Sell Your Ford Mustang GTD

The decision to sell your Ford Mustang GTD in the next 24 months means entering a secondary market with zero transaction history, a Ford GT precedent that argues both for and against aggressive appreciation, and a carrying-cost structure that erodes six figures before the first offer arrives. The variables that determine which sellers capture the clause-expiration premium are documented below.

The Specification Matrix: Multimatic-Built Mustang Performance in a Class of Its Own

The Ford Mustang GTD shares its S650 platform designation with a $32,000 EcoBoost. It shares almost nothing else. Final assembly occurs at Multimatic in Markham, Ontario, the same facility that produced every second-generation Ford GT, and the car's VIN line code P9L is the direct regulatory successor to the Ford GT's P9K in Ford's own identification system. What arrives in the buyer's garage is not a Mustang with a bigger engine; it is a Multimatic supercar wearing a Mustang body, priced from $327,960 all-in and built to a specification that no other American production car has attempted.

The body-in-white leaves Ford's Flat Rock plant painted black, a unifying primer coat applied before the fenders, hood, roof, and trunk panel are intentionally removed. Multimatic receives this stripped shell, cuts the C-pillar section, bonds carbon-fiber reinforcements, deletes the rear floor for the inboard pushrod suspension, applies the customer's chosen color, and hand-rolls the car through ten sequential assembly stations. Engine routing adds a third location: the Predator block ships from Dearborn Engine Plant to Performance Assembly Solutions in Livonia, Michigan for dry-sump conversion before arriving at Markham for installation. The titanium paddle shifters, rotary dial shifter, and serial plate are machined from retired Lockheed Martin F-22 Raptor material. The Akrapovič titanium exhaust is standard on every GTD regardless of trim.

Car and Driver's instrumented test returned 4,404 pounds with the Performance Package, roughly 60 pounds heavier than the EPA certification figure. The discrepancy matters at the margins: that weight sits on Michelin Pilot Sport Cup 2 R tires (325/30R20 front, 345/30R20 rear) that cost $3,000 to $4,000 per set and last 6,000 to 10,000 miles on the street. A set of tires and the car that wears them are already separating from the Mustang family tree before the key turns.

DSSV Damper Verification and the Multimatic-Only Service Bottleneck

The Multimatic DSSV actuation system on the GTD is the single most expensive proprietary component with no independent service pathway. Adaptive Spool Valve dampers respond in approximately 15 milliseconds, and the rear units sit inboard on a pushrod-actuated suspension visible through the polycarbonate window that replaces the rear seats. No independent shop can rebuild them. No aftermarket supplier makes them. The only documented third-party DSSV rebuild operation, Level Up Suspension, explicitly states its service "is not authorized by Multimatic Inc." and covers only GM truck applications, not the GTD's eDSSV units.

Front strut replacement runs $6,446 per corner at current OEM pricing. Rear shock absorbers, with the added complexity of the pushrod inboard architecture, carry an MSRP of $10,802 per corner. A four-corner suspension replacement totals approximately $34,496 in parts alone before labor. The Ford GT's DSSV history is the closest reliability proxy: nine years of customer ownership have produced no widespread damper-leak pattern, but Ford did issue recall 18S29 in October 2018 for hydraulic fluid leaking from the rear-wing valve block assembly onto the exhaust, causing at least one fire. Ford reissued the fix as recall 25S74 in August 2025 for two cars that missed the original remedy. The GTD's own hydraulic ride-height system, which drops the car 40 millimeters in Track Mode, shares that conceptual architecture.

Predator 5.2L Dry Sump: The Supercharged V8 Variant With a Known Service Map

The supercharged 5.2-liter Predator engine is, paradoxically, the GTD's least concerning major subsystem. Derived from the cross-plane-crank block that powered the S550 Shelby GT500 from 2020 to 2022, the Predator's failure modes are well-mapped across five years of GT500 ownership data. It is not the flat-plane Voodoo V8 from the GT350, which carried documented oil consumption of one quart per 500 miles in some examples and filter-loosening vibration from flat-plane harmonics. The Predator is a truck-derived block with an Eaton TVS supercharger bolted on top. It fails in predictable, documented ways.

Three specific failure modes carry forward from the GT500. All three are inspectable during a PPI. None is catastrophic if caught early.

