mars.*_v2PitchBook has a private-market fact table. Crunchbase has a private-market fact table. Preqin has an LP fact table. MARS is the fact table and the graph — funding, M&A, insider selling, Form D, ADV bios, LP commitments, thermal assets, real estate, private credit, and the entire kscope portfolio of SEC and SEDAR projects, all resolving to one canonical company_id.
The moat isn’t the row count — it’s how many rows sit in more than one place. Of the 261,869 companies that appear in any deal-shape vertical, over one in ten already appears in two or more, and thousands appear in four, five, or six.
companies_v2 that resolves to the same company_id across N distinct deal / SEC-filing / operational verticals. Verticals counted: funding rounds, M&A acquirer, M&A target, real estate deals, private credit deals, thermal assets, Form D, Form 144, Schedule 13D, Schedule 13G.
The 1,074 companies that touch five or more verticals are the ones where a MARS query answers questions no other vendor can. That set includes essentially every large public issuer plus the marquee private companies where SEC substrate, news substrate, and operational substrate all converge — SpaceX, xAI, Anthropic, OpenAI, Databricks, Stripe, and the top of the private credit / BDC universe.
MARS is no longer just a shared substrate. It is the destination for every kscope SEC and SEDAR project. Each of those projects now signs the platform contract on the way in — canonical company_id, integrity_tier, methodology-versioned decisions, reversibility through identity_decisions_v2. The competitive picture in the next section is therefore not "MARS vs SEC EDGAR" — it is "MARS + every SEC project vs the private-market aggregators."
mars.*_v2mars.*_v2 today. Muted bars are contracted-and-arriving under the platform contract. Every feeder writes with a methodology prefix (insider-*, adrian-*, bios-*, reit-*, credit-*, flare-*, lp-*…) so the contribution graph is queryable and the reverse-out path is always open.
The strategic move Raul announced is exactly this: every SEC and SEDAR effort across the company now has a shared destination. What used to be a portfolio of independent data pipelines becomes one connected substrate, and the marginal value of each additional feed compounds against every previous feed via the shared company_id. There is no equivalent aggregation happening at any competitor.
The three columns below are the actual private-market data aggregators MARS competes with. Each is best-in-class at its own strength, but none of them ingest the SEC or SEDAR substrate that MARS now aggregates natively via the kscope feed network above. The point of the table is not "MARS wins every cell" — it is that MARS is the only column that says yes down the entire row.
| Domain | MARS | PitchBook | Crunchbase | Preqin |
|---|---|---|---|---|
| Private-market events | ||||
| VC funding rounds | 79,711 | Deep | Deep | thin |
| M&A canonical | 37,131 | Deep | Medium | Medium |
| Private credit | 98,309 | Growing | weak | Medium |
| Real estate deals | 19,253 | Medium | weak | Medium |
| SEC + SEDAR substrate — native via feed contract | ||||
| Form D filings | 765,922 | indirect | none | none |
| Form 144 (insider sales) | 115,561 | none | none | none |
| Schedule 13D/G | 16,555 | summary | none | none |
| Form 4 (insider trading) | 199K persons | none | none | none |
| ADV RIA firm data | 100,778 investors | partial | none | partial |
| SEDAR filings (Canadian) | arriving via feed contract | indirect | none | none |
| People & entities | ||||
| Canonical persons | 1.48M | Deep | Medium | LPs only |
| Structured bios | 582,799 | manual | weak | weak |
| Advisor firms (RIA) | 5,906 | partial | none | partial |
| Institutional / LP | ||||
| Canonical funds | 157,472 | Deep | weak | Deep |
| LP commitments | 1,033 | partial | none | Deep |
| Public pensions (seeded) | 30 +$4.0T AUM | none | none | Medium |
| Operational / alt-data | ||||
| Thermal assets registry | 16,132 plants | none | none | none |
| Article corpus | 2.49M | summary | headlines | summary |
| Editorial output | daily SEC signal + weekly tickers | daily pitch | daily digest | quarterly |
| Serving surface | ||||
| MCP tools (production) | 6+ specs shipped, 2 addenda | 1 tool | 1 tool | none |
| Freshness | hourly (Phase G) | daily | daily | quarterly |
| Cross-domain join | native, one company_id | none | none | none |
The middle section is where the flagship posture matters most. Every row under "SEC + SEDAR substrate" is data that another vendor either doesn’t hold at all or holds in an isolated silo they built themselves. MARS gets it for free from the kscope feed network, joined natively on company_id. No competitor has an equivalent internal supply chain.
The bottom row is the whole argument. PitchBook has the deepest VC + M&A domain data, but it doesn’t join to Preqin’s LP substrate or to SEC insider filings. Crunchbase has a broad company list but no regulatory substrate. Preqin has fund performance but no news, no M&A, no Form D, no ADV. MARS is the only sheet that says yes across all six domains and joins them on one canonical key.
Each query below is a real cross-vertical join that resolves against production substrate today. None of them is possible in any single competitor without adding at least one other subscription. Several aren’t possible even with three subscriptions stitched together, because none of the vendors carry both sides of the join.
company_id.
bios_current_firm_v2 serving view. The ADV Part 2B brochures live in one bucket everyone can hit; nobody else has extracted structured work history from them.
investors_v2 to the GP’s recent deal history in one join.
Below is a compressed timeline of substrate work that landed in mars.*_v2 since late April. It is not exhaustive; it is a load-bearing subset that speaks to the pace at which MARS widened its lead over the competitive set.
The list below is the near-term work that keeps the gap growing while the flagship-project posture is fresh. Each is an already-scoped substrate move or MCP surface, all under the platform-verticals pattern that makes the roadmap parallelizable.
bankruptcy_events_v2 substrate; crown + credit have both asked.mcp-funding.kscope.io, mcp-mergers.kscope.io, mcp-bio.kscope.io.MARS started as a spider plus a feed. It ends the quarter as a platform: eleven verticals writing direct to one substrate under one canonical key, a locked-in design system, a health email, an audit trail, a reversibility discipline, and the beginnings of a product surface analysts can query in natural language.
The competitive picture is straightforward from here. PitchBook keeps winning at VC + M&A depth. Crunchbase keeps winning at breadth. Preqin keeps winning at LP performance. But every one of them has to build their own SEC and SEDAR ingest, alone, at their own cost, and none of them join it to their own private-market data on one shared key. MARS is receiving that same substrate from a portfolio of internal projects that are now aligned to a shared destination — and that is a moat that widens every week the ETL runs.
The flagship posture is not something the substrate has to earn. The substrate has already earned it.
MARS — 2026-07-27 · internal positioning brief
mars.*_v2
Numbers pulled 2026-07-27 · every substrate change reversible via identity_decisions_v2