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.

Equity Capital Markets

<ul>
<li>SpaceX acquired Cursor for $60B to pair the fastest-growing SaaS company in history with xAI's 700K+ GPU compute clusters.</li>
<li>In April 2026, SpaceX and Cursor announced a deal that gave SpaceX the right to acquire Cursor outright for $60B.</li>
<li>SpaceX is now applying the same vertical integration playbook to AI, from chip fabrication to compute through its Colossus compute clusters (700K+ GPUs).</li>
</ul>


SpaceX acquired Cursor for $60B to pair the fastest-growing SaaS company in history with xAI's 700K+ GPU compute clusters.
In April 2026, SpaceX and Cursor announced a deal that gave SpaceX the right to acquire Cursor outright for $60B.
SpaceX is now applying the same vertical integration playbook to AI, from chip fabrication to compute through its Colossus compute clusters (700K+ GPUs).


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

Equity Bottom-Up

<ul>
<li>Mike Krieger, Instagram co-founder &amp; now Anthropic's Chief Product Officer, "building at Anthropic Labs", resigned from the Board of Figma on 4/14/26.</li>
<li>According to an open letter from activist Findell, on 4/17/26, Anthropic released Claude Design, a product which directly competes with Figma. This pattern of events raises serious corporate governance concerns.</li>
<li>The Information claims that Figma was originally partnering with Anthropic on Claude Design, but pulled the plug at the last minute as the extent of the competitive threat became clearer</li>
</ul>


Mike Krieger, Instagram co-founder &amp; now Anthropic's Chief Product Officer, "building at Anthropic Labs", resigned from the Board of Figma on 4/14/26.
According to an open letter from activist Findell, on 4/17/26, Anthropic released Claude Design, a product which directly competes with Figma. This pattern of events raises serious corporate governance concerns.
The Information claims that Figma was originally partnering with Anthropic on Claude Design, but pulled the plug at the last minute as the extent of the competitive threat became clearer


Private Capital Markets

<ul><li>Sacra estimates that Mistral hit $400M in annual recurring revenue (ARR) in January 2026, up from ~$312M in December 2025 and ~$16M at end-2024.</li><li>Mistral has publicly targeted over $1B in revenue in 2026.</li><li>In June 2026, Mistral raised $3.5 billion at a $20 billion valuation, making it one of Europe's most valuable private technology companies.</li></ul>

Sacra estimates that Mistral hit $400M in annual recurring revenue (ARR) in January 2026, up from ~$312M in December 2025 and ~$16M at end-2024.Mistral has publicly targeted over $1B in revenue in 2026.In June 2026, Mistral raised $3.5 billion at a $20 billion valuation, making it one of Europe's most valuable private technology companies.

<ul><li>Moonshot AI is seeking to raise its valuation to approximately $10 billion by expanding an ongoing financing round, according to February 2025 reports.</li><li>As of May 2026, Moonshot is overhauling its corporate structure to comply with Beijing's tightened rules and pursue a Hong Kong IPO, targeting Asian capital markets and regulatory approval as its primary public exit path.</li><li>Moonshot AI uses a dual-sided model combining B2C consumer subscriptions with B2B API licensing.</li></ul>

Moonshot AI is seeking to raise its valuation to approximately $10 billion by expanding an ongoing financing round, according to February 2025 reports.As of May 2026, Moonshot is overhauling its corporate structure to comply with Beijing's tightened rules and pursue a Hong Kong IPO, targeting Asian capital markets and regulatory approval as its primary public exit path.Moonshot AI uses a dual-sided model combining B2C consumer subscriptions with B2B API licensing.

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.

<ul>
<li>Montage has the largest market share in a highly concentrated market.</li>
<li>The company’s revenue growth outperformed the industry average and its gross margin hit a record high.</li>
<li>However, Montage's stock price is overvalue compared to other chip manufacturers.</li>
</ul>


Montage has the largest market share in a highly concentrated market.
The company’s revenue growth outperformed the industry average and its gross margin hit a record high.
However, Montage's stock price is overvalue compared to other chip manufacturers.


Montage (6809 HK): All Good But Price - A Supplier to Hynix, Samsung, and Micron

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)

Why SpaceX Bought Cursor

TL;DR: With Anthropic's Claude Code and OpenAI's Codex competing directly against Cursor, SpaceX acquired Cursor for $60B to pair the fastest...

Sacra

Is Anthropic Eating Figma's Lunch?

The Information claims that Figma was originally partnering with Anthropic on Claude Design, but pulled the plug at the last minute as the extent...

William Keating

Primer: Mistral - 15 Jun 2026

Open-weight LLMs and AI tools for developers, enterprises, and on-premise deployment

Sacra

Primer: Moonshot AI - 15 Jun 2026

AI research lab building large language models and chatbots for Chinese-language applications

Sacra

Montage (6809 HK): All Good But Price - A Supplier to Hynix, Samsung, and Micron

Montage has the largest market share. The company’s revenue growth outperformed the industry average and its gross margin hit a record high....

Ming Lu

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