The dry-sump oiling system is the GTD's mechanical distinction from its GT500 sibling: a first for any road-going Mustang. Oil changes run $400 to $600 due to the larger fluid capacity, belly-pan removal, and separate scavenge-pump circuit. Long-block replacement, if it ever comes to that, carries an OEM catalog price of approximately $50,167 including the $3,500 core charge.

Carbon-Ceramic Rotors and the $19,000 Brake Replacement Reality

The Brembo six-piston forged carbon-ceramic braking system on the GTD is the largest single maintenance liability for any owner who tracks the car. Four-corner rotor replacement carries an OEM parts cost of $19,292. Front rotors alone exceed $5,000 per side. Street-only cars face less than a 5% probability of needing replacement within ten years; tracked examples approach certainty after ten or more events, and documented cases from the Corvette community show complete front-rotor consumption in a single aggressive weekend. Pads are the cheaper consumable at $1,567 for front and rear sets combined.

Mustang GTD Ownership Vital Signs

The accent figure in that strip is the one most GTD owners have not encountered. The brake booster assembly, which integrates the ABS control module, master cylinder, and reservoir into a single unit, is listed in Ford's OEM parts catalog as "Not For Sale." Booster failure on a GTD means a dealer-captive repair with no retail parts pathway. No independent shop can source the part. No aftermarket alternative exists. For a car whose entire value proposition rests on track capability, the absence of a retail brake booster is the kind of maintenance intelligence that separates an informed exit from an uninformed one.

NHTSA 25C43 and the Authentic VIN Verification Protocol for Multimatic-Built Cars

The only GTD-specific recall on record is NHTSA 25C43, issued October 2025, covering 2024 and 2025 Mustang and Mustang GTD vehicles for water intrusion into the body control module. The BCM controls exterior lighting; the recall remedy involves sealing body seams and inspecting or replacing the module. Completion documentation for 25C43 is now a baseline PPI requirement: a car presented for sale without it signals either owner negligence or deferred maintenance, both of which a sophisticated buyer will price into their offer.

A meaningful GTD pre-purchase inspection requires Ford IDS diagnostic tools and Multimatic-trained technicians. The DSSV/ASV damper system, the hydraulic ride-height controller, the TR-9080 DCT clutch-pack wear index, and the active aero calibration (DRS rear wing, dive planes, underbody flaps) all require proprietary scan procedures that general exotic-car PPI shops do not carry. Budget $1,500 to $2,500 for the inspection plus enclosed transport to an authorized Ford dealer with Multimatic diagnostic access. A Porsche or Ferrari independent can assess paint thickness, PPF condition, and cosmetic carbon-panel integrity, but they cannot read the GTD's chassis. The car has been in customer hands for fewer than 12 months; no independent specialist network has formed.

Value Retention Across the $250,000 to $500,000 Track-Focused Segment

The S650 Mustang GTD enters resale into a segment that is splitting in two directions simultaneously. Serial-production track cars are depreciating: the McLaren 750S has softened roughly 3% year over year, the Ferrari 296 GTB has shed over $100,000 from its delivery-era peak, and the C8 ZR1's dealer markups collapsed from approximately $90,000 over sticker to $25,000 to $35,000 within six months of launch. Capacity-constrained peers are holding: the Viper ACR trades above its original MSRP a decade after production ended, the 812 Competizione maintains multiples of its allocation price, and the 2017 to 2022 Ford GT still commands well above twice its base MSRP. The question for GTD resale value projections through 2026 and into 2029 is which side of that divide this car lands on.

Competitive Price Spread: $250K to $500K Track Segment

The ZR1's price is the behavioral outlier in that spread. At roughly half the GTD's cost, the Corvette delivers comparable or superior track performance, including a Nürburgring time that briefly held the American production-car record before the GTD Competition reclaimed it. The price gap is real. The collector-category gap is also real. The ZR1 is a mass-produced performance car with no allocation gate, no application process, no Multimatic provenance, and no two-year contractual hold. The GTD occupies the Ford GT's product category in Ford's own VIN system; the ZR1 occupies a Chevrolet dealer lot. Whether secondary-market buyers price the scarcity premium or the performance-per-dollar comparison will determine which side of the segment divide the GTD falls on. No completed GTD transaction exists to answer the question. Zero GTDs have appeared on Bring a Trailer, Mecum, Barrett-Jackson, or any other public platform as of May 2026. The no-resale clause is holding.

