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

Applied Intuition / Private Capital Markets

<ul><li>Sacra estimates Applied Intuition hit $830M in annual recurring revenue (ARR) in 2025, up 2x from $415M in 2024.</li><li>Applied Intuition was valued at $15 billion following its $600 million Series F round and tender offer co-led by BlackRock-managed funds and Kleiner Perkins in June 2025.</li><li>The company monetizes through annual software licenses priced based on the number of engineering seats, scale of simulation workloads, and specific modules deployed.</li></ul>

Sacra estimates Applied Intuition hit $830M in annual recurring revenue (ARR) in 2025, up 2x from $415M in 2024.Applied Intuition was valued at $15 billion following its $600 million Series F round and tender offer co-led by BlackRock-managed funds and Kleiner Perkins in June 2025.The company monetizes through annual software licenses priced based on the number of engineering seats, scale of simulation workloads, and specific modules deployed.

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<li>Two companies emerged from the first wave with the balance sheets and data to lead: Waymo, backed by $27B+ in cumulative Alphabet funding and generating a Sacra-estimated $355M in annualized revenue as of February 2026 across ~500,000 weekly paid rides in 11 U.S. cities, and Tesla, which is building its robotaxi on top of a consumer self-driving fleet of 7M+ vehicles generating ~1 billion miles of driving data per month.</li>
<li>The market is sorting into four layers: 1) vertically integrated robotaxi operators like Waymo, Tesla and Zoox that own the vehicle, the autonomy stack, the fleet and the customer relationship, 2) B2B software companies that license the AI driving brain to OEMs like Wayve, Applied Intuition, Mobileye and Nuro, 3) demand aggregators like Uber that route riders to whichever autonomous vehicle is nearest, and 4) fleet infrastructure providers like Moove ($400M ARR in June 2025, up from $275M in 2024), Vay and Avis that finance, maintain and operate the physical cars.</li>
<li>While Uber is profitable with a demand-aggregation model that can plug in any autonomous vehicle, Waymo has the most advanced full-stack robotaxi operation but burns ~$5B+ a year, a gap that explains their frenemy partnership dynamics where Waymo trades a cut of every Uber-routed fare for the demand density it needs while it races to drive vehicle costs down from ~$175K per Jaguar I-PACE toward a target of sub-$50K with a prospective Hyundai deal while pushing utilization from 35% toward 55%+.</li>
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Two companies emerged from the first wave with the balance sheets and data to lead: Waymo, backed by $27B+ in cumulative Alphabet funding and generating a Sacra-estimated $355M in annualized revenue as of February 2026 across ~500,000 weekly paid rides in 11 U.S. cities, and Tesla, which is building its robotaxi on top of a consumer self-driving fleet of 7M+ vehicles generating ~1 billion miles of driving data per month.
The market is sorting into four layers: 1) vertically integrated robotaxi operators like Waymo, Tesla and Zoox that own the vehicle, the autonomy stack, the fleet and the customer relationship, 2) B2B software companies that license the AI driving brain to OEMs like Wayve, Applied Intuition, Mobileye and Nuro, 3) demand aggregators like Uber that route riders to whichever autonomous vehicle is nearest, and 4) fleet infrastructure providers like Moove ($400M ARR in June 2025, up from $275M in 2024), Vay and Avis that finance, maintain and operate the physical cars.
While Uber is profitable with a demand-aggregation model that can plug in any autonomous vehicle, Waymo has the most advanced full-stack robotaxi operation but burns ~$5B+ a year, a gap that explains their frenemy partnership dynamics where Waymo trades a cut of every Uber-routed fare for the demand density it needs while it races to drive vehicle costs down from ~$175K per Jaguar I-PACE toward a target of sub-$50K with a prospective Hyundai deal while pushing utilization from 35% toward 55%+.


<ul><li>Applied Intuition is repositioning from automotive simulation vendor to "physical AI" infrastructure platform.</li><li>Applied Intuition has deepened its offering against the vertically integrated stacks of Tesla (FSD) & Waymo (Driver).</li><li>Sacra estimates Applied Intuition hit $830M in annual recurring revenue (ARR) in 2025, up about 2x from $415M in 2024 with ~80% gross margin, valued at $15B at its June 2025 Series F for an ~24x forward revenue multiple on its ~$622M ARR.</li></ul>

Applied Intuition is repositioning from automotive simulation vendor to "physical AI" infrastructure platform.Applied Intuition has deepened its offering against the vertically integrated stacks of Tesla (FSD) & Waymo (Driver).Sacra estimates Applied Intuition hit $830M in annual recurring revenue (ARR) in 2025, up about 2x from $415M in 2024 with ~80% gross margin, valued at $15B at its June 2025 Series F for an ~24x forward revenue multiple on its ~$622M ARR.

Applied Intuition At $830M/year Up 2x YoY

<ul><li>The €100M funding round positions NestAI among the largest defense AI funding rounds in Europe.</li><li>Nokia's secure 4G/5G/6G communications provide the low-latency uplinks connecting edge systems to the central command platform.</li><li>The business model benefits from long defense procurement cycles and multi-year contracts typical in the sector, providing revenue visibility once initial deployments prove successful.</li></ul>

The €100M funding round positions NestAI among the largest defense AI funding rounds in Europe.Nokia's secure 4G/5G/6G communications provide the low-latency uplinks connecting edge systems to the central command platform.The business model benefits from long defense procurement cycles and multi-year contracts typical in the sector, providing revenue visibility once initial deployments prove successful.

<ul><li>Vay closed a $60 million strategic investment from Grab Holdings in November 2025, with the potential for an additional $350 million in earn-out payments tied to consumer revenue growth milestones.</li><li>Vay launched teledriving-as-a-service in September 2024, selling its technology stack to OEMs, trucking companies, delivery operators, and car-share firms.</li><li>The Las Vegas service has attracted both tourists and price-sensitive local commuters, with over 17,000 completed trips.</li></ul>

Vay closed a $60 million strategic investment from Grab Holdings in November 2025, with the potential for an additional $350 million in earn-out payments tied to consumer revenue growth milestones.Vay launched teledriving-as-a-service in September 2024, selling its technology stack to OEMs, trucking companies, delivery operators, and car-share firms.The Las Vegas service has attracted both tourists and price-sensitive local commuters, with over 17,000 completed trips.

United States

Software suite for simulating, testing, and deploying autonomous vehicle systems across industries

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Applied Intuition (INTUITION US)

Primer: Applied Intuition - 14 Jul 2026

Software suite for simulating, testing, and deploying autonomous vehicle systems across industries

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TL;DR: After $30B+ burned in the first AV wave, end-to-end neural networks have made autonomous driving viable again with vertically integrated...

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Applied Intuition At $830M/year Up 2x YoY

TL;DR: Applied Intuition is repositioning from automotive simulation vendor to "physical AI" infrastructure platform, expanding from passenger cars...

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Primer: NestAI - 24 Nov 2025

AI software for autonomous vehicles and command systems in defense and security operations

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Primer: Vay - 12 Nov 2025

Remote driving service delivering electric rental cars via teledrivers to urban users

Sacra

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