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

Thinking Machines / Private Capital Markets

<ul><li>Thinking Machines Lab was valued at $12B following its $2B seed round led by Andreessen Horowitz in July 2025.</li><li>Thinking Machines is building a customizable AI platform centered around a frontier-scale multimodal foundation model that can process text, images, audio, code, and scientific data.</li><li>The company&#39;s open-source components also create a pathway to millions of individual developers and smaller companies that currently use general-purpose models but need more specialized capabilities for their specific use cases.</li></ul>

Thinking Machines Lab was valued at $12B following its $2B seed round led by Andreessen Horowitz in July 2025.Thinking Machines is building a customizable AI platform centered around a frontier-scale multimodal foundation model that can process text, images, audio, code, and scientific data.The company&#39;s open-source components also create a pathway to millions of individual developers and smaller companies that currently use general-purpose models but need more specialized capabilities for their specific use cases.

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Bottom-Up

<ul>
<li>Ministry of Industry and Information Technology (MIIT) issued a high-risk warning targeting Claude Code.</li>
<li>Knowledge Atlas’ GLM-5.2 ranks No. 1 in China in terms of intelligence and speed.</li>
<li>However, another batch of restricted stock, accounting for 40% of total shares, is scheduled to unlock in January 2027.</li>
</ul>


Ministry of Industry and Information Technology (MIIT) issued a high-risk warning targeting Claude Code.
Knowledge Atlas’ GLM-5.2 ranks No. 1 in China in terms of intelligence and speed.
However, another batch of restricted stock, accounting for 40% of total shares, is scheduled to unlock in January 2027.


Knowledge Atlas (2513 HK): Best Domestic AI Model to Benefit from Claude Ban

<ul><li>Sacra estimates that Scale generated $2B in revenue in 2025, up from $870M in 2024, when it hit a $1.5B annualized run rate by end of year.</li><li>Meta's June 2025 investment values Scale at $29 billion, with Meta paying $14.3B for a 49% non-voting stake.</li><li>Meta's $14.3B investment for 49% ownership in June 2025 triggered customer flight from Scale's largest clients.</li></ul>

Sacra estimates that Scale generated $2B in revenue in 2025, up from $870M in 2024, when it hit a $1.5B annualized run rate by end of year.Meta's June 2025 investment values Scale at $29 billion, with Meta paying $14.3B for a 49% non-voting stake.Meta's $14.3B investment for 49% ownership in June 2025 triggered customer flight from Scale's largest clients.

<ul><li>Sacra estimates that xAI hit roughly $3.8B in annualized revenue at the end of 2025, up from about $100M in 2024, reflecting the combined xAI + X business following the March 2025 merger.</li><li>On February 2, 2026, SpaceX acquired xAI in an all-stock deal.</li><li>xAI&#39;s cost structure is capital-intensive.</li></ul>

Sacra estimates that xAI hit roughly $3.8B in annualized revenue at the end of 2025, up from about $100M in 2024, reflecting the combined xAI + X business following the March 2025 merger.On February 2, 2026, SpaceX acquired xAI in an all-stock deal.xAI&#39;s cost structure is capital-intensive.

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

<ul>
<li>
<strong>Model Convergence</strong>: capabilities that once required specialized models are increasingly handled by the main Gemini LLMs, which can now be state of the art for math and other scientific questions</li>
<li>Brin admitted he is “always kind of confused as to how to prompt the models” and even the Gemini team does not know exactly where the models’ capability edges are!</li>
<li>He cited chain-of-thought (”think step by step”) as an example of a technique that seemed trivial or “the dumbest thing ever” yet drove a significant jump in AI capability.</li>
</ul>



Model Convergence: capabilities that once required specialized models are increasingly handled by the main Gemini LLMs, which can now be state of the art for math and other scientific questions
Brin admitted he is “always kind of confused as to how to prompt the models” and even the Gemini team does not know exactly where the models’ capability edges are!
He cited chain-of-thought (”think step by step”) as an example of a technique that seemed trivial or “the dumbest thing ever” yet drove a significant jump in AI capability.


Sergey Brin On Model Convergence, Prompt Engineering & Transformer Evolution

United States

Anthropic, PBC operates as an AI safety and research company. The Company builds reliable, interpretable, and steerable AI systems. Anthropic serves customers in the United States.

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Anthropic (1892140D US)

Primer: Thinking Machines - 16 Jul 2026

AI research and product company aiming to make AI systems more widely understood, customizable, and generally capable

Sacra

Knowledge Atlas (2513 HK): Best Domestic AI Model to Benefit from Claude Ban

Ministry of Industry and Information Technology issued a high-risk warning targeting Claude Code. KA’s GLM-5.2 ranks No. 1 in China. However,...

Ming Lu

Primer: Scale AI - 10 Jul 2026

Tooling suite for data labeling, model training, and deployment for enterprise ML teams

Sacra

Primer: xAI - 10 Jul 2026

AI lab building chatbots and models using real-time data from X and SpaceX

Sacra

Sergey Brin On Model Convergence, Prompt Engineering & Transformer Evolution

Model Convergence: capabilities that once required specialized models are increasingly handled by the main Gemini LLMs, which can now be state of...

William Keating

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