Comment by anaphor

It's an implicit 1 or 0 (because it's binary floating point). The implicit 0 is for subnormal numbers. That's the part people usually don't explain when they're first introducing it. It's literally {1,0}.xxxxxx where x is also a 1 or 0. I.e. a binary floating point number in scientific notation. I've seen a lot of explanations that kind of gloss over that part of it (not saying you don't understand it, just that even the article doesn't make that clear enough IMO).