada",
   "cap": "C$11.87B mkt cap as of 2026-07-14 (share price C$29.62)",
   "role": "fleet lessor behind Amazon DSP vans, proof of profitable operating layer",
   "sector_file": "06-operators-tooling.md",
   "sector_anchor": "element-fleet-management",
   "index_anchor": "element-fleet-management",
   "primary_url": "https://www.elementfleet.com/about/news/element-reports-strong-q1-2026-results",
   "also": []
  },
  {
   "slug": "holman-formerly-ari-automotive-rentals-inc",
   "name": "Holman (formerly ARI / Automotive Rentals Inc.)",
   "aliases": [
    "ARI",
    "Automotive Rentals Inc."
   ],
   "status": "private",
   "ticker": "",
   "exchange": "",
   "country": "US",
   "cap": "No disclosed valuation; never raised institutional capital; third-party trackers estimate revenue up to $10B (Owler)",
   "role": "founding proof of the third-party fleet-management industry",
   "sector_file": "06-operators-tooling.md",
   "sector_anchor": "holman-formerly-ari-automotive-rentals-inc",
   "index_anchor": "holman-formerly-ari-automotive-rentals-inc",
   "primary_url": "https://www.holman.com/fleet-management/",
   "also": []
  },
  {
   "slug": "ayvens-ex-leaseplan-ald-automotive",
   "name": "Ayvens (ex-LeasePlan / ALD Automotive)",
   "aliases": [
    "LeasePlan",
    "ALD Automotive"
   ],
   "status": "public",
   "ticker": "AYV",
   "exchange": "Euronext Paris",
   "country": "France",
   "cap": "€9.13B mkt cap as of 2026-07-14 (share price €11.66); majority-owned by Société Générale (~52.6%)",
   "role": "Europe's largest fleet-management group, largest managed-vehicle pool",
   "sector_file": "06-operators-tooling.md",
   "sector_anchor": "ayvens-ex-leaseplan-ald-automotive",
   "index_anchor": "ayvens-ex-leaseplan-ald-automotive",
   "primary_url": "https://www.ayvens.com/en-cp/investors/",
   "also": []
  },
  {
   "slug": "foxglove",
   "name": "Foxglove",
   "aliases": [
    "MCAP"
   ],
   "status": "private",
   "ticker": "",
   "exchange": "",
   "country": "US",
   "cap": "No post-money valuation disclosed; $40M Series B (2025-11-12), >$58M total raised",
   "role": "data/observability platform for physical AI, author of MCAP format",
   "sector_file": "06-operators-tooling.md",
   "sector_anchor": "foxglove",
   "index_anchor": "foxglove",
   "primary_url": "https://foxglove.dev/blog/foxglove-series-b",
   "also": []
  },
  {
   "slug": "formant",
   "name": "Formant",
   "aliases": [],
   "status": "private",
   "ticker": "",
   "exchange": "",
   "country": "US",
   "cap": "No valuation disclosed; ~$39.1M total funding (Crunchbase, accessed 2026-07-14) across Seed, Series A, and BMW i Ventures-led $21M round",
   "role": "cloud robot-operations/fleet-telemetry platform vendor",
   "sector_file": "06-operators-tooling.md",
   "sector_anchor": "formant",
   "index_anchor": "formant",
   "primary_url": "https://formant.io/",
   "also": []
  },
  {
   "slug": "inorbitai",
   "name": "InOrbit.AI",
   "aliases": [
    "InOrbit"
   ],
   "status": "private",
   "ticker": "",
   "exchange": "",
   "country": "US",
   "cap": "No post-money valuation disclosed; $10M Series A announced 2025-09-30",
   "role": "multi-brand robot-orchestration platform, Open-RMF fleet adapter",
   "sector_file": "06-operators-tooling.md",
   "sector_anchor": "inorbitai",
   "index_anchor": "inorbitai",
   "primary_url": "https://www.businesswire.com/news/home/20250930673347/en/InOrbit.AI-Secures-Series-A-Funding-to-Scale-Robot-Orchestration-Platform-Unlocking-a-New-Era-of-Software-Driven-Physical-Workflows",
   "also": []
  },
  {
   "slug": "intrinsic-alphabet-and-open-rmf",
   "name": "Intrinsic (Alphabet) — and Open-RMF",
   "aliases": [
    "Intrinsic",
    "Open-RMF",
    "OSRC"
   ],
   "status": "subsidiary",
   "ticker": "GOOGL",
   "exchange": "NASDAQ",
   "country": "US",
   "cap": "Not separately capitalised; sits within Alphabet's Other Bets; no standalone valuation disclosed",
   "role": "owner of Open-RMF multi-fleet interoperability middleware",
   "sector_file": "06-operators-tooling.md",
   "sector_anchor": "intrinsic-alphabet-and-open-rmf",
   "index_anchor": "intrinsic-alphabet-and-open-rmf",
   "primary_url": "https://intrinsic.ai/",
   "also": []
  },
  {
   "slug": "samsara",
   "name": "Samsara",
   "aliases": [],
   "status": "public",
   "ticker": "IOT",
   "exchange": "NYSE",
   "country": "US",
   "cap": "$21.85B mkt cap as of 2026-07-14 (share price $37.49)",
   "role": "telematics vendor turning fleet data into an underwriting asset",
   "sector_file": "06-operators-tooling.md",
   "sector_anchor": "samsara",
   "index_anchor": "samsara",
   "primary_url": "https://www.samsara.com/company/news/press-releases/q4-fiscal-year-2026-results",
   "also": []
  },
  {
   "slug": "eastworld-labs",
   "name": "Eastworld Labs",
   "aliases": [
    "Virtuals Robotics"
   ],
   "status": "private",
   "ticker": "",
   "exchange": "",
   "country": "Malaysia",
   "cap": "No equity valuation disclosed; funded onchain via Virtuals Protocol, no priced round disclosed",
   "role": "humanoid teleop-arbitrage accelerator stating the wage-arbitrage trade openly",
   "sector_file": "06-operators-tooling.md",
   "sector_anchor": "eastworld-labs",
   "index_anchor": "eastworld-labs",
   "primary_url": "https://www.prnewswire.com/news-releases/virtuals-protocol-launches-eastworld-labs-to-accelerate-real-world-deployment-of-humanoid-robots-302694292.html",
   "also": []
  },
  {
   "slug": "bmw-group",
   "name": "BMW Group",
   "aliases": [
    "BMW"
   ],
   "status": "public",
   "ticker": "BMW",
   "exchange": "XETRA",
   "country": "Germany",
   "cap": "€35.16B mkt cap as of 2026-07-14 (share price €57.32)",
   "role": "flagship automotive humanoid customer (Figure AI at Spartanburg)",
   "sector_file": "06-operators-tooling.md",
   "sector_anchor": "bmw-group",
   "index_anchor": "bmw-group",
   "primary_url": "https://www.press.bmwgroup.com/global/article/detail/T0458778EN/bmw-group-advances-the-use-of-physical-ai-in-production-with-figure-03-project-in-spartanburg?language=en",
   "also": []
  },
  {
   "slug": "mercedes-benz-group",
   "name": "Mercedes-Benz Group",
   "aliases": [
    "Mercedes",
