Vector Acquisition Corp
VACQ · Nasdaq · formerly Rocket Lab USA, Inc.
NO ACTION REQUIRED
Nothing left to do
The purchase completed and the shares became shares in the company it bought. There is no deadline left to miss.
Cash at settlement
No cash-per-share figure was filed for this vehicle before it finished.
Last close
Daily close
No price history on file yet — daily closes accumulate from the market data feed.
Trust settled · There is no line to draw here. This vehicle has finished: the cash was paid back or spent closing the deal, so the last filed figure describes an account that no longer exists and would be a floor under nothing.
SpacBrain’s read
Trust settled
The deal closed — SPAC shares became the target's shares, so there is no trust left to redeem (nobody missed a window; holders who wanted cash elected it at the vote).
In plain terms
- What it is
- A SPAC from Vector Acquisition Partners, L.P., listed on Nasdaq in September 2020.
- What it's doing now
- It agreed to buy Rocket Lab Corp. That purchase completed, and it stopped being a SPAC — the shares became shares in the business it bought.
- What you should know
- This SPAC has finished. The purchase completed, and the shares became shares in the company it bought — anyone who wanted the cash instead asked for it at the vote, so there is no cash left here to claim and no deadline left to miss.
At a glance
- Where it stands
- Closed (deSPAC)
- The business it bought
- Rocket Lab Corp — Lab Founded in 2006, Rocket Lab is an end-to-end space company with an established track record of mission success.
- Industry
- the deal record does not name the target's industry yet
- Deal value
- not stated in the filings we hold
- Price vs cash at settlement
- no live price on file
- Cash in trust when it settled
- not yet extracted into a snapshot — the filings below may state it
- the last trust total filed while this was still a SPAC — the account has since been paid out or used to close the deal
- IPO
- 28 September 2020
- size not on file
- Headquarters
- 3881 MCGOWEN STREET, LONG BEACH, CA, 90808
- Lead underwriter
- not extracted from the prospectus yet
- Key officers
- Spice Adam C. (Chief Financial Officer) · Beck Peter (CEO) · Kampani Arjun (SVP & General Counsel)
- Listed securities
- VACQ common
This vehicle has finished, so there is no window to file a cash-per-share figure for and none will follow. No estimate is shown in its place.
Nothing dated is on file. That is an absence in the record, not a statement that nothing is coming.
Yield to redemption
Nothing left to redeem — no yield to compute.
This SPAC has finished — its trust was paid back or used to close the deal, so there is nothing left to redeem and no yield to compute. A yield to redemption is a claim that you can hand these shares back for the trust cash. That account is closed, so this page will not print a number here.
What happened to the cash
The reasoning behind the verdict above, in the order the filings establish it.
- The deal closed — SPAC shares became the target's shares, so there is no trust left to redeem (nobody missed a window; holders who wanted cash elected it at the vote).
What has happened, and what is coming
1 dated milestoneEvery dated step from the day it listed to the next date you may have to act on. Where you have to do something, the day your broker needs the instruction is marked too.
- 28 September 2020IPOpassed
IPO size not on file
The deal
terms as filedWhat it is buying, on what terms, and how much of the combined company new shares take from you.
- closed
What Rocket Lab Corp does — read from rocketlabusa.com on 26 August 2026
Rocket Lab is an end-to-end space company delivering reliable launch services, complete spacecraft design and manufacturing, satellite components, flight software, and on-orbit management. They operate the Electron small launch vehicle and are developing the Neutron medium launch vehicle. The company provides spacecraft solutions including Photon, Pioneer, Lightning, and Explorer platforms, as well as space solar cells, star trackers, reaction wheels, separation systems, satellite radios, and flight/ground software.
Long Beach, CaliforniaSpace LaunchSpacecraft ManufacturingSatellite ComponentsFlight SoftwareOn-Orbit ManagementDeal structureSEC-primary — BCA 8-K / S-4 / DEFM14A- PIPE
- ≈ $467M · unsourced
- Break fee
- $224M
PIPE terms — instrument, coupon, conversion price and any reset floor — are not sourced for this deal. The size above is itself unsourced — a stored figure no filing we hold states — so neither the size nor the terms should be read as cited.
The score
deterministic, from filed fieldsVACQ is not in the scored universe, so no score is shown. A withheld score is a fact about the record, not a verdict about the company.