The GT3 RS Cross-Shop: Where the Mustang GTD Wins and Where It Loses Against the Porsche 911

The 992.1 GT3 RS is the GTD's strongest cross-shop competitor among buyers who actually drive. In Randy Pobst's same-day, same-driver comparison at Sonoma Raceway, the results were unambiguous: the GTD finished last. It was never quicker in any sector, and lost the most time at the slowest corner, where its 4,343-pound curb weight penalized rotation the hardest.

The Nürburgring inverts the Sonoma hierarchy. The standard GTD outpaced the GT3 RS on a circuit where sustained high-speed downforce matters more than corner-entry agility, and the GTD Competition's 6:40.835 beats everything on the leaderboard except the Mercedes-AMG One. The distinction matters for resale: the Nürburgring time is the provenance credential that appears in every listing, every forum signature, every enthusiast-press reference. Sonoma is a data point only the informed buyer carries.

The interior is the GTD's weakest attribute in the cross-shop. Forum consensus on Mustang7G is blunt: the shared S650 cabin is "a slightly updated interior of a $30K Ford," and even advocates concede the GT3 RS cockpit delivers a driver environment that justifies its price in a way the GTD's cabin does not. A seller preparing a GTD for the 2027 market should lead with exterior presence, powertrain provenance, and the Multimatic build story. The interior does not win the argument.

Corvette ZR1 Markup Collapse and the Substitution Velocity Question

The C8 ZR1's dealer markup compression from approximately $90,000 over sticker to $25,000 to $35,000 within six months of deliveries tells a cautionary story about American supercar demand elasticity. The ZR1X's 6:49.275 Nürburgring lap briefly made it the fastest American production car, dethroning the GTD for roughly nine months until the GTD Competition answered at 6:40.835 in April 2026. In that window, the narrative shifted. The ZR1 proved that 1,064 horsepower at $210,000 could match or beat $328,000 worth of Multimatic engineering on a road course, and the market processed that information in real time.

The substitution velocity question is whether the ZR1's half-price performance creates sustained downward pressure on GTD values, or whether the GTD's allocation scarcity, Multimatic provenance, and contractual hold insulate it from direct comparison. The Ford GT precedent suggests insulation: no mass-produced competitor at half the GT's price existed during its appreciation window, yet the GT appreciated anyway because the buyer pool was not cross-shopping on performance alone. They were buying provenance, access, and exclusivity. The GTD Competition's record-reclaiming lap restored the performance argument. But the ZR1 ensured that the argument will never go uncontested again. The Dark Horse SC at $103,490 to $170,970, using the same detuned Predator V8 at 795 horsepower, adds a within-brand substitution pressure that the Ford GT never faced from a lesser sibling.

The Ford GT Precedent: What 1,350 Multimatic Cars Predict for Fewer Than 2,000

The 2017 to 2022 Ford GT is the GTD's closest structural analogue: Multimatic-built, application-gated, two-year hold clause, carbon body. Approximately 1,350 units were produced. The first cars to legally clear the hold sold at 2.05 to 3.33 times their original MSRP, with CNN Business reporting a three-car first-flip average of 2.67 times purchase price. The first-generation Ford GT followed a similar trajectory: purchased at $139,995, it traded at $374,000 average by 2025 with Heritage examples reaching $700,000, per Hagerty, but appreciation did not begin in earnest until nearly a decade after production.

The Ford GT precedent is directional, not predictive. Three structural differences prevent a clean analogy.

The engineering required to replicate what the GTD does independently would cost two to three million dollars. The application process is more civilized than Ferrari's allocation politics, and the car itself is the culmination of the Ford-versus-Ferrari racing lineage that started at Le Mans in 1966.

Jay Leno, Hagerty Drivers Club, November 2025

Leno's framing is the rebuttal to the "it's still a Mustang" objection that 50% of the ownership base carries quietly. The VIN data supports him: P9L is the Ford GT's direct regulatory successor, not a marketing claim. But the rebuttal is not the resolution. Whether the secondary market prices the Multimatic provenance or the Mustang badge will not be knowable until the first post-embargo transactions clear in mid-2027. The precedent exists. The variables that determine whether it repeats are in the table above. Blog coverage of the analog premium driving collector demand provides additional context on how ICE heritage factors into the broader valuation environment.