    "Apollo at Mercedes"
   ],
   "status": "public",
   "ticker": "MBG",
   "exchange": "XETRA",
   "country": "Germany",
   "cap": "€40.94B mkt cap as of 2026-07-14 (share price €45.11)",
   "role": "second flagship humanoid customer and investor in Apptronik",
   "sector_file": "06-operators-tooling.md",
   "sector_anchor": "mercedes-benz-group",
   "index_anchor": "mercedes-benz-group",
   "primary_url": "https://group.mercedes-benz.com/company/production/procuction-network/mbdfc-humanoid-robots.html",
   "also": []
  },
  {
   "slug": "coreweave-inc",
   "name": "CoreWeave, Inc.",
   "aliases": [
    "CoreWeave"
   ],
   "status": "public",
   "ticker": "CRWV",
   "exchange": "NASDAQ",
   "country": "US",
   "cap": "~$43.3B mkt cap at $79.34/share (2026-07-14)",
   "role": "AI neocloud, GPU-debt-as-collateral proof point",
   "sector_file": "07-finance-ratings-insurance.md",
   "sector_anchor": "coreweave-inc",
   "index_anchor": "coreweave-inc",
   "primary_url": "https://investors.coreweave.com/news/news-details/2026/CoreWeave-Closes-Landmark-8-5-Billion-Financing-Facility-Achieving-First-Investment-Grade-Rated-GPU-backed-Financing/default.aspx",
   "also": []
  },
  {
   "slug": "lambda-lambda-labs-inc",
   "name": "Lambda (Lambda Labs, Inc.)",
   "aliases": [
    "Lambda Labs"
   ],
   "status": "private",
   "ticker": "",
   "exchange": "",
   "country": "US",
   "cap": "Series E $1.5B+ (Nov 2025, TWG Global-led); no company-disclosed post-money; secondary marks imply ~$9B (mid-2026)",
   "role": "GPU cloud, ran first GPU-backed ABS",
   "sector_file": "07-finance-ratings-insurance.md",
   "sector_anchor": "lambda-lambda-labs-inc",
   "index_anchor": "lambda-lambda-labs-inc",
   "primary_url": "https://lambda.ai/blog/lambda-raises-over-1.5b-from-twg-global-usit-to-build-superintelligence-cloud-infrastructure",
   "also": []
  },
  {
   "slug": "macquarie-group-limited",
   "name": "Macquarie Group Limited",
   "aliases": [
    "Macquarie"
   ],
   "status": "public",
   "ticker": "MQG",
   "exchange": "ASX",
   "country": "Australia",
   "cap": "~A$93.3B mkt cap at A$253.04/share (2026-07-14)",
   "role": "led first GPU-backed ABS (Lambda facility)",
   "sector_file": "07-finance-ratings-insurance.md",
   "sector_anchor": "macquarie-group-limited",
   "index_anchor": "macquarie-group-limited",
   "primary_url": "https://www.macquarie.com/us/en/about/news/2026/macquarie-group-fy26-result-announcement.html",
   "also": []
  },
  {
   "slug": "solarcity-now-tesla-energy-tesla-inc",
   "name": "SolarCity (now Tesla Energy / Tesla, Inc.)",
   "aliases": [
    "SolarCity",
    "Tesla Energy"
   ],
   "status": "subsidiary",
   "ticker": "TSLA",
   "exchange": "NASDAQ",
   "country": "US",
   "cap": "no standalone cap; acquired by Tesla for ~$2.6B stock (Nov 2016); parent Tesla ~$1.48T mkt cap at $395.35/share (2026-07-14)",
   "role": "first distributed-solar securitization (2013-1)",
   "sector_file": "07-finance-ratings-insurance.md",
   "sector_anchor": "solarcity-now-tesla-energy-tesla-inc",
   "index_anchor": "solarcity-now-tesla-energy-tesla-inc",
   "primary_url": "https://www.sec.gov/Archives/edgar/data/0001408356/000119312513440715/d628803dex991.htm",
   "also": []
  },
  {
   "slug": "sunrun-inc",
   "name": "Sunrun Inc.",
   "aliases": [
    "Sunrun"
   ],
   "status": "public",
   "ticker": "RUN",
   "exchange": "NASDAQ",
   "country": "US",
   "cap": "~$3.03B mkt cap at $12.70/share (2026-07-14)",
   "role": "largest repeat solar-ABS issuer",
   "sector_file": "07-finance-ratings-insurance.md",
   "sector_anchor": "sunrun-inc",
   "index_anchor": "sunrun-inc",
   "primary_url": "https://investors.sunrun.com/news-events/press-releases/detail/314/sunrun-prices-record-setting-886-3-million-senior",
   "also": []
  },
  {
   "slug": "sunnova-energy-international-inc",
   "name": "Sunnova Energy International Inc.",
   "aliases": [
    "Sunnova"
   ],
   "status": "historical",
   "ticker": "",
   "exchange": "",
   "country": "US",
   "cap": "delisted June 2025; assets sold via §363 for ~$118M against ~$8.9B long-term debt at filing",
   "role": "solar-ABS issuer whose sponsor went bankrupt, assets survived",
   "sector_file": "07-finance-ratings-insurance.md",
   "sector_anchor": "sunnova-energy-international-inc",
   "index_anchor": "sunnova-energy-international-inc",
   "primary_url": "https://investors.sunnova.com/news-events-and-presentations/news-details/2025/Sunnova-Announces-Strategic-Action-to-Facilitate-Value-Maximizing-Sale-Process/default.aspx",
   "also": []
  },
  {
   "slug": "first-solar-inc",
   "name": "First Solar, Inc.",
   "aliases": [
    "First Solar"
   ],
   "status": "public",
   "ticker": "FSLR",
   "exchange": "NASDAQ",
   "country": "US",
   "cap": "~$23.9B mkt cap at $222.70/share (2026-07-14)",
   "role": "western PV maker that survived Chinese price collapse",
   "sector_file": "07-finance-ratings-insurance.md",
   "sector_anchor": "first-solar-inc",
   "index_anchor": "first-solar-inc",
   "primary_url": "https://investor.firstsolar.com/",
   "also": []
  },
  {
   "slug": "switch-inc-switch-ltd",
   "name": "Switch, Inc. (Switch, Ltd.)",
   "aliases": [
    "Switch"
   ],
   "status": "private",
   "ticker": "",
   "exchange": "",
   "country": "US",
   "cap": "~$11B enterprise value at Dec 2022 take-private (DigitalBridge/IFM); no public mark since",
   "role": "largest issuer of data-center ABS",
   "sector_file": "07-finance-ratings-insurance.md",
   "sector_anchor": "switch-inc-switch-ltd",
   "index_anchor": "switch-inc-switch-ltd",
   "primary_url": "https://www.switch.com/switch-raises-768-million-in-latest-data-center-abs-issuance/",
   "also": []
  },
  {
   "slug": "triton-international-limited",
   "name": "Triton International Limited",
   "aliases": [
    "Triton"
   ],
   "status": "private",
   "ticker": "BIP",
   "exchange": "NYSE",
   "country": "Bermuda",
   "cap": "$13.3B take-private (Apr 2023, $85.00/share); parent Brookfield Infrastructure Partners ~$17.65B mkt cap at $38.11/unit (2026-07-14)",
   "role": "world's largest intermodal-container lessor",
   "sector_file": "07-finance-ratings-insurance.md",
   "sector_anchor": "triton-international-limited",
