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>Paragraf completed a $55 million Series C funding round in August 2025, led by Mubadala Investment Company.</li><li>Paragraf produces graphene-based electronic devices using a proprietary metal-free chemical vapor deposition process that grows monolayer graphene directly on silicon wafers.</li><li>Paragraf is developing graphene-based memory devices through a £1 million Innovate UK grant, targeting ultra-low-power applications in data centers and edge AI systems.</li></ul>

Paragraf completed a $55 million Series C funding round in August 2025, led by Mubadala Investment Company.Paragraf produces graphene-based electronic devices using a proprietary metal-free chemical vapor deposition process that grows monolayer graphene directly on silicon wafers.Paragraf is developing graphene-based memory devices through a £1 million Innovate UK grant, targeting ultra-low-power applications in data centers and edge AI systems.

<ul><li>OpenLight raised $34 million in Series A funding in August 2025, with the round co-led by Xora Innovation and Capricorn Investment Group.</li><li>OpenLight develops photonic application-specific integrated circuits (PASICs) that transmit data using light rather than electrons, achieving higher speeds with reduced heat generation.</li><li>OpenLight's open foundry model distinguishes it from vertically integrated competitors by licensing its component library and technology to semiconductor foundries rather than maintaining ownership of manufacturing assets.</li></ul>

OpenLight raised $34 million in Series A funding in August 2025, with the round co-led by Xora Innovation and Capricorn Investment Group.OpenLight develops photonic application-specific integrated circuits (PASICs) that transmit data using light rather than electrons, achieving higher speeds with reduced heat generation.OpenLight's open foundry model distinguishes it from vertically integrated competitors by licensing its component library and technology to semiconductor foundries rather than maintaining ownership of manufacturing assets.

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Astera Labs, in its second quarter of fiscal year 2025, showcased robust financial performance and strategic advancement in its market positioning.</li><li>The company reported revenue of $191.9 million, reflecting a 20% increase from the previous quarter and a notable 150% year-over-year rise.</li><li>This substantial revenue growth was attributed to increased demand in both its signal conditioning and switch fabric product lines, notably with the Scorpio P-Series switches.</li></ul>

Astera Labs, in its second quarter of fiscal year 2025, showcased robust financial performance and strategic advancement in its market positioning.The company reported revenue of $191.9 million, reflecting a 20% increase from the previous quarter and a notable 150% year-over-year rise.This substantial revenue growth was attributed to increased demand in both its signal conditioning and switch fabric product lines, notably with the Scorpio P-Series switches.

Astera Labs: Initiation of Coverage -Taurus & Aries Product Diversification As a Key Growth Strategy!

US-EU Index Rebalances / Quantitative Researcher

Dimitris Ioannidis

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/astera-labs-inc" target="_blank" data-smartkarma-citation="entities:40921:1" rel="noopener">Astera Labs (ALAB US)</a> is expected to migrate from Small-cap to Standard at the February 2025 review as its price has soared ~100% since the last review.</li>
<li>The security's free float is forecasted to increase from 25% to 70% at the May 2025 review due to lock-up expiry of undisclosed shareholders. Passive fund demand expected is ~$570m.</li>
<li>
<a href="https://www.smartkarma.com/entities/astera-labs-inc" target="_blank" data-smartkarma-citation="entities:40921:1" rel="noopener">Astera Labs (ALAB US)</a> can migrate from small-cap to all-world in September 2025 with a slight price increase. Probability of migration in March 2025 is small.</li>
</ul>



Astera Labs (ALAB US) is expected to migrate from Small-cap to Standard at the February 2025 review as its price has soared ~100% since the last review.
The security's free float is forecasted to increase from 25% to 70% at the May 2025 review due to lock-up expiry of undisclosed shareholders. Passive fund demand expected is ~$570m.

Astera Labs (ALAB US) can migrate from small-cap to all-world in September 2025 with a slight price increase. Probability of migration in March 2025 is small.


Astera Labs (ALAB US): Global Index Migration and Upweight Anticipated in February and May 2025.

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

Cerebras Systems / Equity Capital Markets

<ul>
<li>Cerebras Systems, a fast-growing maker of wafer-scale AI chips, which power the world’s largest supercomputers, will reveal IPO terms soon.</li>
<li>Given the company’s hyper-growth trajectory, $1B+ deal with UAE’s G42 and unique architecture, I expect Cerebras Systems is likely to get a premium valuation.  </li>
<li>The AI company plans to raise up to $1B while selling stockholders will offer additional Class A shares in this IPO.</li>
</ul>


Cerebras Systems, a fast-growing maker of wafer-scale AI chips, which power the world’s largest supercomputers, will reveal IPO terms soon.
Given the company’s hyper-growth trajectory, $1B+ deal with UAE’s G42 and unique architecture, I expect Cerebras Systems is likely to get a premium valuation.  
The AI company plans to raise up to $1B while selling stockholders will offer additional Class A shares in this IPO.


Cerebras IPO Valuation Analysis: A Sky-High Valuation Will Not Last For Long

United States

Astera Labs, Inc. provides semiconductor-based connectivity solutions. The Company develops and deploys intelligent connectivity platforms built for cloud and AI infrastructure. Astera Labs serves customers in the United States, Canada, China, Taiwan, and Israel.

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Astera Labs (ALAB US)

Primer: Paragraf - 01 Sep 2025

Manufacturer of graphene-based electronic devices for sensors and diagnostics applications

Sacra

Primer: OpenLight - 01 Sep 2025

Platform for designing and manufacturing custom photonic integrated circuits for AI data centers and other applications

Sacra

Astera Labs: Initiation of Coverage -Taurus & Aries Product Diversification As a Key Growth Strategy!

Astera Labs, in its second quarter of fiscal year 2025, showcased robust financial performance and strategic advancement in its market...

Baptista Research