Annual Carrying Costs: The $10,000 to $22,500 Ownership Line for a Collector-Held GTD

Hagerty agreed-value insurance at $400,000 is the largest single annual line item for a collector-held GTD, running $4,500 to $8,000 per year depending on driving history, garaging, and mileage cap. No insurer has published a GTD-specific premium schedule; quotes are individualized. Climate-controlled storage adds $2,400 to $6,000 annually. Scheduled maintenance at fewer than 3,000 miles per year runs $800 to $1,500 (annual oil change at $400 to $600, biennial brake fluid, triennial coolant and DCT fluid amortized). Michelin Cup 2 R tires expire at six years regardless of tread, adding approximately $600 per year amortized. Detailing and PPF maintenance add $500 to $1,500. The total range, before any unscheduled repair, sits between $10,000 and $22,500 per year.

California is the worst-case jurisdiction. Annual vehicle license fees based on the car's value add $5,000 or more per year on top of the baseline. A California-registered Spirit of America at $429,000 accumulates roughly $15,000 to $27,000 in annual carrying costs. Florida, with no annual property tax on vehicles, no state income tax, and a 6% sales tax rate capped by county surtax, is the lowest-friction state for holding a $400,000-plus collector asset. Owners who are positioned to understand total loss protocols for high-value exotics can further protect the carrying-cost equation with correct agreed-value policy structuring.

The Two-Year No-Resale Clause: A Depreciation Shield With an Expiration Date

Ford's contractual no-resale clause binds every GTD buyer for 24 months from their delivery date. First customer deliveries began in late June 2025; the earliest eligible resales therefore target mid-2027. The clause is not aspirational. Ford filed suit against John Cena in the U.S. District Court for the Eastern District of Michigan in November 2017 after Cena sold his Ford GT 27 days after delivery, seeking damages in excess of $75,000 plus disgorgement of profit. The case was dismissed with prejudice in June 2018 after a settlement in which Ford donated the proceeds to charity. No GTD-specific enforcement action has occurred yet, but Ford has signaled it monitors secondary-market behavior and factors compliance into future allocations. The clause modeled on the Ford GT contract and enforced through the Cena precedent is the GTD's structural supply constraint: it compresses available inventory to effectively zero for 24 months.

Three timing scenarios frame the seller's decision once the clause expires.

• First mover (mid-2027): Sell the day the hold expires. The Ford GT precedent produced first-flip results at 2.05 to 3.33 times MSRP. Risk: if the GTD does not replicate that spike, the first mover sells into an untested market with no comparable transactions to anchor pricing.
• Wait and watch (late 2027 to early 2028): Let the initial supply wave of an estimated 40 to 60 cars clear, then sell into post-wave scarcity. The Ford GT stabilized at roughly 1.7 to 2.0 times MSRP after the first-year spike. This strategy assumes sustained demand survives the initial wave.
• Long hold (2028 to 2030 and beyond): Hold through the production run and sell after the final GTD exits Multimatic. The first-generation Ford GT held above 2.5 times MSRP a decade after production ended. This strategy requires absorbing $50,000 to $100,000 or more in cumulative carrying costs and assumes the GTD follows the sticky-value pattern rather than the AMG GT Black Series pattern, where values softened below MSRP within three years.

Break-Even Timeline: Section 179 Eligibility, the Weight Threshold, and the Collector-Held GTD

A base GTD purchased at $327,960 with an annual carrying cost of $14,000 must appreciate to approximately $468,000, a 43% gain, to break even at year ten. A Spirit of America at $429,000 with $16,000 to $18,000 in annual carry needs to reach roughly $590,000 to $609,000. The 2005 to 2006 Ford GT analogue is sobering: zero real appreciation from 2007 to 2014, then sustained appreciation from 2015 to 2025. If the GTD follows the same curve, break-even on a base car likely occurs at year eight to twelve. Spirit of America and Carbon Series variants, with stronger scarcity signals, may reach break-even at year six to nine.

The One Big Beautiful Bill Act permanently secured the federal estate tax exemption at $15,000,000 per individual with inflation adjustments beginning in 2027. For GTD owners in their sixties and seventies, the stepped-up basis at death under IRC Section 1014 is the most tax-efficient exit: a $328,000 basis car that appreciates to $600,000 generates zero capital gain if inherited, versus a potential $76,000 or more in combined federal and state taxes if sold during the owner's lifetime at the 28% IRS collectibles rate plus the 3.8% Net Investment Income Tax.

