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>Lambda Labs wins on price and flexibility for training workloads, while AWS provides reliability for inference despite higher costs.</li><li>The GPU cloud market splits between NeoClouds (Lambda, CoreWeave) offering lower prices and more configurability versus traditional hyperscalers (AWS, GCP, Oracle) with enterprise-grade but expensive infrastructure.</li><li>There's an untapped opportunity for a "DigitalOcean for machine learning" that combines affordable GPUs with researcher-friendly tooling.</li></ul>

Lambda Labs wins on price and flexibility for training workloads, while AWS provides reliability for inference despite higher costs.The GPU cloud market splits between NeoClouds (Lambda, CoreWeave) offering lower prices and more configurability versus traditional hyperscalers (AWS, GCP, Oracle) with enterprise-grade but expensive infrastructure.There's an untapped opportunity for a "DigitalOcean for machine learning" that combines affordable GPUs with researcher-friendly tooling.

Lambda Customer At Iambic Therapeutics On GPU Infrastructure Choices For ML Training And Inference

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>Fermi set terms for its IPO on Wednesday afternoon and will offer 25 million shares at $18-$22 and to debut on Wednesday, 10/1.</li>
<li>One of Fermi's founders is former energy sector director, Rick Perry.</li>
<li>The underwriters have reserved for sale at the initial public offering price up to 5% of the shares of common stock for sale through a directed share program.</li>
</ul>


Fermi set terms for its IPO on Wednesday afternoon and will offer 25 million shares at $18-$22 and to debut on Wednesday, 10/1.
One of Fermi's founders is former energy sector director, Rick Perry.
The underwriters have reserved for sale at the initial public offering price up to 5% of the shares of common stock for sale through a directed share program.


Fermi Inc. (FRMI): Pre-Revenue Data Center REIT Sets Terms Seeking $13.2b Valuation

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>We remain bullish since our 4/22/25 Compass, and we will maintain our bullish outlook as long as market dynamics remain healthy and the S&amp;P 500 (SPX) is above 6028-6059.</li>
<li>Speculative Growth Themes Still Leading; Nuclear Stocks are Going... Nuclear. We highlight many speculative stocks to buy that we believe will continue to outperform into year-end</li>
<li>Software (IGV), semiconductors (XSD), (IPO), ARK (ARKK and ARKW), uranium (URA), hydrogen (HYDR), quantum computing (IONQ, RGTI, QUBT, QBTS), A.I., nuclear, robotics, drones, autonomous driving, EV batteries, energy storage,bitcoin,data centers</li>
</ul>


We remain bullish since our 4/22/25 Compass, and we will maintain our bullish outlook as long as market dynamics remain healthy and the S&amp;P 500 (SPX) is above 6028-6059.
Speculative Growth Themes Still Leading; Nuclear Stocks are Going... Nuclear. We highlight many speculative stocks to buy that we believe will continue to outperform into year-end
Software (IGV), semiconductors (XSD), (IPO), ARK (ARKK and ARKW), uranium (URA), hydrogen (HYDR), quantum computing (IONQ, RGTI, QUBT, QBTS), A.I., nuclear, robotics, drones, autonomous driving, EV batteries, energy storage,bitcoin,data centers


Going Nuclear $LTBR $LEU $NNE $OKLO $SMR; Russell 2000 Breakout to All-Time Highs; Still Bullish

<ul>
<li>Their mission is to deliver up to 11 gigawatts on-demand power directly to the world’s most compute-intensive businesses with 1 GW of power projected to be online by 2026.</li>
<li>A pair of hyperscalers have gone public and have been well-received by the market: CoreWeave (CRWV US) and Whitefiber (WYFI US).</li>
<li>The company has no revenues and was formed in January meaning investors will have to exercise extreme patience with this developmental company. </li>
</ul>


Their mission is to deliver up to 11 gigawatts on-demand power directly to the world’s most compute-intensive businesses with 1 GW of power projected to be online by 2026.
A pair of hyperscalers have gone public and have been well-received by the market: CoreWeave (CRWV US) and Whitefiber (WYFI US).
The company has no revenues and was formed in January meaning investors will have to exercise extreme patience with this developmental company. 


