Is there a cheap alternative to AlphaSense?

Partially. Some of the product is free public data (SEC EDGAR full-text search API), but part of its value is genuinely proprietary. The 'who said X in a filing' workflow per-call at $0.20–0.25 vs $125k/yr.

Is it legal to rebuild AlphaSense from public data?

Facts and public-domain government data are not copyrightable, but there are real traps here: SEC requests a descriptive User-Agent and ~10 req/s ceiling — comply This is research, not legal advice.

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AlphaSense: what you're actually paying for

Partially — some of it is free public data, some is genuinely proprietary

AlphaSense typically costs avg ~$125,000/yr enterprise. Part of what it sells is free public data (SEC EDGAR full-text search API); part is genuinely proprietary. The filings-search core rides on EDGAR full-text search, which the SEC provides free (efts.sec.gov). The licensed broker research and expert-call library are real proprietary content you cannot rebuild.

The free public data underneath

Source	License	Access
SEC EDGAR full-text search API	US public domain	efts.sec.gov/LATEST/search-index?q=..., free

Rebuild recipe

Wrap EDGAR full-text search with phrase queries across form types
Add anomaly heuristics: NT filings, Item 4.01/4.02 8-Ks, going-concern language
Be honest that broker research/expert calls are out of scope

DIY difficulty: low for search; moderate for good anomaly heuristics

The price math

The 'who said X in a filing' workflow per-call at $0.20–0.25 vs $125k/yr.

Licensing and legal traps

SEC requests a descriptive User-Agent and ~10 req/s ceiling — comply

The pay-per-call alternative, live today:

https://filingspulse.theaslangroupllc.com/api/filings/search (full-text, live)
anomaly + transcript-search endpoints in active build

FilingsPulse — no subscription, no seat license, USDC per call via x402. Agents can pay programmatically.

Decompose any data product programmatically: GET https://pulse.theaslangroupllc.com/api/unbundle?product=AlphaSense — $1.00 per call via x402. 22 products decomposed; honest misses for everything else.

Research as of 2026-07-06 by The Aslan Group LLC (info@theaslangroupllc.com). Product names are used nominatively to identify the products analyzed; all trademarks belong to their owners. Pricing is as publicly reported or contract-disclosed at research time and may change. This is research for build-vs-buy evaluation, not legal advice — verify licenses against the primary source before building.