Private Markets, Angel and Secondary Investing, Sacra

Sacra

Private Markets, Angel and Secondary Investing

Bringing transparency to private markets so investors, founders, and employees can build on conviction. Sacra delivers deeply researched insights on the private companies shaping tomorrow's markets. By surfacing the data, context, and operator perspective that are missing from private markets today, we help secondary buyers and sellers price equity accurately and unlock liquidity for the people building these businesses.

Private Capital Markets

<ul><li>Saronic is positioning as the “Anduril for the seas,” with autonomous surface vessels sold on fixed-price contracts rather than cost-plus.</li><li>On the back of successful contracts with USSOCOM and the Navy to meet their needs for expendable maritime drones, small unmanned vessels and river-patrol vehicles as the military gameplans for Taiwan invasion scenarios, Sacra estimates that Saronic generated $12.5M in revenue in 2024, with the company projecting $400M in revenue for 2025.</li><li>With ~35% of all Pentagon contracts being awarded to ~5 primes without a competitive process, the Navy's push for 1,000+ new small USVs—along with the Trump administration’s calls for “Restoring America’s Maritime Dominance” and doing so with cost-efficiency—creates a rare opening for new entrants like Saronic that can sell USVs at $400K to $1.2M each vs. legacy prime programs.</li></ul>

Saronic is positioning as the “Anduril for the seas,” with autonomous surface vessels sold on fixed-price contracts rather than cost-plus.On the back of successful contracts with USSOCOM and the Navy to meet their needs for expendable maritime drones, small unmanned vessels and river-patrol vehicles as the military gameplans for Taiwan invasion scenarios, Sacra estimates that Saronic generated $12.5M in revenue in 2024, with the company projecting $400M in revenue for 2025.With ~35% of all Pentagon contracts being awarded to ~5 primes without a competitive process, the Navy's push for 1,000+ new small USVs—along with the Trump administration’s calls for “Restoring America’s Maritime Dominance” and doing so with cost-efficiency—creates a rare opening for new entrants like Saronic that can sell USVs at $400K to $1.2M each vs. legacy prime programs.

Quantum Systems / Private Capital Markets

<ul><li>Quantum Systems bids directly with local entities vs. selling through partnerships with primes.</li><li>After becoming the first European drone company to deploy at scale in Ukraine immediately after the 2022 invasion, Quantum Systems has rode the upsurge of demand for drones.</li><li>Quantum is building Mosaic, a software-based command platform for unmanned warfare that governments license annually to orchestrate any vendor's drones across services.</li></ul>

Quantum Systems bids directly with local entities vs. selling through partnerships with primes.After becoming the first European drone company to deploy at scale in Ukraine immediately after the 2022 invasion, Quantum Systems has rode the upsurge of demand for drones.Quantum is building Mosaic, a software-based command platform for unmanned warfare that governments license annually to orchestrate any vendor's drones across services.

Quantum Systems At $124M/year Up 216% YoY

<ul><li>Stark Defence is valued at approximately $500 million following its latest funding round led by Sequoia Capital in August 2025.</li><li>Stark Defence operates as a vertically integrated defense technology company combining proprietary hardware manufacturing with software-as-a-service offerings.</li><li>Contracts with Germany and Ukraine have established Stark's initial NATO credentials, creating a foundation for broader alliance member adoption.</li></ul>

Stark Defence is valued at approximately $500 million following its latest funding round led by Sequoia Capital in August 2025.Stark Defence operates as a vertically integrated defense technology company combining proprietary hardware manufacturing with software-as-a-service offerings.Contracts with Germany and Ukraine have established Stark's initial NATO credentials, creating a foundation for broader alliance member adoption.