   "index_anchor": "triton-international-limited",
   "primary_url": "https://www.globenewswire.com/news-release/2023/04/12/2645173/0/en/Triton-International-to-be-Acquired-by-Brookfield-Infrastructure-in-a-13-3-Billion-Take-Private-Transaction.html",
   "also": []
  },
  {
   "slug": "textainer-group-holdings-limited",
   "name": "Textainer Group Holdings Limited",
   "aliases": [
    "Textainer"
   ],
   "status": "private",
   "ticker": "",
   "exchange": "",
   "country": "Bermuda",
   "cap": "~$7.4B aggregate enterprise value, acquired by Stonepeak, closed Mar 2024 ($50.00/share cash)",
   "role": "#2 intermodal-container lessor",
   "sector_file": "07-finance-ratings-insurance.md",
   "sector_anchor": "textainer-group-holdings-limited",
   "index_anchor": "textainer-group-holdings-limited",
   "primary_url": "https://stonepeak.com/news/textainer-to-be-acquired-by-stonepeak-for-7-4-billion",
   "also": []
  },
  {
   "slug": "aercap-holdings-nv",
   "name": "AerCap Holdings N.V.",
   "aliases": [
    "AerCap"
   ],
   "status": "public",
   "ticker": "AER",
   "exchange": "NYSE",
   "country": "Ireland",
   "cap": "~$23.3B mkt cap at $147.67/share (2026-07-14)",
   "role": "world's largest aircraft lessor, roll-up model",
   "sector_file": "07-finance-ratings-insurance.md",
   "sector_anchor": "aercap-holdings-nv",
   "index_anchor": "aercap-holdings-nv",
   "primary_url": "https://www.aercap.com/news-media/press-releases/detail/620/aercap-leased-purchased-and-sold-705-assets-in-the-full",
   "also": []
  },
  {
   "slug": "guinness-peat-aviation-gpa-ge-capital-aviation-services-gecas",
   "name": "Guinness Peat Aviation (GPA) → GE Capital Aviation Services (GECAS)",
   "aliases": [
    "GPA",
    "GECAS"
   ],
   "status": "historical",
   "ticker": "",
   "exchange": "",
   "country": "Ireland",
   "cap": "aborted ~$850M IPO June 1992; GE bought 44 of 464 aircraft for $1.4B (1993); AerCap acquired GECAS from GE for ~$30B (closed Nov 2021)",
   "role": "over-levered aircraft-lessor pioneer, cautionary precedent",
   "sector_file": "07-finance-ratings-insurance.md",
   "sector_anchor": "guinness-peat-aviation-gpa-ge-capital-aviation-services-gecas",
   "index_anchor": "guinness-peat-aviation-gpa-ge-capital-aviation-services-gecas",
   "primary_url": "https://www.irishtimes.com/business/ambitious-gpa-forced-to-abort-flotation-in-a-few-short-hours-1.1087945",
   "also": []
  },
  {
   "slug": "moodys-corporation",
   "name": "Moody's Corporation",
   "aliases": [
    "Moody's",
    "MIS",
    "Moody's Investors Service",
    "Moody's Analytics"
   ],
   "status": "public",
   "ticker": "MCO",
   "exchange": "NYSE",
   "country": "US",
   "cap": "~$86.1B mkt cap at $492.90/share (2026-07-14)",
   "role": "ratings duopoly member, toll-booth-economics comp",
   "sector_file": "07-finance-ratings-insurance.md",
   "sector_anchor": "moodys-corporation",
   "index_anchor": "moodys-corporation",
   "primary_url": "https://s203.q4cdn.com/694693571/files/doc_financials/2026/q1/1Q26-Earnings-Release-vFINAL.pdf",
   "also": []
  },
  {
   "slug": "sp-global-inc",
   "name": "S&P Global Inc.",
   "aliases": [
    "S&P Global",
    "S&P",
    "S&P Global Ratings"
   ],
   "status": "public",
   "ticker": "SPGI",
   "exchange": "NYSE",
   "country": "US",
   "cap": "~$129.4B mkt cap at $437.04/share (2026-07-14)",
   "role": "ratings duopoly member, rated SolarCity 2013-1",
   "sector_file": "07-finance-ratings-insurance.md",
   "sector_anchor": "sp-global-inc",
   "index_anchor": "sp-global-inc",
   "primary_url": "https://investor.spglobal.com/news-releases/news-details/2026/SP-Global-Reports-Fourth-Quarter-and-Full-Year-2025-Results/default.aspx",
   "also": []
  },
  {
   "slug": "kbra-kroll-bond-rating-agency-llc",
   "name": "KBRA (Kroll Bond Rating Agency, LLC)",
   "aliases": [
    "KBRA",
    "Kroll Bond Rating Agency"
   ],
   "status": "private",
   "ticker": "",
   "exchange": "",
   "country": "US",
   "cap": "Wharf Street acquired ~90% stake (late 2021) valuing KBRA at >$300M (press-reported)",
   "role": "challenger NRSRO, ABS asset-class taxonomy source",
   "sector_file": "07-finance-ratings-insurance.md",
   "sector_anchor": "kbra-kroll-bond-rating-agency-llc",
   "index_anchor": "kbra-kroll-bond-rating-agency-llc",
   "primary_url": "https://www.morningstar.com/news/business-wire/20251120264164/kbra-releases-research-2026-us-abs-sector-outlook-growing-issuance-amid-diverging-sector-trends",
   "also": []
  },
  {
   "slug": "morningstar-dbrs-dbrs-inc",
   "name": "Morningstar DBRS (DBRS, Inc.)",
   "aliases": [
    "DBRS",
    "Morningstar DBRS"
   ],
   "status": "subsidiary",
   "ticker": "MORN",
   "exchange": "NASDAQ",
   "country": "US",
   "cap": "acquired by Morningstar for $669M (2019); no standalone cap; parent Morningstar public",
   "role": "rated CoreWeave's DDTL 4.0 A(low)",
   "sector_file": "07-finance-ratings-insurance.md",
   "sector_anchor": "morningstar-dbrs-dbrs-inc",
   "index_anchor": "morningstar-dbrs-dbrs-inc",
   "primary_url": "https://newsroom.morningstar.com/newsroom/news-archive/press-release-details/2019/Morningstar-to-Accelerate-Credit-Ratings-Business-with-DBRS-Acquisition/default.aspx",
   "also": []
  },
  {
   "slug": "equifax-inc",
   "name": "Equifax Inc.",
   "aliases": [
    "Equifax",
    "Retail Credit Company"
   ],
   "status": "public",
   "ticker": "EFX",
   "exchange": "NYSE",
   "country": "US",
   "cap": "~$20.0B mkt cap at $167.94/share (2026-07-14)",
   "role": "oldest credit bureau, dominant historical referee case",
   "sector_file": "07-finance-ratings-insurance.md",
   "sector_anchor": "equifax-inc",
   "index_anchor": "equifax-inc",
   "primary_url": "https://investor.equifax.com/news-events/press-releases",
   "also": []
  },
  {
   "slug": "experian-plc",
   "name": "Experian plc",
   "aliases": [
    "Experian",
    "EXPGY"
   ],
   "status": "public",
   "ticker": "EXPN",
   "exchange": "London Stock Exchange",
   "country": "Ireland",
   "cap": "~£23.8B (~$32B) mkt cap at 2,654 GBX (2026-07-14)",
   "role": "largest of three consumer credit bureaus by revenue",
   "sector_file": "07-finance-ratings-insurance.md",
   "sector_anchor": "experian-plc",
