We're actively evaluating a more modular approach to how PitchBook is packaged and priced, informed by how clients are increasingly accessing our data: through the platform directly, through direct data/application programming interface (API) feeds, and increasingly through large language model (LLM) and Model Context Protocol (MCP) connector integrations. As discussed at the Annual Shareholders’ Meeting in May, we've already introduced elements of this approach, including essential data licensing to LLM providers and premium connector access for paying subscribers.
Additionally, we’re piloting expanded premium connector access, which today still requires at least one full platform license, with the ability to add connector-only seats. We're also testing a separate direct MCP capability, similar to an API, for consumption-based use cases. We’re still evaluating the broader pricing structure and are taking a thoughtful approach.