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 Cognition hit $1B in annualized revenue in September 2026.</li><li>In September 2026, Cognition raised more than $2B at a $48B valuation, nearly doubling its $26B valuation from May 2026.</li><li>Growth has been driven by rapid adoption of Devin in the developer community, where tens of thousands of users subscribe for autonomous coding assistance, alongside Windsurf&#39;s top-down enterprise sales motion.</li></ul>

Sacra estimates that Cognition hit $1B in annualized revenue in September 2026.In September 2026, Cognition raised more than $2B at a $48B valuation, nearly doubling its $26B valuation from May 2026.Growth has been driven by rapid adoption of Devin in the developer community, where tens of thousands of users subscribe for autonomous coding assistance, alongside Windsurf&#39;s top-down enterprise sales motion.

Equity Long-Short, Semiconductors, Fabricated Knowledge

Douglas O'Laughlin

Equity Long-Short, Semiconductors

Fabricated Knowledge

Learn more about the world's most important manufactured product. Meaningful insight, timely analysis, and an occasional investment idea.

Thematic (Sector/Industry)

<ul><li>Hot Chips this year was primarily about AI chips (per the theme of every semiconductor conference as of late).</li><li>The most impactful presentation by far was the Broadcom CPO presentation, SuperMicro water cooling, MTIA, and some honorable mentions to Enfabrica and Dojo/Mojo from Tesla.</li><li>The biggest disappointment was AMD, which presented nothing incremental and, of course, the CPU announcements.</li></ul>

Hot Chips this year was primarily about AI chips (per the theme of every semiconductor conference as of late).The most impactful presentation by far was the Broadcom CPO presentation, SuperMicro water cooling, MTIA, and some honorable mentions to Enfabrica and Dojo/Mojo from Tesla.The biggest disappointment was AMD, which presented nothing incremental and, of course, the CPU announcements.

<ul><li>Sacra estimates that Groq generated $90M in revenue in 2024.</li><li>Groq was valued at $3.5B following its $350M funding round led by Disruptive in August 2026, with Nvidia planning to participate.</li><li>Groq has grown to over 3.5 million developers as of early 2026, up from 2.8 million in mid-2025 and 360,000 eighteen months prior.</li></ul>

Sacra estimates that Groq generated $90M in revenue in 2024.Groq was valued at $3.5B following its $350M funding round led by Disruptive in August 2026, with Nvidia planning to participate.Groq has grown to over 3.5 million developers as of early 2026, up from 2.8 million in mid-2025 and 360,000 eighteen months prior.

SambaNova Systems / Private Capital Markets

<ul><li>SambaNova Systems was valued at $11B following its $1B Series F round led by General Atlantic in July 2026.</li><li>The founders set out to create a new type of AI chip architecture that could handle increasingly complex AI workloads more efficiently than traditional GPUs.</li><li>SambaNova has tailwinds from the explosive growth in enterprise AI adoption and has the opportunity to expand into adjacent markets through inference optimization, industry-specific solutions, and cloud services delivery.</li></ul>

SambaNova Systems was valued at $11B following its $1B Series F round led by General Atlantic in July 2026.The founders set out to create a new type of AI chip architecture that could handle increasingly complex AI workloads more efficiently than traditional GPUs.SambaNova has tailwinds from the explosive growth in enterprise AI adoption and has the opportunity to expand into adjacent markets through inference optimization, industry-specific solutions, and cloud services delivery.

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.

Index Rebalance

<ul>
<li>There are 5 additions and 5 deletions expected in Nasdaq100 at the June 2026 review following the new methodology.</li>
<li>
<a href="https://www.smartkarma.com/entities/rocket-lab-usa-inc" target="_blank" data-smartkarma-citation="entities:37023:1" rel="noopener">Rocket Lab (RKLB US)</a> is forecasted to become eligible <em>after</em> the June 2026 review following its recent listing transfer from the Nasdaq Capital Market to Nasdaq Global Market.</li>
<li>
<a href="https://www.smartkarma.com/entities/flex-ltd" target="_blank" data-smartkarma-citation="entities:36680:1" rel="noopener">Flex (FLEX US)</a> is projected to be a high-impact addition to Nasdaq100 combined with its expected S&amp;P500 inclusion in June 2026.</li>
</ul>


There are 5 additions and 5 deletions expected in Nasdaq100 at the June 2026 review following the new methodology.

Rocket Lab (RKLB US) is forecasted to become eligible after the June 2026 review following its recent listing transfer from the Nasdaq Capital Market to Nasdaq Global Market.

Flex (FLEX US) is projected to be a high-impact addition to Nasdaq100 combined with its expected S&amp;P500 inclusion in June 2026.


Rocket Lab (RKLB US): Delayed Launch Into Nasdaq100 After 10 Expected Changes in Jun26

United States

Cerebras Systems Inc. is an artificial intelligence infrastructure company. The Company designs and manufactures an AI compute platform comprised of proprietary systems and software that is delivered in standard racks for deployment in data centers up to supercomputer scale. Cerebras Systems serves customers in the United States.

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Cerebras Systems (CBRS US)

Primer: Cognition - 29 Sep 2026

AI-powered coding assistant for software engineers to write, debug, and optimize code

Sacra

Hotchips Conference Sparknotes

Hot Chips this year was primarily about AI chips (per the theme of every semiconductor conference as of late). The most impactful presentation by...

Fabricated Knowledge

Primer: Groq - 17 Aug 2026

AI inference chip and cloud tool for running large language models efficiently

Sacra

Primer: SambaNova Systems - 03 Aug 2026

Hardware-software stack for running and scaling enterprise generative AI workloads

Sacra

Rocket Lab (RKLB US): Delayed Launch Into Nasdaq100 After 10 Expected Changes in Jun26

From the methodology footnote it was derived that Nasdaq-affiliated exchanges exclude the Nasdaq Capital Market where RKLB traded until May26 so...

Dimitris Ioannidis

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