Fix markdown 500s and make valuation headlines crawlable

app/AGENTS.md

@@ -2,10 +2,11 @@
 
 - `page.tsx` – the canonical unified Stripe history timeline.
 - `history/` – category pages, the appearances projection, annual-volume and valuation pages, and shared timeline rendering.
+- `x-markdown/` – the Node handler that renders the same public URLs as Markdown.
 - `data/` – the crawlable history and research dataset index.
 - `about/`, `contact/`, and `privacy/` – sourcing, review, independence, corrections, public contact channels, and privacy.
 - `llms.txt/` – the agent index with when-to-use guidance.
-- Root `proxy.ts` – Accept negotiation that serves Markdown for the same public URLs.
+- Root `proxy.ts` – Accept negotiation that rewrites Markdown requests to the Node corpus handler. Do not read YAML in the proxy.
 - `site.ts`, `site-copy.ts`, `site-header.tsx`, and `site-footer.tsx` – canonical identity, shared editorial copy, and shared page chrome.
 - `analytics.ts`, `posthog.ts`, and `posthog-analytics.tsx` – the finite public-route analytics contract, strict PostHog boundary, and client provider.
 - `layout.tsx`, `globals.css`, and `support/` – the document, appearance, structured-data, and portable styling boundaries.

app/globals.css

@@ -687,6 +687,15 @@
   text-decoration: none;
 }
 
+.history-page-title {
+  font-family: var(--font-heading);
+  font-size: var(--text-title);
+  font-weight: 700;
+  line-height: 1.15;
+  margin: 0 0 1rem;
+  max-width: 42rem;
+}
+
 .history-volume-intro {
   color: var(--plain-muted);
   margin: 0 0 2.5rem;

app/history/[category]/page.test.tsx

@@ -85,7 +85,11 @@ describe("stripedex.com category history", () => {
     expect(html.indexOf('data-filter-id="all"')).toBeLessThan(
       html.indexOf('data-filter-id="acquisitions"'),
     );
+    expect(html).not.toContain("Loading Stripe company history");
     expect(html).toContain("Stripe reportedly discusses acquiring OpenRouter");
+    expect(html).not.toContain(
+      'href="/history/acquisitions/openrouter-acquisition-talks-reported"',
+    );
     expect(html).toContain('id="stripedex-history-category-structured-data"');
     expect(html).not.toContain('class="stripedex-selector"');
     expect(html).toContain('class="stripedex-header"');

app/history/history-event-article.tsx

@@ -0,0 +1,88 @@
+import type { CategorizedHistoryEvent } from "@/lib/content";
+import { historyCategoryPath } from "@/lib/history-urls";
+import Link from "next/link";
+
+import { HistoryCategoryIcon } from "./category-icon";
+
+export function HistoryEventArticle({
+  event,
+}: Readonly<{
+  event: CategorizedHistoryEvent;
+}>) {
+  const categoryLabel = event.categoryLabel.toLocaleLowerCase("en-US");
+
+  return (
+    <article id={event.id}>
+      <header>
+        <p className="history-event-kicker">
+          <time dateTime={event.date}>{event.date}</time>
+          <Link
+            className="history-event-type"
+            data-analytics-event="history filter selected"
+            data-analytics-id={event.categoryId}
+            data-analytics-kind="history-category"
+            href={`${historyCategoryPath(event.categoryId)}#${event.id}`}
+          >
+            <HistoryCategoryIcon filterId={event.categoryId} />
+            <span>{categoryLabel}</span>
+          </Link>
+          {event.status === undefined ? null : (
+            <span className="history-event-status">{event.status}</span>
+          )}
+          {event.confidence === "confirmed" ? null : (
+            <span className="history-event-confidence">
+              {event.confidence}
+            </span>
+          )}
+        </p>
+        <h3>{event.title}</h3>
+      </header>
+      <p>{event.summary}</p>
+      {event.amount === undefined
+        && event.metrics === undefined
+        && event.details === undefined
+        ? null
+        : (
+          <dl className="history-event-facts">
+            {event.amount === undefined ? null : (
+              <div>
+                <dt>amount</dt>
+                <dd>{event.amount.display}</dd>
+              </div>
+            )}
+            {event.metrics?.map((metric) => (
+              <div key={`${event.id}-${metric.label}`}>
+                <dt>{metric.label}</dt>
+                <dd>
+                  {metric.value}
+                  {metric.context === undefined ? null : ` · ${metric.context}`}
+                </dd>
+              </div>
+            ))}
+            {event.details?.map((detail) => (
+              <div key={`${event.id}-${detail.label}`}>
+                <dt>{detail.label}</dt>
+                <dd>{detail.value}</dd>
+              </div>
+            ))}
+          </dl>
+        )}
+      <p className="history-event-sources">
+        {event.sources.map((source, index) => (
+          <span key={source.url}>
+            {index === 0 ? null : <span aria-hidden="true"> · </span>}
+            <a
+              aria-label={`${source.publisher}: ${source.title}`}
+              data-analytics-event="source link opened"
+              data-analytics-id={event.id}
+              data-analytics-kind="history"
+              href={source.url}
+            >
+              {source.publisher}
+            </a>
+          </span>
+        ))}
+      </p>
+    </article>
+  );
+}

app/history/history-view.tsx

@@ -5,8 +5,11 @@ import type {
   ValuationHeadlinePoint,
 } from "@/lib/content";
 import type { TimelineCategoryId } from "@/lib/history-schema";
+import { historyCategoryPath } from "@/lib/history-urls";
 import Link from "next/link";
 
