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

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

US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

Equity Capital Markets

<ul>
<li>SpaceX IPO is fully fixed at $135/share, removing price-range signaling and forcing investors to focus directly on scale, demand, and valuation discipline.</li>
<li>Channel checks suggest ~2–3x oversubscription reflecting more measured bidding given the deal’s unprecedented $75B+ size.</li>
<li>Tight ~4–5% free float, expanded retail allocation, and Elon Musk’s 366-day lock-up create a structurally constrained supply setup with heightened post-IPO volatility risk.</li>
</ul>


SpaceX IPO is fully fixed at $135/share, removing price-range signaling and forcing investors to focus directly on scale, demand, and valuation discipline.
Channel checks suggest ~2–3x oversubscription reflecting more measured bidding given the deal’s unprecedented $75B+ size.
Tight ~4–5% free float, expanded retail allocation, and Elon Musk’s 366-day lock-up create a structurally constrained supply setup with heightened post-IPO volatility risk.


SpaceX (SPCX US): Demand Picks Up as Investors Place Disciplined Bets on Musk's Mega IPO

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>SpaceX now plans to list on the NASDAQ on 12 June. The company is expected to raise $80 billion or more in this capital raise (largest ever in the world).</li>
<li>After SpaceX, the two other mega IPOs that are expected to be completed in 2H 2026 include Anthropic and OpenAI. </li>
<li>Although SpaceX's valuation has not been finalized, it is expected that the SpaceX IPO could fetch about $1.75 trillion to $2.0 trillion, representing P/S (not P/E) of nearly 100x. </li>
</ul>


SpaceX now plans to list on the NASDAQ on 12 June. The company is expected to raise $80 billion or more in this capital raise (largest ever in the world).
After SpaceX, the two other mega IPOs that are expected to be completed in 2H 2026 include Anthropic and OpenAI. 
Although SpaceX's valuation has not been finalized, it is expected that the SpaceX IPO could fetch about $1.75 trillion to $2.0 trillion, representing P/S (not P/E) of nearly 100x. 


Get Ahead with IPO Insights, IPO Prophet

IPO Prophet

Get Ahead with IPO Insights

At IPO Prophet®, our team leverages over three decades of expertise to deliver actionable quantitative analytics for the IPO market in real-time. This platform synthesizes our extensive experience investing in IPOs, providing investors with revolutionary tools to navigate the complexities of issuance day. Our mission is to empower investors with data-driven insights to make more informed decisions.

Fervo Energy Company / Equity Capital Markets

<ul><li>Fervo Energy Co. (NASDAQ: FRVO) and GMR Solutions Inc. (NYSE: GMRS) delivered two very different day-one trading stories on Wednesday, highlighting the continued importance of deal quality, institutional demand, and market positioning in the current IPO environment.</li><li>Fervo Energy emerged as the clear standout of the session after pricing its heavily anticipated IPO above the marketed range at $27.00 per share, versus initial terms of $24.00 to $26.00.</li><li>Demand for the geothermal infrastructure and energy technology company was exceptionally strong heading into pricing, with institutional enthusiasm building around the broader power and AI infrastructure theme that continues to dominate investor attention.</li></ul>

Fervo Energy Co. (NASDAQ: FRVO) and GMR Solutions Inc. (NYSE: GMRS) delivered two very different day-one trading stories on Wednesday, highlighting the continued importance of deal quality, institutional demand, and market positioning in the current IPO environment.Fervo Energy emerged as the clear standout of the session after pricing its heavily anticipated IPO above the marketed range at $27.00 per share, versus initial terms of $24.00 to $26.00.Demand for the geothermal infrastructure and energy technology company was exceptionally strong heading into pricing, with institutional enthusiasm building around the broader power and AI infrastructure theme that continues to dominate investor attention.

IPO End of Day — May 13, 2026: Diverging Demand Profiles as FRVO Rallies and GMRS Lags

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: 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

SpaceX (SPCX US): Demand Picks Up as Investors Place Disciplined Bets on Musk's Mega IPO

SpaceX IPO at $135/share removes price-range signaling, investors focus on scale, demand, and valuation discipline. Oversubscription, tight free...

IPO Boutique

Initial Thoughts on the SpaceX IPO

SpaceX now plans to list on the NASDAQ on 12 June. The company is expected to raise $80 billion or more in this capital raise (largest ever in the...

Douglas Kim

IPO End of Day — May 13, 2026: Diverging Demand Profiles as FRVO Rallies and GMRS Lags

Fervo Energy Co. (NASDAQ: FRVO) and GMR Solutions Inc. (NYSE: GMRS) delivered two very different day-one trading stories on Wednesday,...

IPO Prophet

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52-week Range

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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

SpaceX (SPCX US): Demand Picks Up as Investors Place Disciplined Bets on Musk's Mega IPO

​SpaceX IPO at $135/share removes price-range signaling, investors focus on scale, demand, and valuation discipline. Oversubscription, tight free...

IPO Boutique

Initial Thoughts on the SpaceX IPO

SpaceX now plans to list on the NASDAQ on 12 June. The company is expected to raise $80 billion or more in this capital raise (largest ever in the...

Douglas Kim

IPO End of Day — May 13, 2026: Diverging Demand Profiles as FRVO Rallies and GMRS Lags

Fervo Energy Co. (NASDAQ: FRVO) and GMR Solutions Inc. (NYSE: GMRS) delivered two very different day-one trading stories on Wednesday,...

IPO Prophet

SpaceX IPO at $135/share removes price-range signaling, investors focus on scale, demand, and valuation discipline. Oversubscription, tight free...