The score is only published for names that carry both a price and a filed cash-per-share figure — 292 of the tracked fleet today. The rest keep an empty dial rather than a modelled one, and fill in by themselves as the fields land.
The company
from SEC filingsRead the full profile
Vector Acquisition Corp was a blank-check company whose common stock traded on the Nasdaq Stock Market under the ticker VACQ. The company priced its initial public offering on September 28, 2020, pursuant to a registration statement on Form S-1 filed under SEC file number 333-248665, and described itself as a blank check company in its 424B4 prospectus. It was classified under SEC SIC industry code 3760 (Guided Missiles & Space Vehicles & Parts). The company completed a business combination and no longer files as a separate vehicle; Form 25 was filed on January 31, 2022, under 17 CFR 240.12d2-2(a)(3), reflecting that its securities had come to evidence other securities in substitution therefor. EDGAR now files the company's CIK, 0001819994, as Rocket Lab Corp.
Material findings
from the full read of every filingEvery document this company files gets read whole — body and exhibits. These are the ones the read flagged as material, newest first, each citing its filing.
Antitrust clearance is complete but the S-4 is not effective and the FCC has not consented, so the transaction's remaining conditions are regulatory and shareholder approval. The $3.6 billion bridge is a commitment the company intends to shrink; the Iridium facility amendment and the ATM are both stated intentions, and the lender consents have not been obtained.
This puts up to $1.94 billion of at-the-market equity capacity behind the Iridium purchase, and the forward-sale structure means shares can be borrowed and sold now with settlement deferred — the dilution is contracted before it appears in the share count. The proceeds are not ring-fenced: the agreement states on its face what happens to them if the acquisition does not close.
The collar means an Iridium holder's stock consideration is fixed at 0.4000 shares below $67.50 and 0.2400 above $112.50 and floats only between those points, so the $27.00 cash leg is the only certain part of the price. The pro formas deliberately assume the most expensive financing outcome — the bridge, not the permanent debt the company says it intends to arrange — and note that possible amendments to Iridium's existing debt could reduce it, so the pro forma interest expense is an upper case. The bridge amount as printed is ambiguous against the document's own thousands caption.
This is the 8-K that puts the combined-company pro formas on the record and fixes the assumptions a reader must adjust for: the bridge financing rather than the permanent financing the company intends to arrange, and no adjustment for possible amendments to Iridium's existing debt, which the document says are not yet determinable.
Filing the S-4 starts the SEC review that must complete before Iridium's stockholder vote, and the registration statement is expressly not yet effective, so no meeting date or record date exists. The document states plainly that the value of the merger consideration will fluctuate, because the collar fixes the exchange ratio only outside the $67.50–$112.50 band.
This is a post-SPAC acquirer (Rocket Lab, formerly VACQ) making a major strategic acquisition that transforms it into a vertically integrated space company spanning launch, satellite manufacturing, and space applications. The Iridium deal adds substantial recurring revenue and L-band spectrum assets, with closing expected mid-2027 subject to stockholder and regulatory approvals.
Show 5 more material filings
The Iridium transaction represents a transformative acquisition that will require significant financing ($3.6B bridge loan plus stock issuance), materially expanding Rocket Lab's scope beyond launch and spacecraft into satellite communications infrastructure. Share count has grown from ~544M to ~598M outstanding in six months, with up to $3.0B in additional ATM capacity available, signaling continued dilution risk alongside rapid revenue growth ($434M H1 2026 vs. $267M H1 2025).
Revenue nearly doubled year-over-year and gross margin improved to 41.5% non-GAAP, but the company remains unprofitable and is heavily reliant on ATM equity raises for its cash position. The $1.53B ATM raise signals ongoing capital-intensive growth funding rather than self-sustaining operations.
A de-SPAC company is now the acquirer in a large public-company merger, and the structure carries a tax condition worth reading closely: the deal is intended to be a tax-free reorganisation only if the stock consideration is large enough relative to the $27.00 cash, and the filing states that if those conditions are not met the second merger will not occur and the transaction will not qualify. The Rocket Lab price is the ten-day volume-weighted average ending two trading days before closing.
