Investor Due Diligence Report
by The Bulwark
The Bulwark is home to Sarah Longwell, Tim Miller, Bill Kristol, JVL, Sam Stein, Catherine Rampell and more. We are the largest pro-democracy bundle on Substack for news and analysis on politics and culture—supported by a community built on good faith.
1M
90K paid
+0.1%
Insufficient data
24 of 30 days needed
Pricing
$12/mo
$100/yr annual option
$764K
90K paid subs
$535K/mo – $993K/mo(±30%)
205.2
616.7
0.08%
(comments + likes) / subscribers
Daily
28.2 posts/week
64/100
Consistent (~1.5d avg)
| Newsletter | Subscribers | Weekly Growth | Price | Platform |
|---|---|---|---|---|
| Adam Kinzinger | 454K | +0.2% | $9/mo | substack |
| Thinking about... | 450K | +0.2% | $7.5/mo | substack |
| Glenn Greenwald | 319K | -0.3% | $8/mo | substack |
| Our Moral Moment w/ Bishop William Barber & Jonathan Wilson-Hartgrove | 243K | -0.2% | $8/mo | substack |
| Month | Subscribers | Est. Revenue | Change |
|---|---|---|---|
| Feb 2026 | 1.1M | $552,817.86 | — |
| Mar 2026 | 1.1M | $556,663.83 | ~0% |
| Apr 2026 | 996K | $510,537.66 | -8.3% |
| May 2026 | 999K | $512,074.35 | ~0% |
Platform Dependency
Operates on custom domain (www.thebulwark.com)
Publishing Consistency
Variable publishing frequency
Key Person
Single-author publication — key-person dependency
Audience Concentration
Hit-driven — top post engagement 3x+ above average
Subscriber threshold
1M subscribers — above the 6K category median for first paid tier
Has paid tier
Active paid subscription offering
Peer monetization
100% of 12 similar-size peers in Politics have paid tiers
Pricing position
$12/mo vs $6/mo category median (1266 newsletters)
| Date | Monthly | Annual |
|---|---|---|
| Mar 2026 | $12 | $100 |
| Jan 2026 | $11 | $100 |
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.
| Component | Score | Weight |
|---|---|---|
| Engagement Rate | 100/100 | 30% |
| Paid Subscriber Ratio | 100/100 | 25% |
| Growth Consistency | 86/100 | 15% |
| Publishing Consistency | 32/100 | 10% |
| The Big Picture |
| 200K |
| N/A |
| $6/mo |
| substack |
Revenue Model
Active paid subscription tier