The Spec Hierarchy: Which Ford Mustang GTD Configuration Commands the Strongest Position

Not every GTD is the same asset. The resale hierarchy, projected from Ford GT precedent and the GTD's own allocation structure, ranks as follows: GTD Competition (restricted allocation, approximately 250 units globally, $425,000 base, the 6:40.835 Nürburgring car) at the top, followed by Liquid Carbon (exposed carbon body, estimated above $450,000, production volume undisclosed but the Ford GT Liquid Carbon was limited to approximately 30 units), then Spirit of America with an Extended Color Palette Lock-Out (hard-capped at roughly 20% of production, approximately 340 units, with a 1-of-1 paint code), then Carbon Series with Performance Package, then a base GTD with Performance Package, and finally a base GTD without the Performance Package at the bottom.

The Performance Package is the single most consequential option on the build sheet. It bundles the active DRS rear wing, dive planes, forged magnesium wheels, the Lightweight Pack, and the painted carbon-fiber splitter and diffuser. Without it, the car does not replicate the 6:52.072 Nürburgring specification. The Porsche analogy is the Weissach Package on a GT3 RS: leaving it unchecked at order is a permanent resale penalty that no subsequent modification can reverse. The Spirit of America's $429,000 price, a deliberate nod to the Boss 429 V8, includes the Performance Package standard. The Extended Color Palette Lock-Out option permanently retires the buyer's chosen paint code from the configurator; the price is estimated at up to $50,000, though Ford has not published a figure. A locked-out color on a Spirit of America creates a 1-of-1 provenance hook that will anchor the top of the resale hierarchy for that variant. Polymimetic Gray, the "Terminator T-1000" hero color exclusive to the GTD, is the strongest standard-color hold based on delivery-photo and forum activity concentration.

Documentation Complexities Every Ford Mustang GTD Seller Misses

The GTD does not ship with a Ford-issued build certificate. Unlike Bugatti's Chiron build book or Aston Martin's formal build sheet, the GTD's provenance documentation is distributed across multiple artifacts that the seller must assemble and preserve independently. The Monroney window sticker is the sole factory-issued specification document; one documented sticker for a Frozen White base GTD with exposed carbon roof and red brake calipers shows a total MSRP of $339,460 under Equipment Group 100A. The Multimatic build plate, visible as a lot/tracking number on the Monroney header (the documented example reads "MLT-000002"), is the second provenance identifier and does not appear on any standard Mustang sticker.

A complete provenance file for a GTD resale includes the original Monroney label preserved unfolded in plastic, the Multimatic build plate number photographed at delivery, the application acceptance letter from the Ford Concierge team, the Concierge spec-confirmation correspondence, delivery photos with timestamps, the PPF installation invoice dated 30 or more days after delivery (confirming compliance with Ford's paint-cure protocol), recall 25C43 completion documentation stamped by the servicing dealer, and both original key fobs with valet keys. Engineering signatures under the hood, present on some VIP deliveries, are non-replicable provenance and should be photographed and cataloged. The Ford Concierge team, which manages each buyer through configuration and delivery via specialists, is the closest thing the GTD has to a build-record custodian. Sellers who did not preserve the Concierge correspondence have lost a documentation layer that cannot be reconstructed.

VIN Verification: The Ford 2FA and Multimatic Plant Code H Dual-Number System

Every Ford Mustang GTD carries two identification systems. The 17-digit Ford VIN begins with 2FA, identifying it as a Ford Motor Company of Canada passenger car, followed by position 5-7 code P9L, which places it in the direct VIN lineage of the Ford GT (P9C through P9K covered every GT variant from the original through the Final Edition). Position 8 reads J for the 5.2-liter Predator engine family. Position 10 reads S for model year 2025 or T for 2026. Position 11 reads H, the Multimatic Markham plant code confirmed by the 2022 Ford VIN Guide. Positions 12 through 17 carry the sequential production number.