The largest line is priced at almost nothing: 432,000,000 shares of New Rocket Lab Common Stock at $0.22 per share, $94,755,000 in aggregate, against 40,000,000 Rocket Lab shares priced at $10.34 and 16,266,666 shares priced at the $11.50 warrant exercise price. Four further lines — 40,000,000 and 16,266,666 shares, 1,651,951 restricted stock units and 16,266,666 warrants of New Rocket Lab — carry no offering price and no fee at all in this table, so the fee total cannot be read as a measure of the transaction's size.
The largest line is priced at almost nothing: 432,000,000 shares of New Rocket Lab Common Stock are registered at $0.22 a share, $94,755,000 in aggregate, carrying $10,338 of fee, while Rocket Lab's own 40,000,000-share line is priced at $10.34 and carries $45,124. Four further lines — 40,000,000 and 16,266,666 shares, 1,651,951 restricted stock units and 16,266,666 warrants — are registered with no price and no fee at all. The share counts, not the prices, are the usable figures in this table.
Filings
live EDGAR feedEverything this company has filed with the SEC recently, newest first, each with a plain summary of what changed and why it matters.
What changed: Deloitte Touche LLP filed Exhibit 23.3 consenting to the incorporation by reference of its audit reports dated February 26, 2026, regarding Rocket Lab Corporation's financial statements and internal controls for the fiscal year ended December 31, 2025. Why it matters: This consent is a procedural requirement for the Form S-4 registration statement facilitating the merger between Vector Acquisition Corp and Rocket Lab Corp, confirming the validity of the audited financial data included in the deal documentation.
What changed: A Rule 425 communication filed by Rocket Lab Corporation (Nasdaq: RKLB) in connection with its proposed acquisition of Iridium Communications Inc. The August 13, 2026 release states that the Hart-Scott-Rodino waiting period expired at 11:59 p.m. Eastern on August 12, 2026; that Rocket Lab filed its Form S-4 registration statement with the SEC on August 13, 2026 to register the equity consideration, which is not yet effective; and that Rocket Lab and Iridium filed applications with the FCC on August 10, 2026 seeking consent to transfer control of Iridium's licences and authorizations. Why it matters: Antitrust clearance is complete but the S-4 is not effective and the FCC has not consented, so the transaction's remaining conditions are regulatory and shareholder approval. The $3.6 billion bridge is a commitment the company intends to shrink; the Iridium facility amendment and the ATM are both stated intentions, and the lender consents have not been obtained.
What changed: Rocket Lab Corporation filed as Exhibit 1.1 an equity distribution agreement dated August 13, 2026 with Deutsche Bank Securities Inc. and Wells Fargo Securities, LLC as sales agents, forward sellers and/or principals, and Deutsche Bank AG, London Branch and Wells Fargo Bank, National Association as forward purchasers, for the issuance and sale from time to time of common stock having an aggregate gross sales price not to exceed $1,944,369,826 off an automatic shelf registration statement on Form S-3. Why it matters: This puts up to $1.94 billion of at-the-market equity capacity behind the Iridium purchase, and the forward-sale structure means shares can be borrowed and sold now with settlement deferred — the dilution is contracted before it appears in the share count. The proceeds are not ring-fenced: the agreement states on its face what happens to them if the acquisition does not close.
What changed: Rocket Lab Corporation filed as a 425 the unaudited pro forma condensed combined financial information for itself and Iridium Communications Inc. It restates the terms of the June 28, 2026 merger agreement: a two-step structure in which Merger Sub I merges into Iridium and, immediately afterwards, the surviving corporation merges into Merger Sub II, with the second merger occurring only if the tax conditions for a tax-free reorganization are met. Why it matters: The collar means an Iridium holder's stock consideration is fixed at 0.4000 shares below $67.50 and 0.2400 above $112.50 and floats only between those points, so the $27.00 cash leg is the only certain part of the price. The pro formas deliberately assume the most expensive financing outcome — the bridge, not the permanent debt the company says it intends to arrange — and note that possible amendments to Iridium's existing debt could reduce it, so the pro forma interest expense is an upper case. The bridge amount as printed is ambiguous against the document's own thousands caption.
Show the other 10 filings
What changed: Rocket Lab Corporation filed as Exhibit 99.3 to a Form 8-K the unaudited pro forma condensed combined financial information for itself and Iridium Communications Inc., the same document also filed under Rule 425. Why it matters: This is the 8-K that puts the combined-company pro formas on the record and fixes the assumptions a reader must adjust for: the bridge financing rather than the permanent financing the company intends to arrange, and no adjustment for possible amendments to Iridium's existing debt, which the document says are not yet determinable.