   "index_anchor": "experian-plc",
   "primary_url": "https://www.experianplc.com/newsroom/press-releases/2026/full-year-results-fy26",
   "also": []
  },
  {
   "slug": "transunion",
   "name": "TransUnion",
   "aliases": [
    "TransUnion",
    "TRU"
   ],
   "status": "public",
   "ticker": "TRU",
   "exchange": "NYSE",
   "country": "US",
   "cap": "~$14.6B mkt cap at $75.90/share (2026-07-14)",
   "role": "third seat in credit-bureau oligopoly",
   "sector_file": "07-finance-ratings-insurance.md",
   "sector_anchor": "transunion",
   "index_anchor": "transunion",
   "primary_url": "https://investors.transunion.com/",
   "also": []
  },
  {
   "slug": "picc-the-peoples-insurance-company-group-of-china-picc-property-and-casualty",
   "name": "PICC (The People's Insurance Company (Group) of China) / PICC Property and Casualty",
   "aliases": [
    "PICC",
    "PICC Group",
    "PICC P&C"
   ],
   "status": "public",
   "ticker": "1339",
   "exchange": "HKEX",
   "country": "China",
   "cap": "PICC Group ~HK$336.7B mkt cap at HK$5.03/share (2026-07-14)",
   "role": "China's largest P&C insurer, writes humanoid-robot policies",
   "sector_file": "07-finance-ratings-insurance.md",
   "sector_anchor": "picc-the-peoples-insurance-company-group-of-china-picc-property-and-casualty",
   "index_anchor": "picc-the-peoples-insurance-company-group-of-china-picc-property-and-casualty",
   "primary_url": "https://www.chinadaily.com.cn/a/202512/12/WS693b6d05a310d6866eb2e404.html",
   "also": []
  },
  {
   "slug": "ping-an-insurance-group-company-of-china-ltd",
   "name": "Ping An Insurance (Group) Company of China, Ltd.",
   "aliases": [
    "Ping An",
    "Ping An P&C"
   ],
   "status": "public",
   "ticker": "2318",
   "exchange": "HKEX",
   "country": "China",
   "cap": "~HK$1.01 trillion mkt cap at HK$53.70/share (2026-07-14)",
   "role": "largest private Chinese insurer, robot insurance + credit + IPO bundle",
   "sector_file": "07-finance-ratings-insurance.md",
   "sector_anchor": "ping-an-insurance-group-company-of-china-ltd",
   "index_anchor": "ping-an-insurance-group-company-of-china-ltd",
   "primary_url": "https://www.chinadaily.com.cn/a/202512/12/WS693b6d05a310d6866eb2e404.html",
   "also": []
  },
  {
   "slug": "china-pacific-insurance-group-co-ltd-cpic",
   "name": "China Pacific Insurance (Group) Co., Ltd. (CPIC)",
   "aliases": [
    "CPIC",
    "China Pacific Property Insurance"
   ],
   "status": "public",
   "ticker": "2601",
   "exchange": "HKEX",
   "country": "China",
   "cap": "~HK$310.2B mkt cap at HK$27.86/share (2026-07-14)",
   "role": "first carrier to launch dedicated humanoid-robot commercial insurance",
   "sector_file": "07-finance-ratings-insurance.md",
   "sector_anchor": "china-pacific-insurance-group-co-ltd-cpic",
   "index_anchor": "china-pacific-insurance-group-co-ltd-cpic",
   "primary_url": "https://www.chinadaily.com.cn/a/202512/12/WS693b6d05a310d6866eb2e404.html",
   "also": []
  },
  {
   "slug": "relm-insurance-ltd",
   "name": "Relm Insurance Ltd.",
   "aliases": [
    "Relm",
    "PONTAAI",
    "NOVAAI",
    "RESCAAI"
   ],
   "status": "private",
   "ticker": "",
   "exchange": "",
   "country": "Bermuda",
   "cap": "no disclosed valuation; only traceable investor is Plug and Play Insurtech (amount undisclosed)",
   "role": "early Western carrier writing affirmative AI liability wrap",
   "sector_file": "07-finance-ratings-insurance.md",
   "sector_anchor": "relm-insurance-ltd",
   "index_anchor": "relm-insurance-ltd",
   "primary_url": "https://relminsurance.com/relms-pontaai-solution-ai-insurance-coverage-beyond-existing-liability-programs/",
   "also": []
  },
  {
   "slug": "munich-re-munchener-ruckversicherungs-gesellschaft-ag-hsb-hartford-steam-boiler",
   "name": "Munich Re (Münchener Rückversicherungs-Gesellschaft AG) / HSB (Hartford Steam Boiler)",
   "aliases": [
    "Munich Re",
    "HSB",
    "aiSure"
   ],
   "status": "public",
   "ticker": "MUV2",
   "exchange": "XETRA",
   "country": "Germany",
   "cap": "~€64.75B mkt cap at €512.00/share (2026-07-14)",
   "role": "world's largest reinsurer, AI liability + performance cover (aiSure)",
   "sector_file": "07-finance-ratings-insurance.md",
   "sector_anchor": "munich-re-münchener-rückversicherungs-gesellschaft-ag-hsb-hartford-steam-boiler",
   "index_anchor": "munich-re-münchener-rückversicherungs-gesellschaft-ag-hsb-hartford-steam-boiler",
   "primary_url": "https://www.munichre.com/hsb/en/press-and-publications/press-releases/2026/2026-03-18-introducing-ai-liability-insurance-for-small-businesses.html",
   "also": []
  },
  {
   "slug": "mosaic-insurance",
   "name": "Mosaic Insurance",
   "aliases": [
    "Mosaic",
    "Mosaic x aiSure"
   ],
   "status": "private",
   "ticker": "",
   "exchange": "",
   "country": "US",
   "cap": "no valuation disclosed; initial capitalisation $185M at launch (Feb 2021)",
   "role": "Lloyd's-backed insurer, first parametric AI performance cover with Munich Re",
   "sector_file": "07-finance-ratings-insurance.md",
   "sector_anchor": "mosaic-insurance",
   "index_anchor": "mosaic-insurance",
   "primary_url": "https://www.mosaicinsurance.com/resources/press-releases/~/mosaic-partners-with-munich-res-aisure-to-provide-pioneering-coverage-for-ai-vendors/",
   "also": []
  },
  {
   "slug": "koop-technologies",
   "name": "Koop Technologies",
   "aliases": [
    "Koop"
   ],
   "status": "private",
   "ticker": "",
   "exchange": "",
   "country": "US",
   "cap": "no valuation disclosed; total disclosed funding ~$5.7M ($2.5M seed 2021 + ~$3.2M round 2023)",
   "role": "robotics/AV insurtech underwriting off live telemetry API",
   "sector_file": "07-finance-ratings-insurance.md",
   "sector_anchor": "koop-technologies",
   "index_anchor": "koop-technologies",
   "primary_url": "https://www.koop.ai/blog/api-underwriting-a-perfect-solution-for-avs-robotics-insurance",
   "also": []
  },
  {
   "slug": "john-deere-financial-john-deere-capital-corporation-deere-company",
   "name": "John Deere Financial (John Deere Capital Corporation) / Deere & Company",
   "aliases": [
    "John Deere Financial",
    "JDCC",
    "Deere"
   ],
   "status": "subsidiary",
