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

Cerebras Systems / Private Capital Markets

<ul><li>Since our last coverage, Cerebras postponed its IPO following regulatory questions about its UAE revenue concentration (G42 accounted for ~83% of 2023 revenue) and instead raised $1B from Fidelity and Tiger Global.</li><li>Cerebras&#39;s single-chip architecture loads entire AI models onto one chip with ~44GB of onboard memory, delivering inference ~10x faster than traditional multi-GPU setups—the company historically sold these as $2M hardware units to national labs, but launched a cloud inference API in summer 2024 that has since become the primary growth driver, serving customers like Perplexity, Notion, Windsurf, and Cognition on a pay-per-token basis.</li><li>Where selling $2M chips to national labs like Argonne and Livermore limited Cerebras to a small pool of state-backed research customers with long sales cycles and high revenue concentration, selling inference via API creates higher velocity and opens up the much larger market of AI startups and enterprises that want speed without buying and operating specialized hardware.</li></ul>

Since our last coverage, Cerebras postponed its IPO following regulatory questions about its UAE revenue concentration (G42 accounted for ~83% of 2023 revenue) and instead raised $1B from Fidelity and Tiger Global.Cerebras&#39;s single-chip architecture loads entire AI models onto one chip with ~44GB of onboard memory, delivering inference ~10x faster than traditional multi-GPU setups—the company historically sold these as $2M hardware units to national labs, but launched a cloud inference API in summer 2024 that has since become the primary growth driver, serving customers like Perplexity, Notion, Windsurf, and Cognition on a pay-per-token basis.Where selling $2M chips to national labs like Argonne and Livermore limited Cerebras to a small pool of state-backed research customers with long sales cycles and high revenue concentration, selling inference via API creates higher velocity and opens up the much larger market of AI startups and enterprises that want speed without buying and operating specialized hardware.

<ul><li>Sacra estimates Claude Code hit $400M in annualized revenue in July 2025, up 23x over the past three months alone.</li><li>With GPT-5, OpenAI is attacking Anthropic's supremacy in AI coding head-on with a model trained specifically for coding that 1) runs at 40-45% the average cost of Claude Sonnet 4 and 15% the cost of Opus 4.1 and 2) edges both on the SWE-bench coding benchmark.</li><li>Anthropic's answer to this cutthroat defection lies in Claude Code, its ChatGPT: an owned, high engagement destination client vertically integrated with its models that grew a Sacra-estimated 23x in the last 3 months alone, from ~$17.5M in April 2025 to $400M in July.</li></ul>

Sacra estimates Claude Code hit $400M in annualized revenue in July 2025, up 23x over the past three months alone.With GPT-5, OpenAI is attacking Anthropic's supremacy in AI coding head-on with a model trained specifically for coding that 1) runs at 40-45% the average cost of Claude Sonnet 4 and 15% the cost of Opus 4.1 and 2) edges both on the SWE-bench coding benchmark.Anthropic's answer to this cutthroat defection lies in Claude Code, its ChatGPT: an owned, high engagement destination client vertically integrated with its models that grew a Sacra-estimated 23x in the last 3 months alone, from ~$17.5M in April 2025 to $400M in July.

<ul><li>Sacra estimates OpenEvidence grew to $50M annualized revenue in June 2025, growing 30% MoM from $7.9M in December 2024</li><li>OpenEvidence&#39;s rapid word-of-mouth growth among doctors led to back-to-back exclusive content partnerships with top medical journals in The New England Journal of Medicine (Feb ‘25) and JAMA (Jun ‘25), further driving its credibility &amp; data moat and helping </li><li>By making their product (1) free, and (2) touching no patient records, OpenEvidence bypassed the ~18-month sales cycles in healthcare en route to capturing 40% of U.S. physicians—creating the </li></ul>

Sacra estimates OpenEvidence grew to $50M annualized revenue in June 2025, growing 30% MoM from $7.9M in December 2024OpenEvidence&#39;s rapid word-of-mouth growth among doctors led to back-to-back exclusive content partnerships with top medical journals in The New England Journal of Medicine (Feb ‘25) and JAMA (Jun ‘25), further driving its credibility &amp; data moat and helping By making their product (1) free, and (2) touching no patient records, OpenEvidence bypassed the ~18-month sales cycles in healthcare en route to capturing 40% of U.S. physicians—creating the 

OpenEvidence At $50M/year Growing 30% MoM

<ul><li>Sacra estimates Invisible generated $134M in revenue for 2024, up 123% YoY.</li><li>Invisible works by routing model outputs through trained raters who score completions.</li><li>Invisible is now positioning itself to win where human-in-the-loop is mandatory for compliance.</li></ul>

Sacra estimates Invisible generated $134M in revenue for 2024, up 123% YoY.Invisible works by routing model outputs through trained raters who score completions.Invisible is now positioning itself to win where human-in-the-loop is mandatory for compliance.

<ul><li>Sacra estimates Invisible hit $134M in annualized revenue at the end of 2024 revenue, up 123% YoY, off the back of major RLHF contracts Microsoft and Cohere.</li><li>Invisible Technologies (founded 2015) started as a virtual assistant service and has since grown into a platform that businesses use to outsource repetitive, high-volume tasks.</li><li>Finding product-market fit in foundation lab RLHF and AI model training after breakthrough contracts with Microsoft and Cohere, Sacra estimates Invisible Technologies hit $134M in annualized revenue in 2024, up 123% YoY from $60M in 2023.</li></ul>

Sacra estimates Invisible hit $134M in annualized revenue at the end of 2024 revenue, up 123% YoY, off the back of major RLHF contracts Microsoft and Cohere.Invisible Technologies (founded 2015) started as a virtual assistant service and has since grown into a platform that businesses use to outsource repetitive, high-volume tasks.Finding product-market fit in foundation lab RLHF and AI model training after breakthrough contracts with Microsoft and Cohere, Sacra estimates Invisible Technologies hit $134M in annualized revenue in 2024, up 123% YoY from $60M in 2023.

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API for fast, cost-effective large language models tailored to enterprise deployments

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Cohere (COHERE CA)

Cerebras Vs Nvidia

TL;DR: After UAE regulatory scrutiny stalled its IPO, Cerebras raised $1B and is diversifying revenue by selling cloud inference alongside...

Sacra

Anthropic's ChatGPT

TL;DR: OpenAI and Cursor have begun ganging up to challenge Anthropic's coding supremacy, but the launch of Claude Code has given Anthropic its own...

Sacra

OpenEvidence At $50M/year Growing 30% MoM

TL;DR: With doctors overwhelmed by the medical literature—which doubles in size every 5 years—OpenEvidence built a free AI-powered search engine...

Sacra

Invisible Vs Mercor

TL;DR: With the rise of frontier AI labs needing human feedback to fix hallucinations and align model behavior, Invisible shifted gears from...

Sacra

Invisible At $134M In Revenue

TL;DR: By combining software orchestration with a 3,000+ person distributed workforce, Invisible is positioning itself as the “AWS for...

Sacra

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