What changed: Rocket Lab Corporation filed a Form S-4 registration statement containing a preliminary proxy statement/prospectus for Iridium Communications Inc. stockholders, marked subject to completion. Under the June 28, 2026 merger agreement each Iridium share converts into $27.00 in cash plus Rocket Lab common stock at an Exchange Ratio of 0.4000 if the Rocket Lab Stock Price is $67.50 or less, $27.00 divided by that price between $67.50 and $112.50, and 0.2400 at or above $112.50. That price is a ten-consecutive-trading-day VWAP ending on the second full trading day before the First Effective Time. Why it matters: Filing the S-4 starts the SEC review that must complete before Iridium's stockholder vote, and the registration statement is expressly not yet effective, so no meeting date or record date exists. The document states plainly that the value of the merger consideration will fluctuate, because the collar fixes the exchange ratio only outside the $67.50–$112.50 band.
What changed: Rocket Lab filed a Rule 425 transcript from its Q2 2026 earnings call discussing its pending acquisition of Iridium Communications, which brings 66 satellites, 2.5M+ subscribers, and $870M+ annual revenue; the deal is expected to close mid-2027 pending stockholder and regulatory approvals. CEO Peter Beck emphasized growth in IoT, Direct-to-Device, advanced PNT, and defense markets, and indicated Iridium is a starting point for further space applications M&A. Why it matters: This is a post-SPAC acquirer (Rocket Lab, formerly VACQ) making a major strategic acquisition that transforms it into a vertically integrated space company spanning launch, satellite manufacturing, and space applications. The Iridium deal adds substantial recurring revenue and L-band spectrum assets, with closing expected mid-2027 subject to stockholder and regulatory approvals.
What changed: Rocket Lab entered into a merger agreement to acquire Iridium Communications on June 28, 2026 for $27.00/share cash plus stock at an exchange ratio of 0.24-0.40 depending on RKLB price, with a $3.6B bridge loan committed by Deutsche Bank and Wells Fargo; closing expected in 2027. The company also completed acquisitions of Mynaric AG ($160.8M), Motiv Space Systems ($44.5M), and GEOST ($292.1M), while raising $1.53B gross via ATM equity offerings and seeing $142.3M of its $355M convertible notes converted into 27.8M shares. Why it matters: The Iridium transaction represents a transformative acquisition that will require significant financing ($3.6B bridge loan plus stock issuance), materially expanding Rocket Lab's scope beyond launch and spacecraft into satellite communications infrastructure. Share count has grown from ~544M to ~598M outstanding in six months, with up to $3.0B in additional ATM capacity available, signaling continued dilution risk alongside rapid revenue growth ($434M H1 2026 vs. $267M H1 2025).
What changed: Rocket Lab reported Q2 2026 revenue of $234.1M (up from $144.5M YoY) and a net loss of $49.3M, with cash rising to $2.13B driven by $1.53B in ATM equity offering proceeds. Adjusted EBITDA loss narrowed to $8.8M from $27.6M YoY. Why it matters: Revenue nearly doubled year-over-year and gross margin improved to 41.5% non-GAAP, but the company remains unprofitable and is heavily reliant on ATM equity raises for its cash position. The $1.53B ATM raise signals ongoing capital-intensive growth funding rather than self-sustaining operations.
The sponsor
The people who set this company up, what they have done before, and the advisers around the deal.
Vector Acquisition Partners, L.P.named as sponsor in this SPAC’s filings — but with no researched track record behind it yet.
A missing score, not a score of zero — why
A Sponsor Score is only published once the sponsor’s prior vehicles have been verified on EDGAR and their post-close outcomes priced. That record does not exist for this sponsor yet, so no number and no tier is shown. That is a missing score, not a score of zero — and not a neutral 50 either.
Coverage so far: 301 of 1284 tracked SPACs (23%) are attached to a scored sponsor. This card fills in by itself as the research lands.
The record
The reference detail — how the shares were structured at listing, how thinly they trade, and where the company is registered.
