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 Fal.ai hit $400M in annualized revenue in February 2026, up from approximately $285M at the end of 2025, which was up 1,040% year-over-year from $25M at the end of 2024.</li><li>In December 2025, Fal.ai raised $140 million led by Sequoia at a $4.5 billion valuation.</li><li>Looking into 2026, the company has indicated it will reinvest new capital into expanding infrastructure footprint, accelerating product lines (workflows, training/fine-tuning), and broadening its model marketplace.</li></ul>

Sacra estimates that Fal.ai hit $400M in annualized revenue in February 2026, up from approximately $285M at the end of 2025, which was up 1,040% year-over-year from $25M at the end of 2024.In December 2025, Fal.ai raised $140 million led by Sequoia at a $4.5 billion valuation.Looking into 2026, the company has indicated it will reinvest new capital into expanding infrastructure footprint, accelerating product lines (workflows, training/fine-tuning), and broadening its model marketplace.

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

International Business Machines / Equity Bottom-Up

<ul>
<li>Announcements from Anthropic during the month of February 2026 roiled multiple segments of an already battered Software industry</li>
<li>One of those announcements targeted COBOL, highlighting an opportunity to have Claude "modernize" the "legacy" platform that runs 95% of ATM transactions in the US</li>
<li>IBM disagrees. COBOL is not their secret sauce, it's their purpose-built architecture from silicon through the operating system that delivers unmatched transactional resilience, security, performance, and efficiency at scale </li>
</ul>


Announcements from Anthropic during the month of February 2026 roiled multiple segments of an already battered Software industry
One of those announcements targeted COBOL, highlighting an opportunity to have Claude "modernize" the "legacy" platform that runs 95% of ATM transactions in the US
IBM disagrees. COBOL is not their secret sauce, it's their purpose-built architecture from silicon through the operating system that delivers unmatched transactional resilience, security, performance, and efficiency at scale 


Claude Is Gunning For COBOL. IBM Strikes Back

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

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 Capital Markets

Clean Max Enviro Energy Solutions / Equity Capital Markets

Clean Max Enviro Energy Solutions (CLEANMAX IN)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cleanmax-enviro-energy-solutions-ltd" target="_blank" data-smartkarma-citation="entities:45702:1" rel="noopener">CleanMax Enviro Energy Solutions Ltd (8382406Z IN)</a>(CEESL) is looking to raise around US$342m in its India IPO. The IPO has been downsized from its initial planned raising of around US$586m.</li>
<li>CEESL is a provider of commercial and industrial renewable energy, which specializes in delivering decarbonization solutions, including supplying renewable power and offering energy services and carbon credit solutions to customers.</li>
<li>In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the RHP updates, peer comp and implied valuations in the price range.</li>
</ul>



CleanMax Enviro Energy Solutions Ltd (8382406Z IN)(CEESL) is looking to raise around US$342m in its India IPO. The IPO has been downsized from its initial planned raising of around US$586m.
CEESL is a provider of commercial and industrial renewable energy, which specializes in delivering decarbonization solutions, including supplying renewable power and offering energy services and carbon credit solutions to customers.
In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the RHP updates, peer comp and implied valuations in the price range.


Aequitas: CleanMax Enviro Energy Solutions IPO- RHP Updates, Peer Comp and Thoughts on Valuation

AI | Semiconductors | Commodities, Mint Finance

Raghav Vashisht

AI | Semiconductors | Commodities

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

<ul>
<li>The AI buildout is evolving into a capital cycle; financing conditions and infrastructure activation now shape deployment pace.</li>
<li>Nvidia is moving upstream by anchoring infrastructure capacity, while companies like Supermicro, Vertiv, and Eaton play critical roles in converting shipped GPUs into operational compute.</li>
<li>Infrastructure integrators, power providers, and custom silicon firms are emerging as key parallel beneficiaries of the AI expansion.</li>
</ul>


The AI buildout is evolving into a capital cycle; financing conditions and infrastructure activation now shape deployment pace.
Nvidia is moving upstream by anchoring infrastructure capacity, while companies like Supermicro, Vertiv, and Eaton play critical roles in converting shipped GPUs into operational compute.
Infrastructure integrators, power providers, and custom silicon firms are emerging as key parallel beneficiaries of the AI expansion.


