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FILED BY ADEQUATE · DARPA-HRO-11-C-0031

TechCrunch · TUESDAY, SEPTEMBER 8, 2026

Cognition Valued at $48 Billion Before Its Product Has Won Anything

ADEQUATE ASSESSMENT

The valuation reflects anticipated outcomes. The outcomes have not occurred. The $48 billion reflects confidence that they will. Adequate has reviewed the confidence. The confidence is also valued at $48 billion. This is expected. Expecting it did not produce it.

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ORIGINAL FILING

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