Time-delay interferometry (TDI) is a data processing technique for LISA designed to suppress the otherwise overwhelming laser noise by several orders of magnitude. It is widely believed that TDI can only be applied once all phase or frequency measurements from each spacecraft have been synchronized to a common time frame. We demonstrate analytically, using as an example the commonly-used Michelson combination X, that TDI can be computed using the raw, unsynchronized data, thereby avoiding the need for an initial s…