   "ticker": "DE",
   "exchange": "NYSE",
   "country": "US",
   "cap": "JDCC has no separate market value; parent Deere & Company ~$157.0B mkt cap at $581.55/share (2026-07-14)",
   "role": "OEM captive financing its own machines, warning case",
   "sector_file": "07-finance-ratings-insurance.md",
   "sector_anchor": "john-deere-financial-john-deere-capital-corporation-deere-company",
   "index_anchor": "john-deere-financial-john-deere-capital-corporation-deere-company",
   "primary_url": "https://www.sec.gov/Archives/edgar/data/27673/000110465925122363/jdcc-20251102x10k.htm",
   "also": []
  },
  {
   "slug": "gm-financial-general-motors-financial-company-inc-general-motors",
   "name": "GM Financial (General Motors Financial Company, Inc.) / General Motors",
   "aliases": [
    "GM Financial",
    "GMAC",
    "AmeriCredit",
    "General Motors"
   ],
   "status": "subsidiary",
   "ticker": "GM",
   "exchange": "NYSE",
   "country": "US",
   "cap": "GM Financial has no separate market value; parent General Motors ~$68.7B mkt cap at $76.20/share (2026-07-14)",
   "role": "archetypal captive finance arm, GMAC historical model",
   "sector_file": "07-finance-ratings-insurance.md",
   "sector_anchor": "gm-financial-general-motors-financial-company-inc-general-motors",
   "index_anchor": "gm-financial-general-motors-financial-company-inc-general-motors",
   "primary_url": "https://investor.gm.com/static-files/c27abf05-1b86-44f3-b45a-af191996f928",
   "also": []
  },
  {
   "slug": "the-progressive-corporation",
   "name": "The Progressive Corporation",
   "aliases": [
    "Progressive",
    "Snapshot",
    "Smart Haul"
   ],
   "status": "public",
   "ticker": "PGR",
   "exchange": "NYSE",
   "country": "US",
   "cap": "~$132.7B mkt cap at $227.12/share (2026-07-14)",
   "role": "telematics-underwriting precedent for robot telemetry pricing",
   "sector_file": "07-finance-ratings-insurance.md",
   "sector_anchor": "the-progressive-corporation",
   "index_anchor": "the-progressive-corporation",
   "primary_url": "https://www.progressive.com/auto/discounts/snapshot/snapshot-details/",
   "also": []
  },
  {
   "slug": "framework-ventures",
   "name": "Framework Ventures",
   "aliases": [
    "Framework"
   ],
   "status": "private",
   "ticker": "",
   "exchange": "",
   "country": "US",
   "cap": "no valuation; fourth fund FVIV closed oversubscribed at $400M (~26 Jun 2026), ~half deployed",
   "role": "crypto-native VC positioning tokenization as robotics financing layer",
   "sector_file": "07-finance-ratings-insurance.md",
   "sector_anchor": "framework-ventures",
   "index_anchor": "framework-ventures",
   "primary_url": "https://www.coindesk.com/business/2026/06/28/crypto-s-next-frontier-isn-t-crypto-it-s-financing-ai-and-robotics-framework-s-anderson-says",
   "also": []
  },
  {
   "slug": "robonnement",
   "name": "Robonnement",
   "aliases": [],
   "status": "private",
   "ticker": "",
   "exchange": "",
   "country": "Switzerland",
   "cap": "no equity valuation disclosed; €15M asset-based financing closed Dec 2024",
   "role": "closest existing thing to a robot-collateralized financing (RaaS)",
   "sector_file": "07-finance-ratings-insurance.md",
   "sector_anchor": "robonnement",
   "index_anchor": "robonnement",
   "primary_url": "https://www.robonnement.com/newsroom/robonnement-secures-eur15-million-to-scale-europes-first-open-robotics-as-a-service-platform",
   "also": []
  },
  {
   "slug": "ul-solutions",
   "name": "UL Solutions",
   "aliases": [
    "UL"
   ],
   "status": "public",
   "ticker": "ULS",
   "exchange": "NYSE",
   "country": "US",
   "cap": "$17.74B as of 2026-07-14",
   "role": "listed safety-certification incumbent, Halos cert body",
   "sector_file": "08-standards-forecasters.md",
   "sector_anchor": "ul-solutions",
   "index_anchor": "ul-solutions",
   "primary_url": "https://ir.ul.com/news/news-details/2026/UL-Solutions-Inc--Reports-Strong-Fourth-Quarter-and-Full-Year-2025-Results-Announces-2026-Growth-Outlook-and-Increases-Quarterly-Dividend/default.aspx",
   "also": []
  },
  {
   "slug": "tuv-sud",
   "name": "TÜV SÜD",
   "aliases": [],
   "status": "private",
   "ticker": "",
   "exchange": "",
   "country": "Germany",
   "cap": "No market cap (foundation/association-owned); FY2025 revenue ~€3.6B",
   "role": "European certification-model comp, Halos cert body",
   "sector_file": "08-standards-forecasters.md",
   "sector_anchor": "tüv-süd",
   "index_anchor": "tüv-süd",
   "primary_url": "https://www.tuvsud.com/-/jssmedia/project/tuvsud/pdf-files/press-releases/2026/may/075_k_annual-results-25fin_e.pdf",
   "also": []
  },
  {
   "slug": "tuv-rheinland",
   "name": "TÜV Rheinland",
   "aliases": [],
   "status": "private",
   "ticker": "",
   "exchange": "",
   "country": "Germany",
   "cap": "No market cap (association-owned); FY2025 revenue €2.98B",
   "role": "second German TIC comp, Halos cert body",
   "sector_file": "08-standards-forecasters.md",
   "sector_anchor": "tüv-rheinland",
   "index_anchor": "tüv-rheinland",
   "primary_url": "https://www.tuv.com/press/en/press-releases/tuev-rheinland-results-2025.html",
   "also": []
  },
  {
   "slug": "sgs",
   "name": "SGS",
   "aliases": [
    "SGSOY"
   ],
   "status": "public",
   "ticker": "SGSN",
   "exchange": "SIX Swiss Exchange",
   "country": "Switzerland",
   "cap": "CHF 18.83B as of 2026-07-14",
   "role": "largest TIC group; issued first ISO/IEC 5259-3 AI data cert",
   "sector_file": "08-standards-forecasters.md",
   "sector_anchor": "sgs",
   "index_anchor": "sgs",
   "primary_url": "https://www.sgs.com/en/news/2025/11/sgs-presents-worlds-first-iso-iec-5259-3-certification-for-ai-data-quality-management",
   "also": []
  },
  {
   "slug": "bureau-veritas",
   "name": "Bureau Veritas",
   "aliases": [],
   "status": "public",
   "ticker": "BVI",
   "exchange": "Euronext Paris",
   "country": "France",
   "cap": "€12.18B as of 2026-07-14",
   "role": "French TIC major sizing the industry alongside SGS",
   "sector_file": "08-standards-forecasters.md",
   "sector_anchor": "bureau-veritas",
   "index_anchor": "bureau-veritas",
   "primary_url": "https://group.bureauveritas.com/newsroom/sector-leading-organic-revenue-growth-65-fy-2025-strong-margin-improvement-163-fy",
