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 Character.AI hit $30 million in annualized revenue in July 2025.</li><li>Character.AI announced on October 12, 2026 that it had initiated voluntary Chapter 11 bankruptcy proceedings to pursue a court-supervised sale.</li><li>Disney agreed to serve as the stalking-horse bidder for a non-exclusive perpetual license to certain intellectual property and certain company claims for $20M.</li></ul>

Sacra estimates that Character.AI hit $30 million in annualized revenue in July 2025.Character.AI announced on October 12, 2026 that it had initiated voluntary Chapter 11 bankruptcy proceedings to pursue a court-supervised sale.Disney agreed to serve as the stalking-horse bidder for a non-exclusive perpetual license to certain intellectual property and certain company claims for $20M.

<ul><li>Sacra estimates that Fluidstack reached $180M in annual recurring revenue (ARR) in December 2024, reflecting 620% year-over-year growth from $25M in 2023.</li><li>The company manages more than 100,000 GPUs across its network and serves AI companies such as Meta, Mistral, Character.AI, Poolside, and Black Forest Labs.</li><li>Fluidstack is in talks to raise $1B at an $18B valuation, with Jane Street and Situational Awareness in discussions to co-lead the round and Morgan Stanley advising, as of April 2026.</li></ul>

Sacra estimates that Fluidstack reached $180M in annual recurring revenue (ARR) in December 2024, reflecting 620% year-over-year growth from $25M in 2023.The company manages more than 100,000 GPUs across its network and serves AI companies such as Meta, Mistral, Character.AI, Poolside, and Black Forest Labs.Fluidstack is in talks to raise $1B at an $18B valuation, with Jane Street and Situational Awareness in discussions to co-lead the round and Morgan Stanley advising, as of April 2026.

<ul><li>In October 2025, Sesame announced a $250M Series B led by Sequoia and Spark and opened an early beta of its iOS app.</li><li>Sesame AI is a conversational AI company that has built emotionally intelligent voice assistants called Maya and Miles that can interrupt, laugh, change tone mid-sentence, and respond to emotional cues in real-time conversations.</li><li>Sesame AI operates a B2C model for its consumer AI companions while building B2B revenue streams through enterprise licensing and developer APIs.</li></ul>

In October 2025, Sesame announced a $250M Series B led by Sequoia and Spark and opened an early beta of its iOS app.Sesame AI is a conversational AI company that has built emotionally intelligent voice assistants called Maya and Miles that can interrupt, laugh, change tone mid-sentence, and respond to emotional cues in real-time conversations.Sesame AI operates a B2C model for its consumer AI companions while building B2B revenue streams through enterprise licensing and developer APIs.

<ul><li>Born raised $15 million in a Series A round in September 2025, led by Accel with participation from Tencent and Laton Ventures.</li><li>Born operates a freemium mobile app model, allowing users to download and play for free while offering premium features and virtual goods for purchase.</li><li>Asia-Pacific accounts for 32% of global AI companion spending, with high virtual pet adoption in markets such as India, Indonesia, and Brazil.</li></ul>

Born raised $15 million in a Series A round in September 2025, led by Accel with participation from Tencent and Laton Ventures.Born operates a freemium mobile app model, allowing users to download and play for free while offering premium features and virtual goods for purchase.Asia-Pacific accounts for 32% of global AI companion spending, with high virtual pet adoption in markets such as India, Indonesia, and Brazil.

United States

Chatbot app for conversing with user-created AI characters and personalities

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Character.AI (AI US)

Primer: Character.AI - 14 Dec 2025

Chatbot app for conversing with user-created AI characters and personalities

Sacra

Primer: Fluidstack - 27 Apr 2026

GPU rental service connecting AI startups with underutilized data center compute capacity

Sacra

Primer: Sesame AI - 22 Oct 2025

AI voice assistants that create natural and emotionally resonant conversations

Sacra

Primer: Born - 11 Sep 2025

AI-powered social companion apps for interactive play and virtual companionship

Sacra

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