In the Q2 letter you noted that, from the late-2025 launch through mid-July, roughly 20% of PitchBook accounts had accessed the PitchBook Premium connector, and that June monthly active users represented ~55% of all users who had ever accessed the connector. How should we interpret the ~45% who accessed but were not monthly-active in June – is that a normal trial-to-adoption curve?

In the Q2 letter you noted that, from the late-2025 launch through mid-July, roughly 20% of PitchBook accounts had accessed the PitchBook Premium connector, and that June monthly active users represented ~55% of all users who had ever accessed the connector. How should we interpret the ~45% who accessed but were not monthly-active in June – is that a normal trial-to-adoption curve? August 25, 2026 The 55% figure is a monthly active user (MAU) rate among PitchBook-licensed users who have ever accessed the premium connector. We selected MAU because usage on PitchBook varies by workflow: Some clients engage regularly, while others engage episodically, with usage tied to a specific deal, fundraise, or diligence process. Given that mix, a user’s activity in any particular month may not reflect their overall engagement with the platform, so we view MAU rate as one useful indicator rather than a comprehensive measure of adoption. Longer term, we're focused on measuring collective engagement across both the platform and Model Context Protocol (MCP), since that combined view better reflects how clients are actually working.