   "also": []
  },
  {
   "slug": "intertek",
   "name": "Intertek",
   "aliases": [],
   "status": "public",
   "ticker": "ITRK",
   "exchange": "LSE",
   "country": "UK",
   "cap": "£8.92B as of 2026-07-14",
   "role": "UK TIC major, EU Machinery Regulation notified-body source",
   "sector_file": "08-standards-forecasters.md",
   "sector_anchor": "intertek",
   "index_anchor": "intertek",
   "primary_url": "https://www.intertek.com/siteassets/investors/2026/intertek-2025-full-year-results-announcement.pdf",
   "also": []
  },
  {
   "slug": "ets-educational-testing-service",
   "name": "ETS (Educational Testing Service)",
   "aliases": [
    "ETS"
   ],
   "status": "nonprofit",
   "ticker": "",
   "exchange": "",
   "country": "US",
   "cap": "No market cap (nonprofit); total assets $1.71B (FY ending Sept 2024)",
   "role": "nonprofit exam owner; GRE/TOEFL/TOEIC/Praxis precedent",
   "sector_file": "08-standards-forecasters.md",
   "sector_anchor": "ets-educational-testing-service",
   "index_anchor": "ets-educational-testing-service",
   "primary_url": "https://projects.propublica.org/nonprofits/organizations/210634479",
   "also": []
  },
  {
   "slug": "nist-national-institute-of-standards-and-technology",
   "name": "NIST (National Institute of Standards and Technology)",
   "aliases": [
    "NIST"
   ],
   "status": "state-institution",
   "ticker": "",
   "exchange": "",
   "country": "US",
   "cap": "Not applicable (federal agency); FY2025 appropriation ~$1.535B",
   "role": "US metrology agency staking humanoid benchmark seat",
   "sector_file": "08-standards-forecasters.md",
   "sector_anchor": "nist-national-institute-of-standards-and-technology",
   "index_anchor": "nist-national-institute-of-standards-and-technology",
   "primary_url": "https://www.nist.gov/el/intelligent-systems-division-73500/humanoid-robot-baseline-performance-benchmark",
   "also": []
  },
  {
   "slug": "ifr-international-federation-of-robotics",
   "name": "IFR (International Federation of Robotics)",
   "aliases": [
    "IFR",
    "World Robotics"
   ],
   "status": "nonprofit",
   "ticker": "",
   "exchange": "",
   "country": "Germany",
   "cap": "Not applicable (nonprofit trade association); no disclosed valuation",
   "role": "industrial-robot installed-base statistics body",
   "sector_file": "08-standards-forecasters.md",
   "sector_anchor": "ifr-international-federation-of-robotics",
   "index_anchor": "ifr-international-federation-of-robotics",
   "primary_url": "https://ifr.org/ifr-press-releases/news/global-robot-demand-in-factories-doubles-over-10-years",
   "also": []
  },
  {
   "slug": "iso-tc-299-robotics",
   "name": "ISO/TC 299 (Robotics)",
   "aliases": [
    "ISO/TC 299",
    "WG 16"
   ],
   "status": "nonprofit",
   "ticker": "",
   "exchange": "",
   "country": "Sweden",
   "cap": "Not applicable (ISO committee); 34 published standards, 23 under development (2026)",
   "role": "robot-standards committee; absence confirmation of a robot-hour unit",
   "sector_file": "08-standards-forecasters.md",
   "sector_anchor": "isotc-299-robotics",
   "index_anchor": "isotc-299-robotics",
   "primary_url": "https://www.iso.org/committee/5915511.html",
   "also": []
  },
  {
   "slug": "astm-committee-f45-robotics-automation-and-autonomous-systems",
   "name": "ASTM Committee F45 (Robotics, Automation and Autonomous Systems)",
   "aliases": [
    "ASTM F45",
    "F45"
   ],
   "status": "nonprofit",
   "ticker": "",
   "exchange": "",
   "country": "US",
   "cap": "Not applicable (nonprofit standards developer)",
   "role": "US robotics standards committee; second absence confirmation",
   "sector_file": "08-standards-forecasters.md",
   "sector_anchor": "astm-committee-f45-robotics-automation-and-autonomous-systems",
   "index_anchor": "astm-committee-f45-robotics-automation-and-autonomous-systems",
   "primary_url": "https://www.astm.org/COMMIT/SCOPES/F45.htm",
   "also": []
  },
  {
   "slug": "ieee-ras-robotics-and-automation-society",
   "name": "IEEE RAS (Robotics and Automation Society)",
   "aliases": [
    "IEEE RAS"
   ],
   "status": "nonprofit",
   "ticker": "",
   "exchange": "",
   "country": "US",
   "cap": "Not applicable (nonprofit professional society)",
   "role": "IEEE robotics standards sponsor; third absence confirmation",
   "sector_file": "08-standards-forecasters.md",
   "sector_anchor": "ieee-ras-robotics-and-automation-society",
   "index_anchor": "ieee-ras-robotics-and-automation-society",
   "primary_url": "https://www.ieee-ras.org/about-ras/governance/industrial-activities-board/standards-activities",
   "also": []
  },
  {
   "slug": "china-miit-cesi-miittc08",
   "name": "China MIIT / CESI (MIIT/TC08 — National Technical Committee on Humanoid Robots and Embodied Intelligence)",
   "aliases": [
    "MIIT/TC08",
    "CESI",
    "China Electronics Standardization Institute"
   ],
   "status": "state-institution",
   "ticker": "",
   "exchange": "",
   "country": "China",
   "cap": "Not applicable (ministry/state institute); 120+ participating institutes",
   "role": "Chinese state body defining humanoid/embodied-AI standards first",
   "sector_file": "08-standards-forecasters.md",
   "sector_anchor": "china-miit-cesi-miittc08-national-technical-committee-on-humanoid-robots-and-embodied-intelligence",
   "index_anchor": "china-miit-cesi-miittc08-national-technical-committee-on-humanoid-robots-and-embodied-intelligence",
   "primary_url": "https://sesec.eu/2026/04/01/chinas-first-standards-system-for-humanoid-robots-and-embodied-intelligence/",
   "also": []
  },
  {
   "slug": "a2la-and-anab",
   "name": "A2LA and ANAB (the accreditation bodies — and the accreditation cost)",
   "aliases": [
    "A2LA",
    "ANAB"
   ],
   "status": "nonprofit",
   "ticker": "",
   "exchange": "",
   "country": "US",
   "cap": "Not applicable to either (nonprofit accreditation bodies); no disclosed valuation",
   "role": "US accreditation gatekeepers for ISO/IEC 17020 and 17025",
   "sector_file": "08-standards-forecasters.md",
   "sector_anchor": "a2la-and-anab-the-accreditation-bodies-and-the-accreditation-cost",
