Four public proxies stand in when no private filing exists — and each proves only what its own scope states

Asked (summary)For private companies, divisions inside listed groups, state-owned companies, and pre-revenue developers: what public proxies exist that do not claim a private filing, what is the limit of each proxy (one example per type), and what can each never prove about cost, customers, suppliers, or revenue share?

Four rows cover the four requested company types, one example proxy each — SpaceX, AWS inside Amazon, Eskom, and TerraPower Natrium — drawn from four independent public hosts (one record per host, no host backing more than 25% of rows). The scan is illustrative, not exhaustive: exactly one example proxy was selected per type. Records span November 2018 to May 2026; amounts are as stated in each record.

Private company

SpaceX

Government contract / award record

Public recordNASA awarded SpaceX a firm-fixed-price contract, known as Appendix H, Option A, for the Human Landing System (HLS) program

Observed measureapproximately $3 billion (potential value, USD)

Stated scopeFurther development and demonstration of SpaceX’s lunar lander (Starship) for the Artemis III mission, including an uncrewed demonstration mission to the lunar surface prior to the crewed Artemis III mission

Can supportCounterparty, stated scope, contract form, award date, and stated ceiling or potential value

Limit of the proxyCeilings, options, obligations, payments, company cost, and recognized revenue are different measures

Can never prove — costActual internal delivery cost or margin

Can never prove — customersThe complete customer roster or customer concentration

Can never prove — suppliersThe complete supplier list, purchase terms, or supplier dependence

Can never prove — revenue shareWhat share of company revenue the award represents

Source · 2021-07oig.nasa.gov

Division inside listed group

Amazon Web Services (Amazon)

Public parent segment reporting

Public recordReported segment net sales and operating income

Observed measureNet sales: $30.9 billion; operating income: $10.2 billion

Stated scope—

Can supportThe parent's reported segment sales and segment operating income for the defined period and accounting perimeter

Limit of the proxyAggregated at reportable-segment level; shaped by the parent's allocation and segment-accounting policies. It does not turn the division into a separately filing entity

Can never prove — costLegal-entity, product, contract, or customer-level cost and margin

Can never prove — customersA complete customer roster, retention, or concentration not separately disclosed

Can never prove — suppliersSupplier identities, terms, or dependence

Can never prove — revenue shareRevenue share of a product, named customer, contract, or sub-division within the segment

Source · second quarter ended June 30, 2025sec.gov

State-owned company

Eskom

Government guarantee / fiscal exposure disclosure

Public recordFinal forensic investigation report commissioned by National Treasury (Fundudzi Forensic Services) into allegations at Eskom

Observed measureEskom suffered a loss because it paid R19.68 per gigajoule for six months and later offered R15,50 per gigajoule for the same coal, and the SBTC approved a prepayment of R659 558 079.00 to Tegeta before Tegeta's shareholders took their resolution

Stated scopeThe mandate was limited to compliance investigations at Transnet and Eskom, the report is privileged and confidential and prepared solely for National Treasury, and it is based only on documentation provided and consultations conducted to date, with the right reserved to amend findings if further documentation becomes available

Can supportThe particular transaction, guarantee exposure, control finding, or oversight conclusion within its stated mandate

Limit of the proxyMandate, documents reviewed, period, and the investigated allegation bound the result; fiscal exposure is not operating cost, and one investigated deal is not the full supplier book

Can never prove — costThe company's full cost base or unit economics

Can never prove — customersAll customers or customer profitability

Can never prove — suppliersAll suppliers, terms, or concentration

Can never prove — revenue shareRevenue share by customer, product, geography, or market

Source · NOVEMBER 2018ocpo.treasury.gov.za

Pre-revenue developer

TerraPower Natrium

Regulatory permit / licensing milestone

Public recordreview

Observed measureNo cost, customer, or revenue amount stated

Stated scopesite characterization and survey work (pre-construction environmental review stage for the Natrium demonstration project and fuel fabrication facility)

Can supportSite, technology, procedural stage, regulator action, and sometimes an authorized funding envelope

Limit of the proxyApproval or review shows project progression, not technical completion, commercial operation, or economic viability

Can never prove — costFinal construction or operating cost

Can never prove — customersBinding demand, paying customers, or collections

Can never prove — suppliersExecuted supplier awards, prices, capacity, or delivery performance

Can never prove — revenue shareFuture revenue share — a pre-revenue milestone establishes no realized revenue at all

Source · 2026-05-29energy.gov

Bright-line rule: a public proxy establishes only what its own scope states — a bounded event, an accounting segment, an oversight finding, or a development milestone. Inference must stop at that boundary. And “not disclosed” is analytically different from “cannot be inferred”: absence of a disclosure is not evidence either way.

Safe wording vs unsafe wording

Safe — names the record and its scope

“NASA’s public award record states…”
“Amazon reports AWS as a segment…”
“National Treasury’s scoped investigation found…”
“DOE/NRC records show the project reached…”

Unsafe — claims what the record cannot carry

“The private filing shows…”
“This is the company’s revenue.”
“These are all customers / suppliers.”
“The permit proves future economics.”

Findings

NASA's HLS Appendix H Option A award to SpaceX (July 2021) carries a stated potential value of about $3 billion — a ceiling on one contract, not SpaceX revenue, cost, or any share of its business. oig.nasa.gov

Amazon reported AWS segment net sales of $30.9 billion and operating income of $10.2 billion for the quarter ended June 30, 2025 — a parent-defined accounting perimeter, not legal-entity or product-level accounts. sec.gov

National Treasury's forensic report (November 2018) found Eskom paid R19.68/GJ for coal later offered at R15.50/GJ and approved a R659,558,079 prepayment to Tegeta — findings bounded to the investigated transactions, not the whole company. ocpo.treasury.gov.za

DOE's categorical-exclusion determination for TerraPower Natrium (May 2026) covers pre-construction site characterization and survey work; it states no cost, customer, or revenue amount and establishes no realized revenue. energy.gov

The four records

Company type	Example	Proxy class	Observed public measure	Period / date	Source
Private company	SpaceX	Government contract / award record	approximately $3 billion (potential value, USD)	2021-07	oig.nasa.gov
Division inside listed group	Amazon Web Services (Amazon)	Public parent segment reporting	Net sales: $30.9 billion; operating income: $10.2 billion	second quarter ended June 30, 2025	sec.gov
State-owned company	Eskom	Government guarantee / fiscal exposure disclosure	Eskom suffered a loss because it paid R19.68 per gigajoule for six months and later offered R15,50 per gigajoule for the same coal, and the SBTC approved a prepayment of R659 558 079.00 to Tegeta before Tegeta's shareholders took their resolution	NOVEMBER 2018	ocpo.treasury.gov.za
Pre-revenue developer	TerraPower Natrium	Regulatory permit / licensing milestone	No cost, customer, or revenue amount stated	2026-05-29	energy.gov

Method: 4 public records, one example proxy per requested company type (private, listed-group division, state-owned, pre-revenue developer), drawn from 4 independent hosts with at most 1 row per URL (largest single-URL share 25%). Each measure is quoted as stated in its record — contract potential value, reported segment results, forensic finding amounts, or a regulatory milestone — and none is a private filing. Records dated November 2018 to May 2026. Scan is illustrative, not exhaustive; long scope text abridged in the matrix for space.

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