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>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.

New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

Equity Bottom-Up

Vista Group International / Equity Bottom-Up

<ul><li>The June 2026 quarter was marked by a significant divergence in performance among major local names following the May reporting season.</li><li>The quarter saw consensus downgrades for both Serko (SKO) and Gentrack (GTK).</li><li>Our preferred large-cap technology exposures remain Vista Group (VGL: OUTPERFORM), Serko (SKO: OUTPERFORM), and Gentrack (GTK: OUTPERFORM).</li></ul>

The June 2026 quarter was marked by a significant divergence in performance among major local names following the May reporting season.The quarter saw consensus downgrades for both Serko (SKO) and Gentrack (GTK).Our preferred large-cap technology exposures remain Vista Group (VGL: OUTPERFORM), Serko (SKO: OUTPERFORM), and Gentrack (GTK: OUTPERFORM).

Forsyth Barr Technology Digest Edition 15—the Great Divide

<ul><li>Infratil’s (IFT) largest investment, CDC: (1) continues to progress developments at a rapid rate; (2) has expanded its longer-term development pipeline, as flagged at its FY26 result; and (3) has seen a material increase in its independent valuation.</li><li>New disclosure and substantial 1Q27 construction starts indicate CDC has greater near-term leasing capacity than we had previously assumed.</li><li>We see further large contract wins for CDC as potential catalysts and retain OUTPERFORM.</li></ul>

Infratil’s (IFT) largest investment, CDC: (1) continues to progress developments at a rapid rate; (2) has expanded its longer-term development pipeline, as flagged at its FY26 result; and (3) has seen a material increase in its independent valuation.New disclosure and substantial 1Q27 construction starts indicate CDC has greater near-term leasing capacity than we had previously assumed.We see further large contract wins for CDC as potential catalysts and retain OUTPERFORM.

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>
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</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

Palantir Technologies  / Equity Bottom-Up

<ul>
<li>
The Trust Deficit: Alex Karp reveals that enterprise and battlefield clients are furious with frontier AI labs over severe data caching, intellectual property theft, and a total loss of trust.</li>
<li>
The Sovereign Solution: Palantir's new partnership with NVIDIA focuses on giving technical customers absolute control over their own compute, data stacks, model weights, and business alpha.</li>
<li>
The Application Layer Moat: Karp argues that open-source models paired with Palantir’s safe "ontology" application layer match closed-frontier performance without risking the transfer of proprietary corporate secrets.</li>
</ul>



The Trust Deficit: Alex Karp reveals that enterprise and battlefield clients are furious with frontier AI labs over severe data caching, intellectual property theft, and a total loss of trust.

The Sovereign Solution: Palantir's new partnership with NVIDIA focuses on giving technical customers absolute control over their own compute, data stacks, model weights, and business alpha.

The Application Layer Moat: Karp argues that open-source models paired with Palantir’s safe "ontology" application layer match closed-frontier performance without risking the transfer of proprietary corporate secrets.


Palantir CEO Alex Karp Declares War On Anthropic, OpenAI

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Anthropic (1892140D US)

Primer: Scale AI - 10 Jul 2026

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

Sacra

Forsyth Barr Technology Digest Edition 15—the Great Divide

The June 2026 quarter was marked by a significant divergence in performance among major local names following the May reporting season. The...

Forsyth Barr

Infratil Capacity to Surprise

Infratil’s (IFT) largest investment, CDC: (1) continues to progress developments at a rapid rate; (2) has expanded its longer-term development...

Forsyth Barr

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

Palantir CEO Alex Karp Declares War On Anthropic, OpenAI

Mr. Karp argues that open-source models paired with Palantir’s safe "ontology" application layer match closed-frontier performance without risking...

William Keating

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)