Brand new, never built. Includes frame, fork, handlebars, aero bars, seatpost, and all associated little hardware bits. Even has the integrated storage box and aero water bottle. Total value is well over $7500. Purchased a couple years ago but never finished the build. You will need the drivetrain and wheels, bottom bracket, tires, bartape, but that's about it. Trek has not changed the model since then, so this is the same frame as the current Speed Concept.