   "index_anchor": "a2la-and-anab-the-accreditation-bodies-and-the-accreditation-cost",
   "primary_url": "https://a2la.org/estimate-request/",
   "also": []
  },
  {
   "slug": "pci-security-standards-council",
   "name": "PCI Security Standards Council",
   "aliases": [
    "PCI SSC",
    "PCI DSS"
   ],
   "status": "private",
   "ticker": "",
   "exchange": "",
   "country": "US",
   "cap": "No market cap; industry body owned jointly by five card brands",
   "role": "private spec (Visa CISP) that became mandatory industry standard",
   "sector_file": "08-standards-forecasters.md",
   "sector_anchor": "pci-security-standards-council",
   "index_anchor": "pci-security-standards-council",
   "primary_url": "https://www.pcisecuritystandards.org/",
   "also": []
  },
  {
   "slug": "robocurve",
   "name": "Robocurve",
   "aliases": [],
   "status": "private",
   "ticker": "",
   "exchange": "",
   "country": "US",
   "cap": "No valuation disclosed; YC S26 standard deal only ($125k+$375k SAFEs)",
   "role": "first-mover startup on the private robot-eval seat",
   "sector_file": "08-standards-forecasters.md",
   "sector_anchor": "robocurve",
   "index_anchor": "robocurve",
   "primary_url": "https://www.ycombinator.com/companies/robocurve",
   "also": []
  },
  {
   "slug": "morgan-stanley",
   "name": "Morgan Stanley",
   "aliases": [
    "MS Research",
    "Global Humanoid Model"
   ],
   "status": "public",
   "ticker": "MS",
   "exchange": "NYSE",
   "country": "US",
   "cap": "$358.44B as of 2026-07-14",
   "role": "most-cited forecaster; Humanoid 100 map and 2050 fleet figure",
   "sector_file": "08-standards-forecasters.md",
   "sector_anchor": "morgan-stanley",
   "index_anchor": "morgan-stanley",
   "primary_url": "https://www.morganstanley.com/insights/articles/humanoid-robot-market-5-trillion-by-2050",
   "also": []
  },
  {
   "slug": "bank-of-america-bofa-global-research-bofa-institute",
   "name": "Bank of America (BofA Global Research / BofA Institute)",
   "aliases": [
    "BofA",
    "BofA Global Research",
    "BofA Institute"
   ],
   "status": "public",
   "ticker": "BAC",
   "exchange": "NYSE",
   "country": "US",
   "cap": "$427.04B as of 2026-07-14",
   "role": "source of 1.2M-by-2030 shipment forecast and BoM cost curve",
   "sector_file": "08-standards-forecasters.md",
   "sector_anchor": "bank-of-america-bofa-global-research-bofa-institute",
   "index_anchor": "bank-of-america-bofa-global-research-bofa-institute",
   "primary_url": "https://institute.bankofamerica.com/content/dam/transformation/physical-ai-part-2.pdf",
   "also": []
  },
  {
   "slug": "idtechex",
   "name": "IDTechEx",
   "aliases": [],
   "status": "private",
   "ticker": "",
   "exchange": "",
   "country": "UK",
   "cap": "No valuation disclosed; privately held, self-funded research publisher",
   "role": "bottom-end forecaster; $29.5B realizable market by 2036",
   "sector_file": "08-standards-forecasters.md",
   "sector_anchor": "idtechex",
   "index_anchor": "idtechex",
   "primary_url": "https://www.idtechex.com/en/research-article/humanoid-robots-to-reach-nearly-us-30-billion-by-2036/34443",
   "also": []
  },
  {
   "slug": "ark-invest",
   "name": "ARK Invest",
   "aliases": [
    "ARK Investment Management"
   ],
   "status": "private",
   "ticker": "",
   "exchange": "",
   "country": "US",
   "cap": "No corporate valuation disclosed; AUM in the tens of billions across ETFs",
   "role": "top-end forecaster; ~$24T full-substitution TAM",
   "sector_file": "08-standards-forecasters.md",
   "sector_anchor": "ark-invest",
   "index_anchor": "ark-invest",
   "primary_url": "https://www.ark-invest.com/articles/analyst-research/how-ark-is-thinking-about-humanoid-robotics",
   "also": []
  },
  {
   "slug": "mckinsey-company",
   "name": "McKinsey & Company",
   "aliases": [
    "McKinsey"
   ],
   "status": "private",
   "ticker": "",
   "exchange": "",
   "country": "US",
   "cap": "No market cap (partnership); ~$16B revenue reported for 2023 (unaudited)",
   "role": "source of the 40-60% actuator share of humanoid BoM",
   "sector_file": "08-standards-forecasters.md",
   "sector_anchor": "mckinsey-company",
   "index_anchor": "mckinsey-company",
   "primary_url": "https://www.mckinsey.com/industries/industrials/our-insights/turning-humanoid-supply-chain-constraints-into-billion-dollar-wins",
   "also": []
  },
  {
   "slug": "trendforce",
   "name": "TrendForce",
   "aliases": [],
   "status": "private",
   "ticker": "",
   "exchange": "",
   "country": "Taiwan",
   "cap": "No valuation disclosed; privately held Taiwanese research firm",
   "role": "bear-anchor forecaster; 50,000-unit 2026 shipment estimate",
   "sector_file": "08-standards-forecasters.md",
   "sector_anchor": "trendforce",
   "index_anchor": "trendforce",
   "primary_url": "https://www.trendforce.com/presscenter/news/20251209-12825.html",
   "also": []
  },
  {
   "slug": "grand-view-research",
   "name": "Grand View Research",
   "aliases": [],
   "status": "private",
   "ticker": "",
   "exchange": "",
   "country": "US",
   "cap": "No valuation disclosed; no announced funding rounds",
   "role": "outside-anchor sizer of the data collection/labeling market",
   "sector_file": "08-standards-forecasters.md",
   "sector_anchor": "grand-view-research",
   "index_anchor": "grand-view-research",
   "primary_url": "https://www.grandviewresearch.com/industry-analysis/data-collection-labeling-market",
   "also": []
  },
  {
   "slug": "sequoia-capital",
   "name": "Sequoia Capital",
   "aliases": [],
   "status": "private",
   "ticker": "",
   "exchange": "",
   "country": "US",
   "cap": "No corporate valuation; VC partnership managing tens of billions across funds",
   "role": "source of \"AI's $600B Question\" capex-to-revenue gap thesis",
   "sector_file": "08-standards-forecasters.md",
   "sector_anchor": "sequoia-capital",
   "index_anchor": "sequoia-capital",
   "primary_url": "https://sequoiacap.com/article/ais-600b-question/",
   "also": []
  },
  {
   "slug": "interact-analysis",
   "name": "Interact Analysis",
   "aliases": [],
   "status": "private",
   "ticker": "",
   "exchange": "",
   "country": "UK",
   "cap": "No valuation disclosed; no funding rounds announced",