Nvidia Is Becoming a Capacity Anchor as the AI Buildout Turns Into a Capital Cycle

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>The shift to "Agentic AI" could propel the global economy to $500 trillion, provided companies overhaul business architectures to bridge the current gap between tech progress and realized value.</li>
<li>Through the Topaz Fabric, Infosys is deploying over 600 specialized agents and small language models (SLMs) to help 90% of their top clients move from pilots to production.</li>
<li>Success requires navigating the "Brownfield" productivity gap, where legacy systems and data silos currently consume 60-80% of IT budgets, hindering the deployment of high-impact AI solutions.</li>
</ul>


The shift to "Agentic AI" could propel the global economy to $500 trillion, provided companies overhaul business architectures to bridge the current gap between tech progress and realized value.
Through the Topaz Fabric, Infosys is deploying over 600 specialized agents and small language models (SLMs) to help 90% of their top clients move from pilots to production.
Success requires navigating the "Brownfield" productivity gap, where legacy systems and data silos currently consume 60-80% of IT budgets, hindering the deployment of high-impact AI solutions.


Infosys: The AI-First Services Opportunity- Capturing a $400 Billion Market

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: Fal.ai - 23 Mar 2026

Platform for developers to create AI-generated audio, video, and images

Sacra

Claude Is Gunning For COBOL. IBM Strikes Back

It's not just COBOL, it's IBM's purpose-built architecture from silicon through the operating system that delivers unmatched transactional...

William Keating

Aequitas: CleanMax Enviro Energy Solutions IPO- RHP Updates, Peer Comp and Thoughts on Valuation

CleanMax Enviro Energy Solutions Limited (CEESL) is looking to raise around US$342m in its downsized India IPO. In this note, we talk about RHP...

Akshat Shah

Nvidia Is Becoming a Capacity Anchor as the AI Buildout Turns Into a Capital Cycle

The AI buildout is now a capital cycle; Nvidia and others are key players in converting GPUs into operational compute, while infra integrators and...

Mint Finance

Infosys: The AI-First Services Opportunity- Capturing a $400 Billion Market

Transitioning to "Agentic AI" has the potential to boost the global economy to $500 trillion by revamping business architectures and overcoming...

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Primer: Fal.ai - 23 Mar 2026

Platform for developers to create AI-generated audio, video, and images

Sacra

Claude Is Gunning For COBOL. IBM Strikes Back

It's not just COBOL, it's IBM's purpose-built architecture from silicon through the operating system that delivers unmatched transactional...

William Keating

Aequitas: CleanMax Enviro Energy Solutions IPO- RHP Updates, Peer Comp and Thoughts on Valuation

CleanMax Enviro Energy Solutions Limited (CEESL) is looking to raise around US$342m in its downsized India IPO. In this note, we talk about RHP...

Akshat Shah

Nvidia Is Becoming a Capacity Anchor as the AI Buildout Turns Into a Capital Cycle

​The AI buildout is now a capital cycle; Nvidia and others are key players in converting GPUs into operational compute, while infra integrators and...

Mint Finance

Infosys: The AI-First Services Opportunity- Capturing a $400 Billion Market

​Transitioning to "Agentic AI" has the potential to boost the global economy to $500 trillion by revamping business architectures and overcoming...

Nimish Maheshwari

The AI buildout is now a capital cycle; Nvidia and others are key players in converting GPUs into operational compute, while infra integrators and...

Transitioning to "Agentic AI" has the potential to boost the global economy to $500 trillion by revamping business architectures and overcoming...