Lenny's Newsletter
Investor Due Diligence Report
by Lenny Rachitsky
substackBusiness
Deeply researched product, growth, and career advice for product leaders, founders, and ambitious builders.
Investor Due Diligence Report
by Lenny Rachitsky
Deeply researched product, growth, and career advice for product leaders, founders, and ambitious builders.
1.2M
45K paid
~0%
Subscriber count is a platform estimate
-0.0%
net churn
Pricing
$20/mo
$200/yr annual option
$716K
45K paid subs
$501K/mo – $930K/mo(±30%)
24.5
477.6
0.04%
(comments + likes) / subscribers
Weekly
0.9 posts/week
85/100
Very Consistent (~7.9d avg)
| Newsletter | Subscribers | Weekly Growth | Price | Platform |
|---|---|---|---|---|
| Founding Journey | 240K | N/A | $50/mo | substack |
| a16z speedrun | 202K | +4.0% | Free | substack |
| Refactoring | 173K | N/A | $15/mo | substack |
| Clouded Judgement | 87K | N/A | Free | substack |
| Month | Subscribers | Est. Revenue | Change |
|---|---|---|---|
| Jan 2026 | 1.1M | $670,789.2 | — |
| Feb 2026 | 1.1M | $666,305.4 | ~0% |
| Mar 2026 | 1.1M | $663,634.2 | ~0% |
| Apr 2026 | 1.2M | $715,500 | +7.8% |
| May 2026 | 1.2M | $715,500 | ~0% |
Platform Dependency
Operates on custom domain (www.lennysnewsletter.com)
Publishing Consistency
Regular publishing schedule
Key Person
Single-author publication — key-person dependency
Audience Concentration
Consistent engagement across posts
Subscriber threshold
1.2M subscribers — above the 2K category median for first paid tier
Has paid tier
Active paid subscription offering
Peer monetization
100% of 17 similar-size peers in Business have paid tiers
Pricing position
$20/mo vs $7/mo category median (1519 newsletters)
| Date | Monthly | Annual |
|---|---|---|
| Mar 2026 | $20 | $200 |
| Jan 2026 | $15 | $150 |
Disclaimer: This report is generated automatically based on publicly available data and proprietary estimation models. Estimated subscriber counts are derived from engagement patterns and should be verified through direct disclosure. Revenue estimates are based on known pricing and estimated paid subscriber counts. This report is for informational purposes only and should not be the sole basis for investment decisions.
Score based on available components only.
| Component | Score | Weight |
|---|---|---|
| Engagement Rate | 86/100 | 30% |
| Paid Subscriber Ratio | 100/100 | 25% |
| Publishing Consistency | 100/100 | 10% |
| Secret Strategist |
| 78K |
| +0.7% |
| Free |
| substack |
Revenue Model
Active paid subscription tier