Show the reference detail
Unit structure
from 424B3 0001193125-22-299602
Trading & liquidity
Company profile
Directors & officers
- Spice Adam C.Chief Financial Officer
- Beck PeterCEO
- Kampani ArjunSVP & General Counsel
- Slusky Alexander RDirector
- Ricupati AgostinoVP Corp Controller & CAO
Institutional holders
from SC 13G/13DFunds that have declared a stake above 5%. Heavy ownership by arbitrage funds usually means heavy cash-outs at the next vote.
Show the declared stakes
11 filers with a stake on file · 0 re-affirmed in the last 12 months. A stake with no amendment since is the filer’s last word on it, not proof it is still held — and percentages filed in different years are percentages of different floats, because this vehicle’s share count collapses at every redemption.
- KHOSLA VENTURES SEED B, L.P.with 6 other reporting persons on the same schedule11.9% · SC 13D/ADec 3, 2024 stale
- Beck Peterwith 4 other reporting persons on the same schedule10.2% · SC 13D/ADec 5, 2024 stale
- Deer VIII & Co. Ltd.with 2 other reporting persons on the same schedule8.4% · SC 13D/AFeb 14, 2024 stale
- VANGUARD GROUP INCwith 1 other reporting person on the same schedule7.2% · SC 13G/ANov 12, 2024 stale
- BlueCrest Capital Management Ltdwith 1 other reporting person on the same schedule6.7% · SC 13GOct 2, 2020 stale
- BlackRock, Inc.6.0% · SC 13GNov 8, 2024 stale
- INTEGRATED CORE STRATEGIES (US) LLCwith 5 other reporting persons on the same schedule0.1% · SC 13G/AFeb 14, 2022 stale
- Future Fund Board of Guardianswith 1 other reporting person on the same schedule0.0% · SC 13G/AFeb 7, 2024 stale
- GLAZER CAPITAL, LLCwith 1 other reporting person on the same schedule0.0% · SC 13G/AFeb 15, 2022 stale
- Linden Capital L.P.with 2 other reporting persons on the same schedule0.0% · SC 13G/AJan 28, 2022 stale
- Vector Acquisition Partners, L.P.with 1 other reporting person on the same schedule0.0% · SC 13G/AAug 31, 2021 stale
One line per filer, not per reporting person: a joint schedule names the management company, its funds and often the individual who controls them, and all of them report the same shares. Click a name for that filer’s whole footprint across every SPAC it has declared a stake in.
News
company wires and the financial pressReporting we have matched to this ticker. Headlines belong to the outlets that wrote them.
Show the headlines
- Rocket Lab raises $140 million to fast-track business of small rockets
CNBCundated by the source
Sources on file
harvested pages, kept in fullEvery public page we have read about this company, stored in full so a source can never go missing.
Show the sources
34 full SEC filing texts archived — searchable, never lost.
- Vault deal note — Rocket Lab Corp (VACQ)
vault-note · /vault/deals/rocket-lab-corp
- Ihre Datenschutzeinstellungen
news · consent.yahoo.com
- Rocket Lab - Wikipedia
news · en.wikipedia.org
- Rocket Lab | About Us | Rocket Lab
company-site · rocketlabcorp.com
- Rocket Lab | The Space Company | Rocket Lab
company-site · rocketlabcorp.com
- Vault note — VACQ (Vector Acquisition Corp)
vault-note · /vault/tickers/VACQ
In plain English
tap a term to open itEvery piece of jargon this page could have used, and what it actually means.
Open the plain-English guide
No floor / floorlessthe cash guarantee is gone — the price is unprotected
A SPAC's downside protection is not the cash in trust; it is your right to demand that cash. Once the redemption window closes, the cash stays with the company and the share can trade anywhere.
Redemption deadlinethe last day to hand shares back for cash
Set by the filing that calls the meeting. Tender after it and the company is under no obligation to pay you the trust value.
Broker action datethe day your broker needs the instruction — earlier than the official date
Brokers batch redemption instructions to the transfer agent, so the practical cutoff is roughly two business days before the published deadline. This is the date that actually costs people the floor.
Cash in trust / trust per sharethe cash the company is holding for each public share
Filed quarterly in the 10-Q's XBRL. It earns interest between filings, so the figure on a given day is slightly higher than the last filed one — where we show that we label it an estimate.
Trust discountbuying below the cash held for you
Only meaningful while a redemption right exists. On a floorless name the same arithmetic is not a discount, it is the market pricing distress, and this product will not call it a yield.
