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>Windsurf, launched out of the AI research company Codeium, is a VS Code–based development environment with agentic editing tools and chat-driven workflows that let developers write, refactor, and deploy code using natural language.</li><li>Windsurf is the #2 AI-native IDE at $40M ARR as of February 2025, roughly 5x smaller than Cursor, which hit $200M ARR in March 2025 after doubling from $100M at the end of 2024—OpenAI’s $3B offer for Windsurf values it at about 75x ARR vs. Cursor’s 50x forward, showing how aggressively it's moving to close the gap.</li><li>Buying Windsurf jumpstarts OpenAI’s push into coding tools with an existing IDE that supports million-line codebases and streams 100B+ daily code-edit tokens—high-quality RLHF data that reduces its reliance on vendors like Scale and strengthens its position in coding alignment vs. Anthropic.</li></ul>

Windsurf, launched out of the AI research company Codeium, is a VS Code–based development environment with agentic editing tools and chat-driven workflows that let developers write, refactor, and deploy code using natural language.Windsurf is the #2 AI-native IDE at $40M ARR as of February 2025, roughly 5x smaller than Cursor, which hit $200M ARR in March 2025 after doubling from $100M at the end of 2024—OpenAI’s $3B offer for Windsurf values it at about 75x ARR vs. Cursor’s 50x forward, showing how aggressively it's moving to close the gap.Buying Windsurf jumpstarts OpenAI’s push into coding tools with an existing IDE that supports million-line codebases and streams 100B+ daily code-edit tokens—high-quality RLHF data that reduces its reliance on vendors like Scale and strengthens its position in coding alignment vs. Anthropic.

<ul><li>Sacra estimates that Perplexity hit $100M ARR in March 2025, re-accelerating to 17% CMGR3, up from 12% in Q4 2024.</li><li>In March 2025, Perplexity partnered with Deutsche Telekom to pre-install Perplexity Assistant on its new AI Phone.</li><li>Perplexity rolled out a new visual search experience for shopping across hotels and travel in March 2025.</li></ul>

Sacra estimates that Perplexity hit $100M ARR in March 2025, re-accelerating to 17% CMGR3, up from 12% in Q4 2024.In March 2025, Perplexity partnered with Deutsche Telekom to pre-install Perplexity Assistant on its new AI Phone.Perplexity rolled out a new visual search experience for shopping across hotels and travel in March 2025.

<ul><li>Sacra estimates that Anthropic hit $1.4B ARR in March 2025.</li><li>80% of Anthropic’s revenue comes from its API (~$1.1B), with Claude 3.5 Sonnet serving as the underlying model for AI app builders.</li><li>With the February launch of Claude Code—a terminal-based coding agent that autonomously edits, tests, and debugs code that wraps Claude 3.7 Sonnet—Anthropic is going up the stack on one of its core use cases.</li></ul>

Sacra estimates that Anthropic hit $1.4B ARR in March 2025.80% of Anthropic’s revenue comes from its API (~$1.1B), with Claude 3.5 Sonnet serving as the underlying model for AI app builders.With the February launch of Claude Code—a terminal-based coding agent that autonomously edits, tests, and debugs code that wraps Claude 3.7 Sonnet—Anthropic is going up the stack on one of its core use cases.

<ul><li>Anthropic’s Claude has emerged as the backbone of the “vibe coding” trend, driving the growth of AI IDEs and app builders.</li><li>“Vibe coding” has trended exponentially in 2025, with coders and non-coders alike designing & launching software demos and experiences in hours using natural language.</li><li>With its SOTA multi-file editing capabilities, Anthropic’s Claude is the backbone of the vibe coding ecosystem.</li></ul>

Anthropic’s Claude has emerged as the backbone of the “vibe coding” trend, driving the growth of AI IDEs and app builders.“Vibe coding” has trended exponentially in 2025, with coders and non-coders alike designing & launching software demos and experiences in hours using natural language.With its SOTA multi-file editing capabilities, Anthropic’s Claude is the backbone of the vibe coding ecosystem.

<ul><li>Sacra estimates that Perplexity hit $63M in ARR at the end of 2024, up 800% from $7M in 2023.</li><li>Perplexity risks seeing commoditized its core experience of AI-summarized search results for complex queries (10-11 words long).</li><li>Perplexity’s own December 2024 projections of hitting $656M ARR by the end of 2026.</li></ul>

Sacra estimates that Perplexity hit $63M in ARR at the end of 2024, up 800% from $7M in 2023.Perplexity risks seeing commoditized its core experience of AI-summarized search results for complex queries (10-11 words long).Perplexity’s own December 2024 projections of hitting $656M ARR by the end of 2026.

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

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Why OpenAI Wants Windsurf

TL;DR: OpenAI’s reported $3B bid for Windsurf underscores a shift from API monetization to vertically integrated full-stack products as labs race...

Sacra

Perplexity At $100M ARR

TL;DR: As LLM labs threaten Perplexity by bundling in search, Perplexity is counter-attacking by eating up consumer use cases like travel search...

Sacra

Claude Code Vs. Cursor

TL;DR: Claude 3.7 Sonnet, Anthropic’s newest model, has become the backbone of the emergent “vibe coding” ecosystem. With an upsurge in API...

Sacra

Vibe Coding Index

TL;DR: Anthropic’s Claude has emerged as the backbone of the “vibe coding” trend, driving the growth of AI IDEs and app builders like Cursor ($100M...

Sacra

How Perplexity Hits $656M ARR

TL;DR: As competition intensifies between Perplexity, foundation model companies, and Google, Perplexity is betting on deepening prosumer habitual...

Sacra

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