+import { HistoryEventArticle } from "./history-event-article";
+
 import { HistoryCategoryIcon } from "./category-icon";
 import {
   historyFilterVisualStyle,
@@ -45,7 +48,7 @@ interface HistoryYear {
 function categoryHref(
   categoryId: TimelineCategoryId,
 ): `/history/${TimelineCategoryId}` {
-  return `/history/${categoryId}`;
+  return historyCategoryPath(categoryId);
 }
 
 function groupEventsByYear(
@@ -190,86 +193,13 @@ function HistoryMeasuresSidebar({
 function HistoryEventItem({
   event,
 }: Readonly<{ event: CategorizedHistoryEvent }>) {
-  const categoryLabel = event.categoryLabel.toLocaleLowerCase("en-US");
-
   return (
     <li
       className="history-event"
       data-category={event.categoryId}
       style={historyFilterVisualStyle(event.categoryId)}
     >
-      <article id={event.id}>
-        <header>
-          <p className="history-event-kicker">
-            <time dateTime={event.date}>{event.date}</time>
-            <Link
-              className="history-event-type"
-              data-analytics-event="history filter selected"
-              data-analytics-id={event.categoryId}
-              data-analytics-kind="history-category"
-              href={`${categoryHref(event.categoryId)}#${event.id}`}
-            >
-              <HistoryCategoryIcon filterId={event.categoryId} />
-              <span>{categoryLabel}</span>
-            </Link>
-            {event.status === undefined ? null : (
-              <span className="history-event-status">{event.status}</span>
-            )}
-            {event.confidence === "confirmed" ? null : (
-              <span className="history-event-confidence">
-                {event.confidence}
-              </span>
-            )}
-          </p>
-          <h3>{event.title}</h3>
-        </header>
-        <p>{event.summary}</p>
-        {event.amount === undefined
-          && event.metrics === undefined
-          && event.details === undefined
-          ? null
-          : (
-            <dl className="history-event-facts">
-              {event.amount === undefined ? null : (
-                <div>
-                  <dt>amount</dt>
-                  <dd>{event.amount.display}</dd>
-                </div>
-              )}
-              {event.metrics?.map((metric) => (
-                <div key={`${event.id}-${metric.label}`}>
-                  <dt>{metric.label}</dt>
-                  <dd>
-                    {metric.value}
-                    {metric.context === undefined ? null : ` · ${metric.context}`}
-                  </dd>
-                </div>
-              ))}
-              {event.details?.map((detail) => (
-                <div key={`${event.id}-${detail.label}`}>
-                  <dt>{detail.label}</dt>
-                  <dd>{detail.value}</dd>
-                </div>
-              ))}
-            </dl>
-          )}
-        <p className="history-event-sources">
-          {event.sources.map((source, index) => (
-            <span key={source.url}>
-              {index === 0 ? null : <span aria-hidden="true"> · </span>}
-              <a
-                aria-label={`${source.publisher}: ${source.title}`}
-                data-analytics-event="source link opened"
-                data-analytics-id={event.id}
-                data-analytics-kind="history"
-                href={source.url}
-              >
-                {source.publisher}
-              </a>
-            </span>
-          ))}
-        </p>
-      </article>
+      <HistoryEventArticle event={event} />
     </li>
   );
 }

app/history/valuation/page.test.tsx

@@ -52,6 +52,9 @@ describe("stripedex.com valuation history", () => {
 
     expect(updatedSeo).toMatchObject({
       description: expect.stringContaining("$200 billion 2027 company tender"),
+      lead: expect.stringMatching(
+        /\$200 billion in 2027.*not affiliated with, endorsed by, or operated by/su,
+      ),
       title: "Stripe Valuation History by Year, 2011–2027",
       yearRange: "2011–2027",
     });
@@ -66,11 +69,26 @@ describe("stripedex.com valuation history", () => {
   });
 
   test("renders every sourced observation with typed valuation context", async () => {
-    const seo = deriveValuationPageSeo(await loadHistory());
+    const history = await loadHistory();
+    const seo = deriveValuationPageSeo(history);
+    const latestHeadline = history.valuationHeadlines.at(-1);
+    if (latestHeadline === undefined) throw new Error("Missing latest valuation headline");
     const html = renderToStaticMarkup(await ValuationPage());
 
-    expect(html).toContain(`<h1 class="stripedex-visually-hidden" id="valuation-page-heading">${seo.title}</h1>`);
+    expect(html).toContain(`<h1 class="history-page-title" id="valuation-page-heading">${seo.title}</h1>`);
+    expect(html).not.toContain('class="stripedex-visually-hidden"');
+    expect(html).toContain(seo.lead);
     expect(html).toContain(seo.description);
+    expect(html).toContain("<table>");
+    expect(html).toContain('<th scope="col">year</th>');
+    expect(html).toContain('<th scope="col">valuation</th>');
+    expect(html).toContain('<th scope="col">basis</th>');
+    expect(html).toContain('<th scope="col">status</th>');
+    expect(html).toContain('<th scope="col">sources</th>');
+    expect(html).toContain(`<tr id="${latestHeadline.observationId}"`);
+    expect(html).toContain(`"numberOfItems":${history.valuationHeadlines.length}`);
+    expect(html).toContain(`https://stripedex.com/history/valuation#${latestHeadline.observationId}`);
+    expect(html).toContain(`${latestHeadline.calendarYear}: ${latestHeadline.display}`);
     expect(html.match(/class="history-volume-chart-track"/gu)?.length).toBe(14);
     expect(html.match(/class="history-valuation-basis-badge"/gu)?.length).toBe(25);
     expect(html).toContain("company tender");