Dilutionhow much of the company new shares take from you
Sponsor promote, PIPE shares, warrants and rights all issue stock that did not pay $10 for it. The headline deal value is before that; the effective value is after.
Pro-forma equitywhat the company is valued at once the deal closes
The combined company's equity value assuming the announced terms and the redemptions that have actually happened.
ARShow much upside you get per unit of downside
SpacBrain's asymmetric-return score. It is deterministic — the same inputs always produce the same number — and it is capped, not zeroed, when the floor is gone.
De-SPACthe day the SPAC becomes the real company
The shares stop being a claim on a pot of cash and start being equity in an operating business. Roughly 80% of recent de-SPACs traded below $10 within a year.
Outside datethe contractual long-stop for closing the deal
A deadline between the SPAC and its target, not between the SPAC and you. It confers no right to cash, which is exactly why it must never be counted as a redemption window.
Accession numberthe SEC's unique id for one filing
Every figure on this page carries the accession of the filing that states it, so you can open the primary document rather than trust us.
Accreted NAV (estimate)the last filed cash figure, plus the interest it should have earned since
A model, not a filing: last filed value compounded at the 3-month T-bill for the days elapsed. Always shown in italic with the word estimate, and never printed beside a filed number without it.
Ask the brain
from its filingsData provenance & audit trail4 internal entries
Written by SpacBrain’s data agents whenever a figure is captured, corrected or flagged, and kept verbatim so every number on this page can be traced back to the filing that states it. This is a running log, not the current record: an early entry may be superseded by a later correction — the panels above always hold the current values.
admitted from EDGAR's QUARTERLY FORM INDEX, walked without any SIC filter. The SIC 6770 census could not reach this registrant: EDGAR reassigns a shell's SIC the day it stops being one, and this CIK now files under 3760 (Guided Missiles & Space Vehicles & Parts). The screen found it by filing SHAPE instead — S-1 2020-09-08 → 8-A12B 2020-09-24 → 424B4 2020-09-28 — which nothing rewrites. Admission rule: src/lib/universe-admit.ts. SIC 3760 + self-described blank check in 424B4 0001104659-20-109352; 424B 0001104659-20-109352 priced 2020-09-28 under S-1 0001104659-20-103116 (file 333-248665, an offering for cash); common ticker VACQ off 10-Q 0001193125-21-234954 (2021-08-03); lifecycle EXITED. The pricing prospectus was filed under SEC file number 333-248665, which belongs to S-1 0001104659-20-103116 (2020-09-08) — a registration of shares sold for CASH, which is what makes it an IPO rather than merger consideration. Blank-check status from the registrant's own first-person sentence in that prospectus (EDGAR full-text search, 424B4 2020-09-28). Ending PROVEN, not inferred: CLOSED per Form 25 0001354457-22-000088 (2022-01-31) — Form 25 filed under 17 CFR 240.12d2-2(a)(3) — the rule for securities that "have come to evidence other securities in substitution therefor", i.e. the shares became the successor's (class: Warrant exp 08/25/2026). EDGAR now files this CIK as "Rocket Lab Corp" — the SPAC's own name is kept here and the successor is the target. ipoSizeM and deadline left NULL: gross-proceeds prose conflates the over-allotment with the offering, and a charter deadline belonging to a vehicle that has ended is a date nobody can act on. ipoDate is the 424B pricing date.
sponsor "Vector Acquisition Partners, L.P." sourced from prospectus definition (10-K/A) acc 0001213900-21-024067.
[CLOSED-RENAME] EDGAR CIK 0001819994 records "Vector Acquisition Corp" ending 2021-08-30; the registrant continues as "Rocket Lab Corp". The rename is the SEC's own record of what the vehicle became, keyed by CIK. Closed 2021-08-30. No deal value is set — a rename says what was acquired, never for how much. No date column is set: Deal has announcedAt, voteDate and expectedCloseAt and nowhere to record an actual close, so the SEC's date is kept here until that column exists. [DEAL-STRUCTURE-MINED] pipeSizeM=467, terminationFeeM=223.62 from primary filings (0001193125-21-200567, 0001753926-26-001452).
pipeBasis set to UNSOURCED: the size came from the research seed / an earlier record and no filing we hold states it — surfaces now label it "unsourced"; an LLM re-read to FILED replaces this when credits allow