The daily heartbeat of private markets.
Tracked. Classified. Cascaded — without compromising methodology rigor.
Lodestar Pulse monitors news, peer transactions, sector events, and market movements every day. When a competitor's deal closes, when a sector multiple shifts, when a regulatory event lands — Pulse classifies the event and cascades the signal to every Lodestar Verified Value the comp set affects. Under the asymmetric impact rule. Narrative inputs cannot raise midpoint. Comp-set updates legitimately move the lens.
What Pulse tracks
Public signal across V1 vertical and adjacent sectors.
Each event is classified by Pulse's signal taxonomy, scored for materiality, and routed to the affected companies' Verified Values.
| Signal type | Examples | Tier |
|---|---|---|
| Peer transactions | Acquisitions, IPOs, take-privates, priced rounds with disclosed terms | Tier 2-3depending on disclosure quality |
| Sector multiples | Public comp price movements, sector index shifts | Tier 1 |
| Regulatory events | SEC actions, NRSRO downgrades, sector regulation changes | Tier 2 |
| Macro signals | Risk-free rate moves, equity risk premium shifts | Tier 1Damodaran-grounded |
| Company-specific events | Press releases, executive changes, customer wins | Tier 4flag-only |
| Secondary indications | Hiive / Forge / Nasdaq Private Market trade prints (where licensed) | Tier 2 |
Methodology rigor
The asymmetric impact rule is non-negotiable.
Pulse is architected so news cannot raise midpoints or narrow bands without verified evidence.
News (Tier 4) is flag-only.
A press release saying “competitor crossed $100M ARR” cannot raise your Verified Value. It can only trigger an evidence request and widen your confidence band.
Peer transactions update the comp set, not the narrative.
When a comparable company has a disclosed transaction at a known multiple, the comp set’s NTM EV/Revenue distribution updates. The Market Comparables lens recomputes legitimately.
Sector multiples (Tier 1) move directly.
Public comp prices move daily; the lens reflects that. No narrative interpretation in the path.
LLM is used for classification only.
Pulse uses LLM to extract structured transaction data from press releases and to classify events by type. The valuation engine itself is deterministic — no LLM in the cross-section, in the capital-stack waterfall, or in the confidence-band computation.
Every cascade is logged.
Each Verified Value movement triggered by a Pulse event records (event ID, classification, materiality score, comp-set delta, lens delta) in the assumption ledger. Counsel and auditors can trace any movement back to its source event.
Issuer authorization required for any midpoint move.
Pulse-driven changes to confidence band can occur automatically. Pulse-driven changes to midpoint require either a comp-set update (deterministic; no narrative dependency) or explicit issuer authorization for a memo refresh.
Cascade types
Three ways a Pulse event reaches Verified Values.
Direct comp-set update
Deterministic, automatic
A peer's IPO at known multiple X updates the comp set's distribution. The Market Comparables lens recomputes for every company in the comp set. Verified Values reflecting that comp set move legitimately — because the comp set moved, not because narrative did.
Confidence-band signal
Automatic, narrative-driven
News increases sector volatility. Confidence bands widen on related Verified Values. Midpoints stay unchanged. Volatility legitimately raises uncertainty without claiming new evidence.
Memo-refresh prompt
Issuer-triggered
Material peer event affects a high-stakes engagement. Issuer is notified; can authorize a fresh memo. Counsel-citable record of “stale memo since X event; refreshed at Y.”
For whom
Who Pulse serves.
Pulse drives continuous Verified Value refreshes daily.
Pulse triggers monthly delta notes when peer events affect monitored portfolio companies.
Pulse signals visible to inform pre-bid scenario analysis.
Pulse signal taxonomy and cascade rules are part of the Lodestar Protocol.
What’s different
How Pulse differs from AI-native daily-signal products.
The category of “AI-native” daily-signal extraction typically frames itself around news ingestion at scale. Pulse is architected differently.
| Dimension | Typical AI-native signal-extraction product | Lodestar Pulse |
|---|---|---|
| Signal source | “News of the day” | News + peer transactions + sector multiples + macro + secondary indications |
| Methodology transparency | Closed | Open published cascade rules |
| Asymmetric impact rule | Not described | Enforced — narrative cannot move midpoint |
| LLM use | “AI-native” (vague) | Classification only; valuation engine deterministic |
| Cascade audit trail | Not described | Every movement logged in assumption ledger |
| Output | Daily mark | Daily Verified Value recompute + cascade audit trail |
| Issuer-permissioned | No | Yes — drives Issuer Vault |
| Confidence band signaling | Not described | Bands widen on Tier 4 signals automatically |
Honest pre-launch
Where Pulse is right now.
Pulse is in engineering Q3 2026 with a 3-4 month build. The signal taxonomy and cascade rules are being drafted as part of Protocol v0.2 (publishes alongside Pulse launch).
Until Pulse ships, Verified Value updates are triggered manually on integration refresh or at engagement-refresh requests. Pulse access is included with all Issuer Vault and Portfolio Mark Support subscriptions; standalone seats for advisors, counsel, and analysts available 2027 alongside Lodestar Index.