The Multimatic sequential build number is a separate tracking system. Vaughn Gittin Jr.'s car is documented as build S025; the "S" prefix denotes MY2025, and "025" is the sequential unit count. This number appears on the serialized titanium chassis plaque. A missing or obscured Multimatic plate is a red flag that should halt any transaction. Variant verification requires cross-referencing the Monroney option codes against the Multimatic build record and the Ford Concierge spec sheet. The PonyNsnake community registry is the de facto owner-maintained validation resource for build-number authentication.

Tax Friction on a $400,000 Transaction: Washington, California, and Florida

Three jurisdictions define the tax friction calculus for GTD transactions. Washington's ESSB 5801, effective January 1, 2026, imposes an 8% luxury motor vehicle tax on the portion of any new vehicle's selling price exceeding $100,000, escalating by 2% each fiscal year starting July 1, 2026. On a $327,960 base GTD, this adds approximately $18,237 in state tax on top of standard sales tax. California layers combined sales tax of 7.25% to 10.75% at the county level plus an annual vehicle license fee based on the car's value that compounds at roughly $5,000 or more per year on a $400,000 asset. Florida, at 6% state sales tax with a capped county discretionary surtax, imposes the lowest total friction for high-value transactions and charges no annual property tax on vehicles.

The capital gain on a GTD sale is subject to the 28% federal collectibles rate if the IRS classifies the car as a collectible held primarily for investment, plus 3.8% Net Investment Income Tax for high earners, plus state capital gains tax where applicable. A seller in California who bought a base GTD at $328,000 and sells at mid-2027 for an amount that clears the break-even threshold faces an all-in federal-plus-state rate approaching 40% to 45% on the gain. Trade-in tax credits available in 42 states (California, Hawaii, Kentucky, Maryland, Virginia, and the District of Columbia do not participate) yield $25,000 to $60,000 or more in savings on high-value transactions versus private sale. In Florida, trading a $429,000 Spirit of America toward a next-generation allocation saves over $25,000 in sales tax alone.

Montana LLC Enforcement, Ford v. Cena, and the Private Treaty Alternative

The Montana LLC strategy is no longer a viable structure for a vehicle in this price band. California Attorney General Rob Bonta's office filed a 57-count criminal complaint in Sacramento Superior Court on February 23, 2026, accusing defendants of conspiracy to commit tax evasion, false sales tax returns, money laundering, and perjury across $18.8 million in vehicle sales resulting in approximately $1.6 million in unpaid taxes. The California CDTFA has opened more than 400 investigations into high-end automobile purchasers and initiated nearly 300 dealer audits involving close to 500 California dealers in more than 2,500 Montana-registered sales since 2023. Utah's SB 52 authorizes data-sharing enforcement with a 100% penalty that effectively doubles the tax owed. Tennessee arrested YouTuber Cody Detwiler on November 12, 2025, on two felony counts of tax evasion over a Montana-titled Ferrari F8 Tributo. A GTD titled to a Montana LLC entering the secondary market in 2027 carries a quantifiable title-cloud discount because buyers' counsel is now actively flagging Montana titles as audit triggers. For a thorough analysis of Montana LLC enforcement in 2026, that reporting documents the statute-by-statute risk.

Montana LLC re-titling through dealer inventory creates clean chain of ownership, absorbing the compliance risk and the permanent VIN-linked documentation that a public sale would create. Specialty lien settlement through dealer infrastructure compresses payoff timelines to 24 to 72 hours through direct lender relationships, compared to the two-to-six-week cycle in private transactions where neither party controls the lien release. Documentation-to-wire timelines compress to same-day settlement through dealer infrastructure, compared to the 21-business-day RM Sotheby's clearing cycle or the three-to-eight-week Bring a Trailer process. For every seller navigating the intersection of a Montana LLC re-title, a PFS lease buyout, a Ford no-resale clause verification, and a 28% collectibles tax obligation, the number of parties required to coordinate that transaction through public channels is the friction that a single-point dealer acquisition eliminates.

The Ford Mustang GTD exists at the intersection of zero transaction history, a contractual hold that expires in months, and a Ford GT precedent that supports the thesis without guaranteeing the outcome. The carrying-cost structure documented above, from the $19,292 rotor set to the $20,300 Section 179 cap to the $18,237 Washington luxury surtax, defines the cost of waiting. The spec hierarchy, the VIN forensics, and the documentation requirements define the cost of being unprepared. Every variable converges on one question: whether the provenance, the specification, and the documentation are positioned before the mid-2027 window opens, or after the first wave of sellers has already set the price.