Vacuum string field theory without matter-ghost factorization

We show that vacuum string field theory with the singular kinetic operator conjectured by Gaiotto, Rastelli, Sen and Zwiebach can be obtained by field redefinition from a regular theory constructed by Takahashi and Tanimoto. We solve the equation of motion both by level truncation and by a series expansion using the regulated butterfly state, and we find evidence that the energy density of a D25-brane is well defined and finite. Although the equation of motion naively factorizes into the matter and ghost sectors in the singular limit, subleading terms in the kinetic operator are relevant and the factorization does not strictly hold. Nevertheless, solutions corresponding to different D-branes can be constructed by changing the boundary condition in the boundary conformal field theory formulation of string field theory, and ratios of D-brane tensions are shown to be reproduced correctly.