Video of their SVP of Product talking about it here: https://youtu.be/PERZMGLhnF8?si=DjS_OgbNeDpvLA04&t=1195
From the article: Newcomer says Substack is “pitching investors on a round between $50M and $100M that would value it above its roughly $700M last round price.”
Also: And if Substack does manage to raise that $100M they’re looking for now? Things will get worse.
Ana's contention that Substack is "rickety" seems motivated by her conviction that they should adopt a more assertive, aggressive censorship regime, and that "we need a world where a social safety net protects risky writing".
There are certainly many interesting questions about the future of media and Substack's business – but the parade of people saying it can't succeed without more moderation keep being proven wrong.
[1] https://www.nytimes.com/2025/07/17/business/substack-fundrai...
I really liked Deepnote the product when I last used it, but the post definitely feels off.