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Deep Quarry

Olga Usvyatsky, Francine McKenna
Tens of paid subscribers

Using data to uncover trends in disclosure and reporting.

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Substack
PricingFreemiumPublishesWeekly
Issues124Founded3 years agoLast Issue6 days ago
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Latest Issues

How companies change segment disclosure

This is a collaborative effort, co-authored with Erin Riglin of Terrain, which runs agentic investigations of SEC filings. If you value our work, please subscribe and reach out if you are interested in this type of project!

Deep Quarry is...

6 days ago
9

What changed between Nscale’s confidential IPO draft and public S-1 filing

A comparison of Nscale’s confidential draft and public S-1 shows how it clarified distinction between operating assets and planned expansion, and modified important risk and accounting disclosures.

On September 18, 2026, Nscale Ltd filed i...

9 days ago
5
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Between Headlines and Numbers: Three Notes on Fair Value, The Bancorp, and CoreWeave.

FASB new guidance on fair valuing securities with contractual restrictions; SEC enforcement action against The Bancorp former CFO; and CoreWeave financing.

Before we go deep into the story, let me welcome the new subscribers, many of whom...

23 days ago
4
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Anthropic’s Pre-IPO Profitability Story

Media reports point to 80% margins and positive adjusted operating income, but the accounting behind those numbers remains out of view.

Anthropic confidentially submitted a draft registration statement for its planned IPO earlier this year...

a month ago
8
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Reviewing SB Energy’s IPO dreams

SB Energy is making a big play towards turnkey AI data center construction. We look at what changed between its confidential DRS and public S-1 to see what can be learned about the big risks.

This is collaborative effort, co-authored with...

a month ago
6
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Authors

The writers behind this newsletter.

  • Olga Usvyatsky

    Olga Usvyatsky is a former VP of Research of Audit Analytics, where she led the development of new data sets used by investors, regulators, and academics. Her work was frequently cited by media, including WSJ, Bloomberg, and MarketWatch.

  • Francine McKenna

    Francine McKenna writes, teaches, and speaks about audit, accounting and public company governance.

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