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/// METHODOLOGY

How Tech Financials sources, writes, and discloses

Transparent editorial standards. Primary sources only (SEC EDGAR mandatory). No sponsored content. Corrections logged permanently.

Six pillars

  1. Primary sources only. S-1 filings, 10-K, 10-Q, 13F, Form D, SEC EDGAR. No secondary aggregation.
  2. Data before opinion. Every analysis opens with one-line provocative thesis + cap table or chart inline + 3-data-point summary.
  3. Sources cited bibliography. Each analysis publishes numbered bibliography end-of-article. Links permanent.
  4. Editorial independence. No paid placements. Occasional tech finance service mentions (Carta, Mercury, Brex) disclosed inline.
  5. Anti-clickbait policy. No Top 10 SaaS Stocks 2026. No marketing hype. Headlines stick to analytical assertions backed by primary sources.
  6. Verdict box mandatory. Every analysis closes with What it means for tech investors / founders verdict box at end.

Sourcing standard

Every assertion of fact in a Tech Financials analysis links to a primary source. Primary sources are: SEC filings (S-1, 10-K, 10-Q, 13F, Form D, 8-K), regulatory documents, official company financial disclosures, and primary data vendors with direct issuer feeds. Secondary aggregation (TechCrunch reporting on a 13F, The Information summarizing an S-1, Reuters covering an earnings release) is never cited - Tech Financials goes back to the primary document.

The standard primary sources used include: SEC EDGAR (S-1, S-1/A, F-1, 10-K, 10-Q, 13F, Form D, 8-K), Pitchbook (PE/VC deal data, fund-level returns), Crunchbase (tech IPO pipeline tracker, funding rounds), Sacra Pro (private market pricing, secondary marks), Carta (Equity Summary, cap table dilution trends), NVCA (Venture Monitor quarterly), and the IRS/FASB technical bulletins for tax-structure analyses.

Editorial process

  1. Thesis formation: a question or anomaly observed in a filing or data feed.
  2. Primary source research: 8-17 primary sources collected and cross-checked.
  3. Chart and cap table construction: 1-3 inline charts built from primary data.
  4. Draft write: opening one-line thesis + supporting chart or cap table + 3-data-point summary + body + Verdict box + sources bibliography.
  5. Self-edit pass: remove marketing language, check for clickbait, verify every assertion has a primary source link.
  6. Publish.

Corrections log

Errors are corrected transparently. Each correction is published as a footer note on the original article and as a permanent entry below.

  • 2026-05-09 · Klarna S-1 Forensic : initial draft cited merchant receivables velocity at 38 percent slower than disclosed. Updated to 47 percent per S-1 Amendment 14 footnote 14, filed 2026-04-15. Source: SEC EDGAR.
  • 2026-04-28 · Tech IPO Pipeline Q1 2026 : active S-1 count revised from 36 to 38 per Crunchbase IPO Tracker Q1 final. Source: Crunchbase Q1 2026.

Editorial independence and disclosures

Tech Financials accepts no paid placements. No primary affiliate model. Occasional tech finance service mentions (Carta, Mercury, Brex, Crunchbase Pro) are disclosed inline at point of mention when the analysis context requires it. Revenue comes from guest post sales transparent (rates published on request) and optional Substack mirror subscriptions.

Marcus Kohler owns no individual public-tech equity positions mentioned in Tech Financials analyses at the time of writing. A conflict-of-interest box is included on any analysis where a related private-market position exists from the prior a16z tenure.

Comments and contact

Reply to any analysis: marcus@tech-financials.com. Pitches, tip submissions, and source documentation same address. Please include primary source URLs or filing references.