<ul><li>As drones dominate the Russo-Ukrainian War (responsible for 70% of casualties on both sides) and conflicts in Gaza, Sudan, and Myanmar, the former Eastern Bloc is emerging as NATO’s Shenzhen for drones.</li><li>33% of all FPV drones on the front lines in Ukraine come from TAF Drones, Ukraine’s largest native manufacturer, which did a Sacra-estimated $180M in revenue in 2024, up 2,250% YoY.</li><li>With thousands of combat hours flown, battle-tested Eastern Bloc drone companies have gone from supplying drones to the front lines in Ukraine to exporting them around the West, flipping ex-Soviet factories into the West’s permanent arsenal rather than a wartime stopgap—a trend that will accelerate as Kyiv plans to relax export bans later in 2025 to promote the growth of their domestic miltech industry.</li></ul>

As drones dominate the Russo-Ukrainian War (responsible for 70% of casualties on both sides) and conflicts in Gaza, Sudan, and Myanmar, the former Eastern Bloc is emerging as NATO’s Shenzhen for drones.33% of all FPV drones on the front lines in Ukraine come from TAF Drones, Ukraine’s largest native manufacturer, which did a Sacra-estimated $180M in revenue in 2024, up 2,250% YoY.With thousands of combat hours flown, battle-tested Eastern Bloc drone companies have gone from supplying drones to the front lines in Ukraine to exporting them around the West, flipping ex-Soviet factories into the West’s permanent arsenal rather than a wartime stopgap—a trend that will accelerate as Kyiv plans to relax export bans later in 2025 to promote the growth of their domestic miltech industry.

<ul><li>Shield AI hit $267M in revenue in 2024, up 64% YoY from $163M in 2023.</li><li>Demand has surged for autonomous drones with demonstrated success in combat—driving new contracts for Shield AI with the Romanian Navy (~$30M), Japan’s naval forces, Greece, Canada, and other allies, pushing Sacra-estimated annual revenue to $267M in 2024, up 64% YoY from $163M in 2023.</li><li>With $9.4B in investment committed to autonomous drones for the next fiscal year between the Pentagon’s discretionary budget and billions in new mandatory spending from Trump’s “One Big Beautiful Bill,” 2026 is set to be a key year for startups selling into DoD, with Shield AI well-positioned as the U.S.’s leading pure-play drone startup to win in the key categories of 1) small unmanned aerial systems and 2) long-endurance aerial systems for surveillance.</li></ul>

Shield AI hit $267M in revenue in 2024, up 64% YoY from $163M in 2023.Demand has surged for autonomous drones with demonstrated success in combat—driving new contracts for Shield AI with the Romanian Navy (~$30M), Japan’s naval forces, Greece, Canada, and other allies, pushing Sacra-estimated annual revenue to $267M in 2024, up 64% YoY from $163M in 2023.With $9.4B in investment committed to autonomous drones for the next fiscal year between the Pentagon’s discretionary budget and billions in new mandatory spending from Trump’s “One Big Beautiful Bill,” 2026 is set to be a key year for startups selling into DoD, with Shield AI well-positioned as the U.S.’s leading pure-play drone startup to win in the key categories of 1) small unmanned aerial systems and 2) long-endurance aerial systems for surveillance.

United States

Hardware-software defense systems for autonomous drones, surveillance towers, and counter-drone warfare

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Anduril (ANDURIL US)

$12.5M/year Anduril Of The Seas

TL;DR: With China’s shipyards outproducing the U.S. Navy 100x and Ukraine proving $250K sea drones can sink warships, Saronic is positioning as the...

Sacra

Quantum Systems At $124M/year Up 216% YoY

TL;DR: After pivoting from civilian surveying drones to defense following Russia's 2014 Crimea annexation, Germany's Quantum Systems became the...

Sacra

Primer: Stark Defence - 23 Aug 2025

Defense software and unmanned systems for AI-coordinated strikes and battlefield operations

Sacra

Ukrainian Dynamism

TL;DR: With hundreds of retrofitted Cold War-era factories, cheap engineers, and a front-row seat to the Russo-Ukrainian war, former Eastern Bloc...

Sacra

Shield AI At $267M/year Growing 64% YoY

TL;DR: In a defense autonomy market flooded with drone startups and rising Pentagon budgets—$300M+ earmarked for low-cost autonomous systems in...

Sacra

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