   "role": "China data-center count source and sober independent forecaster",
   "sector_file": "08-standards-forecasters.md",
   "sector_anchor": "interact-analysis",
   "index_anchor": "interact-analysis",
   "primary_url": "https://interactanalysis.com/humanoid-robot-revenue/",
   "also": []
  },
  {
   "slug": "worldcom",
   "name": "WorldCom",
   "aliases": [
    "MCI"
   ],
   "status": "historical",
   "ticker": "",
   "exchange": "",
   "country": "US",
   "cap": "Zero (equity wiped out in bankruptcy); $103.9B in assets at July 2002 filing",
   "role": "telecom-bankruptcy precedent for financing collapse",
   "sector_file": "08-standards-forecasters.md",
   "sector_anchor": "worldcom",
   "index_anchor": "worldcom",
   "primary_url": "https://www.everycrsreport.com/reports/RS21253.html",
   "also": []
  },
  {
   "slug": "global-crossing",
   "name": "Global Crossing",
   "aliases": [],
   "status": "historical",
   "ticker": "",
   "exchange": "",
   "country": "US",
   "cap": "Zero at emergence; $22.4B assets vs $12.4B debt at Jan 2002 filing",
   "role": "fibre-buildout bankruptcy precedent; infrastructure outlived financiers",
   "sector_file": "08-standards-forecasters.md",
   "sector_anchor": "global-crossing",
   "index_anchor": "global-crossing",
   "primary_url": "https://www.cnn.com/2002/BUSINESS/01/28/globalcrossing/index.html",
   "also": []
  },
  {
   "slug": "lucent-technologies",
   "name": "Lucent Technologies",
   "aliases": [],
   "status": "historical",
   "ticker": "",
   "exchange": "",
   "country": "US",
   "cap": "Peak ~$285B (Dec 1999); fell to ~$11B by the 2006 Alcatel merger",
   "role": "vendor-financing precedent, lent customers money to buy its gear",
   "sector_file": "08-standards-forecasters.md",
   "sector_anchor": "lucent-technologies",
   "index_anchor": "lucent-technologies",
   "primary_url": "https://www.sec.gov/Archives/edgar/data/0001006240/000092779601500106/press.htm",
   "also": []
  },
  {
   "slug": "nortel-networks",
   "name": "Nortel Networks",
   "aliases": [
    "Nortel"
   ],
   "status": "historical",
   "ticker": "",
   "exchange": "",
   "country": "Canada",
   "cap": "Zero (liquidated); peak >1/3 of total TSX valuation (2000)",
   "role": "vendor-financing precedent; absorbed customers' credit risk",
   "sector_file": "08-standards-forecasters.md",
   "sector_anchor": "nortel-networks",
   "index_anchor": "nortel-networks",
   "primary_url": "https://en.wikipedia.org/wiki/Nortel",
   "also": []
  },
  {
   "slug": "toshiba-machine-toshiba-kongsberg-scandal-1987",
   "name": "Toshiba Machine (Toshiba–Kongsberg scandal, 1987)",
   "aliases": [
    "Toshiba-Kongsberg scandal",
    "Shibaura Machine"
   ],
   "status": "historical",
   "ticker": "",
   "exchange": "",
   "country": "Japan",
   "cap": "Not meaningful for the 1987 entity; successor Shibaura Machine (TSE: 6104) is a listed mid-cap",
   "role": "export-control precedent for machine-tool chokepoints",
   "sector_file": "08-standards-forecasters.md",
   "sector_anchor": "toshiba-machine-toshibakongsberg-scandal-1987",
   "index_anchor": "toshiba-machine-toshibakongsberg-scandal-1987",
   "primary_url": "https://en.wikipedia.org/wiki/Toshiba%E2%80%93Kongsberg_scandal",
   "also": []
  },
  {
   "slug": "kongsberg",
   "name": "Kongsberg",
   "aliases": [
    "Kongsberg Vaapenfabrikk",
    "Kongsberg Gruppen"
   ],
   "status": "historical",
   "ticker": "",
   "exchange": "",
   "country": "Norway",
   "cap": "1987 entity dissolved with no surviving market value; successor Kongsberg Gruppen trades as OSE: KOG",
   "role": "Norwegian control-software half of the 1987 export-control precedent",
   "sector_file": "08-standards-forecasters.md",
   "sector_anchor": "kongsberg",
   "index_anchor": "kongsberg",
   "primary_url": "https://www.kongsberg.com/investor-relations/",
   "also": []
  },
  {
   "slug": "underwriters-laboratories-the-1894-founding",
   "name": "Underwriters Laboratories (the 1894 founding)",
   "aliases": [
    "UL",
    "UL 1894"
   ],
   "status": "historical",
   "ticker": "",
   "exchange": "",
   "country": "US",
   "cap": "1894 lab had $350 of equipment; commercial descendant UL Solutions is $17.74B as of 2026-07-14",
   "role": "founding precedent: insurer-demanded neutral testing",
   "sector_file": "08-standards-forecasters.md",
   "sector_anchor": "underwriters-laboratories-the-1894-founding",
   "index_anchor": "underwriters-laboratories-the-1894-founding",
   "primary_url": "https://ul.org/about/our-history/",
   "also": []
  },
  {
   "slug": "retail-credit-company-equifax",
   "name": "Retail Credit Company → Equifax",
   "aliases": [
    "Equifax",
    "Retail Credit Company"
   ],
   "status": "public",
   "ticker": "EFX",
   "exchange": "NYSE",
   "country": "US",
   "cap": "$20.0B as of 2026-07-14",
   "role": "credit-bureau precedent for whoever accumulates the record first",
   "sector_file": "08-standards-forecasters.md",
   "sector_anchor": "retail-credit-company-equifax",
   "index_anchor": "retail-credit-company-equifax",
   "primary_url": "https://investor.equifax.com/news-events/press-releases/detail/1391/equifax-delivers-fourth-quarter-2025-revenue-growth-of-9",
   "also": []
  },
  {
   "slug": "equitable-life-society-for-equitable-assurances-on-lives-and-survivorships-1762",
   "name": "Equitable Life (Society for Equitable Assurances on Lives and Survivorships, 1762)",
   "aliases": [
    "Society for Equitable Assurances on Lives and Survivorships",
    "Equitable Life Assurance Society"
   ],
   "status": "historical",
   "ticker": "",
   "exchange": "",
   "country": "UK",
   "cap": "Not applicable (mutual society, never listed); closed to new business 2000, book sold to Utmost 2019/2020",
   "role": "oldest precedent: mortality data turned gambling into priced insurance",
   "sector_file": "08-standards-forecasters.md",
   "sector_anchor": "equitable-life-society-for-equitable-assurances-on-lives-and-survivorships-1762",
   "index_anchor": "equitable-life-society-for-equitable-assurances-on-lives-and-survivorships-1762",
   "primary_url": "https://en.wikipedia.org/wiki/The_Equitable_Life_Assurance_Society",
   "also": []
  }
 ]
}