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 Brex hit $700M in annualized revenue in August 2025, up 50% YoY.</li><li>In January 2026, Capital One Financial Corp. agreed to acquire Brex for $5.15 billion in a mix of cash and stock.</li><li>Brex became operating-cash-flow positive for the first time in October 2025.</li></ul>

Sacra estimates that Brex hit $700M in annualized revenue in August 2025, up 50% YoY.In January 2026, Capital One Financial Corp. agreed to acquire Brex for $5.15 billion in a mix of cash and stock.Brex became operating-cash-flow positive for the first time in October 2025.

<ul><li>Sacra estimates that Klarna hit $1B in revenue in Q1 2026, up from $701M in Q1 2025.</li><li>Klarna reported adjusted operating income of $29M in Q2 2025, marking its fifth consecutive quarter of operational profitability.</li><li>In September 2025, Klarna completed its IPO on the New York Stock Exchange under ticker "KLAR," raising $1.4B at a $15B opening valuation.</li></ul>

Sacra estimates that Klarna hit $1B in revenue in Q1 2026, up from $701M in Q1 2025.Klarna reported adjusted operating income of $29M in Q2 2025, marking its fifth consecutive quarter of operational profitability.In September 2025, Klarna completed its IPO on the New York Stock Exchange under ticker "KLAR," raising $1.4B at a $15B opening valuation.

<ul><li>Sacra estimates that Ramp hit $1B in annualized revenue in August 2025, up 110% YoY from ~$476M in August 2024.</li><li>By November 2025, Ramp reported 50,000+ business customers, $100B+ in annualized purchase volume, and 2,200 customers contributing $100K+ in annualized revenue.</li><li>Ramp is in talks to raise $750M at a pre-money valuation above $40B as of May 2026.</li></ul>

Sacra estimates that Ramp hit $1B in annualized revenue in August 2025, up 110% YoY from ~$476M in August 2024.By November 2025, Ramp reported 50,000+ business customers, $100B+ in annualized purchase volume, and 2,200 customers contributing $100K+ in annualized revenue.Ramp is in talks to raise $750M at a pre-money valuation above $40B as of May 2026.

<ul><li>Sacra estimates that Navan generated $702M in revenue for the fiscal year ended January 31, 2026, up 31% year-over-year, on $9.1B in gross booking volume (+38% YoY).</li><li>FY2026 marked Navan&#39;s first full year of positive non-GAAP operating income ($37M, versus a $25M non-GAAP operating loss in FY2025) and its first full year of positive operating cash flow ($34M) and free cash flow ($15M); GAAP net loss widened to $398M from $181M in FY2025, driven by stock-based compensation and other non-cash items post-IPO.</li><li>Navan guided to FY2027 revenue of $866M–$874M (+24% YoY at midpoint) and non-GAAP operating income of $58M–$62M (~7% margin at midpoint), with Q1 FY2027 revenue guided to $204M–$206M (+30% YoY at midpoint).</li></ul>

Sacra estimates that Navan generated $702M in revenue for the fiscal year ended January 31, 2026, up 31% year-over-year, on $9.1B in gross booking volume (+38% YoY).FY2026 marked Navan&#39;s first full year of positive non-GAAP operating income ($37M, versus a $25M non-GAAP operating loss in FY2025) and its first full year of positive operating cash flow ($34M) and free cash flow ($15M); GAAP net loss widened to $398M from $181M in FY2025, driven by stock-based compensation and other non-cash items post-IPO.Navan guided to FY2027 revenue of $866M–$874M (+24% YoY at midpoint) and non-GAAP operating income of $58M–$62M (~7% margin at midpoint), with Q1 FY2027 revenue guided to $204M–$206M (+30% YoY at midpoint).

<ul><li>Sacra estimates that Stripe generated $6.9B in net revenue in 2025, up 36% year-over-year from $5.1B in 2024, with $1.2B in EBITDA.</li><li>Stripe&#39;s Revenue and Finance Automation Suite is on track to hit a $1B annual run rate in 2026, up from a $500M run rate in February 2025.</li><li>In February 2026, Stripe launched a new employee liquidity tender offer at a $159B valuation, backed primarily by Thrive Capital, Coatue, and Andreessen Horowitz.</li></ul>

Sacra estimates that Stripe generated $6.9B in net revenue in 2025, up 36% year-over-year from $5.1B in 2024, with $1.2B in EBITDA.Stripe&#39;s Revenue and Finance Automation Suite is on track to hit a $1B annual run rate in 2026, up from a $500M run rate in February 2025.In February 2026, Stripe launched a new employee liquidity tender offer at a $159B valuation, backed primarily by Thrive Capital, Coatue, and Andreessen Horowitz.

United States

Software suite for global companies to manage cards, expenses, and business accounts

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Brex (BREX US)

Primer: Brex - 27 Apr 2026

Software suite for global companies to manage cards, expenses, and business accounts

Sacra

Primer: Klarna - 25 May 2026

Checkout software offering interest-free installment payments to consumers and higher conversion for merchants

Sacra

Primer: Ramp - 10 May 2026

Software for finance teams to manage corporate cards, bill pay, and accounting

Sacra

Primer: Navan - 19 Apr 2026

Tool for corporate travel booking, expense management, and corporate card reconciliation

Sacra

Primer: Stripe - 09 Apr 2026

API and software suite for accepting payments and managing online financial transactions

Sacra

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