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>Blue Origin has raised $185.4 million in disclosed funding, with its most recent round totaling $18 million in January 2024.</li><li>New Glenn can deliver payloads of up to 45 tons to low Earth orbit and 13 tons to geostationary orbit.</li><li>The NASA Artemis lunar lander contract is valued at $3.6 billion and operates under a firm-fixed-price structure, where Blue Origin assumes development and operational risks in exchange for milestone payments.</li></ul>

Blue Origin has raised $185.4 million in disclosed funding, with its most recent round totaling $18 million in January 2024.New Glenn can deliver payloads of up to 45 tons to low Earth orbit and 13 tons to geostationary orbit.The NASA Artemis lunar lander contract is valued at $3.6 billion and operates under a firm-fixed-price structure, where Blue Origin assumes development and operational risks in exchange for milestone payments.

<ul><li>Sacra estimates SpaceX generated $18.7B in revenue in 2025, up 43% YoY from $13.1B in 2024.</li><li>The listing reached a post-IPO valuation of $2.3 trillion.</li><li>In February 2026, SpaceX acquired xAI in an all-stock deal valued at approximately $1.25 trillion combined.</li></ul>

Sacra estimates SpaceX generated $18.7B in revenue in 2025, up 43% YoY from $13.1B in 2024.The listing reached a post-IPO valuation of $2.3 trillion.In February 2026, SpaceX acquired xAI in an all-stock deal valued at approximately $1.25 trillion combined.

<ul><li>The round was led by the US Innovative Technology Fund (Thomas Tull) and included a $100 million debt facility led by Silicon Valley Bank.</li><li>Stoke Space is building Nova, a two-stage medium-lift rocket designed for complete reusability of both the first and second stages.</li><li>The company&#39;s vertical integration of engine development, manufacturing systems, and launch operations creates control over the entire cost structure.</li></ul>

The round was led by the US Innovative Technology Fund (Thomas Tull) and included a $100 million debt facility led by Silicon Valley Bank.Stoke Space is building Nova, a two-stage medium-lift rocket designed for complete reusability of both the first and second stages.The company&#39;s vertical integration of engine development, manufacturing systems, and launch operations creates control over the entire cost structure.

<ul><li>Axiom Space raised $100 million in March 2025 at approximately a $2 billion valuation, with the round co-led by 1789 Capital and Type One Ventures.</li><li>Total funding now exceeds $605 million across all rounds, positioning Axiom as one of the most well-capitalized commercial space station developers competing to replace the International Space Station by 2030.</li><li>The first module launches in 2026 and initially attaches to the ISS before becoming an independent free-flying station in 2028.</li></ul>

Axiom Space raised $100 million in March 2025 at approximately a $2 billion valuation, with the round co-led by 1789 Capital and Type One Ventures.Total funding now exceeds $605 million across all rounds, positioning Axiom as one of the most well-capitalized commercial space station developers competing to replace the International Space Station by 2030.The first module launches in 2026 and initially attaches to the ISS before becoming an independent free-flying station in 2028.

<ul><li>Last week, SpaceX announced the completion of a tender offer valuing the company at $800B, and reports now suggest the company is targeting a 2026 public listing at a $1.5T valuation.</li><li>SpaceX's expected 2026 IPO at a market cap of ~$1.5T embeds this kind of optionality the way Tesla embeds FSD, re-rating the company from a launch utility to be valued like a Boeing or Lockheed (.3 to 1x) to an infrastructure platform like Nvidia (30x+).</li><li>SpaceX uniquely positioned to capture the upside of 1) vertical integration with xAI ($3.2B annualized revenue in July 2025, up 3,100% YoY) for cheaper training &amp; inference, 2) being core infrastructure for Google (NASDAQ: GOOG), Microsoft (NASDAQ: MSFT) and Nvidia (NASDAQ: NVDA) for the next trillion dollars in spend on AI.</li></ul>

Last week, SpaceX announced the completion of a tender offer valuing the company at $800B, and reports now suggest the company is targeting a 2026 public listing at a $1.5T valuation.SpaceX's expected 2026 IPO at a market cap of ~$1.5T embeds this kind of optionality the way Tesla embeds FSD, re-rating the company from a launch utility to be valued like a Boeing or Lockheed (.3 to 1x) to an infrastructure platform like Nvidia (30x+).SpaceX uniquely positioned to capture the upside of 1) vertical integration with xAI ($3.2B annualized revenue in July 2025, up 3,100% YoY) for cheaper training &amp; inference, 2) being core infrastructure for Google (NASDAQ: GOOG), Microsoft (NASDAQ: MSFT) and Nvidia (NASDAQ: NVDA) for the next trillion dollars in spend on AI.

United States

Aerospace manufacturer offering reusable rockets for space tourism, orbital launches, and lunar missions

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Blue Origin (ORIGIN US)

Primer: Blue Origin - 19 Jun 2026

Aerospace manufacturer offering reusable rockets for space tourism, orbital launches, and lunar missions

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Primer: SpaceX - 02 Jul 2026

Rocket and satellite company offering low-cost launches and global internet via Starlink

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Primer: Stoke Space - 25 May 2026

Company developing fully reusable medium-lift rockets for affordable access to space

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Primer: Axiom Space - 20 Apr 2026

Space infrastructure company offering private astronaut missions and building a commercial space station

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CoreWeave Of Space

TL;DR: Completing a tender at $800B and guiding towards a reported $1.5T 2026 IPO, SpaceX is now positioning itself & Starlink as core...

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