Fermi Inc. (FRMI): Peeking at the IPO Prospectus of a Hyperscaler Development Company

<ul><li>Founded in 2012, Lambda sold physical GPUs and workstations for deep learning before launching a cloud GPU service as demand for AI compute exploded post-ChatGPT.</li><li>Now at $500M+ in annualized revenue as of May 2025, Lambda has hired Morgan Stanley, J.P. Morgan, and Citi to prepare for a U.S. IPO in the first half of 2026.</li><li>Lambda’s H1 2026 IPO target gives it access to public capital markets at the moment the market may shift from chip-constrained to data center-constrained.</li></ul>

Founded in 2012, Lambda sold physical GPUs and workstations for deep learning before launching a cloud GPU service as demand for AI compute exploded post-ChatGPT.Now at $500M+ in annualized revenue as of May 2025, Lambda has hired Morgan Stanley, J.P. Morgan, and Citi to prepare for a U.S. IPO in the first half of 2026.Lambda’s H1 2026 IPO target gives it access to public capital markets at the moment the market may shift from chip-constrained to data center-constrained.

United States

CoreWeave, Inc. is a specialized cloud infrastructure company that provides high-performance computing resources optimized for workloads such as artificial intelligence, machine learning, visual effects, and batch processing. The company's CoreWeave Cloud Platform consists of proprietary software and cloud services that deliver the automation and efficiency needed to manage complex AI infrastructure at scale. Its platform supports the development and use of ground-breaking models and the delivery of the next generation of AI applications. CoreWeave operates a GPU-first architecture, optimized for training and inference of generative AI models, and also targets scientific and financial computing, as well as real-time 3D rendering needs. The company was founded in 2017 and is headquartered in Livingston, New Jersey.

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CoreWeave (CRWV US)

Lambda Customer At Iambic Therapeutics On GPU Infrastructure Choices For ML Training And Inference

Which cloud GPU providers do you currently work with most frequently...

Sacra

Fermi Inc. (FRMI): Pre-Revenue Data Center REIT Sets Terms Seeking $13.2b Valuation

Fermi, co-founded by Rick Perry, sets terms for IPO with 25 million shares priced at $18-$22, debuting on 10/1. Underwriters reserve 5% for...

IPO Boutique

Going Nuclear $LTBR $LEU $NNE $OKLO $SMR; Russell 2000 Breakout to All-Time Highs; Still Bullish

Going Nuclear $LTBR $LEU $OKLO $NNE $LEU; Russell 2000 Breakout to All-Time Highs; Still Bullish; Continue to Overweight Spec Growth Themes into...

Vermilion Research

Fermi Inc. (FRMI): Peeking at the IPO Prospectus of a Hyperscaler Development Company

New company aims to provide 11 GW of on-demand power to compute-intensive businesses, with 1 GW projected by 2026. The IPO is anticipated in October.

IPO Boutique

Lambda's IPO

TL;DR: Following rival CoreWeave’s IPO in March 2025, Lambda (fka Lambda Labs) has hired Morgan Stanley, JPMorgan, and Citi for an IPO as early as...

Sacra

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52-week Range

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Lambda Customer At Iambic Therapeutics On GPU Infrastructure Choices For ML Training And Inference

Which cloud GPU providers do you currently work with most frequently...

Sacra

Fermi Inc. (FRMI): Pre-Revenue Data Center REIT Sets Terms Seeking $13.2b Valuation

​Fermi, co-founded by Rick Perry, sets terms for IPO with 25 million shares priced at $18-$22, debuting on 10/1. Underwriters reserve 5% for...

IPO Boutique

Going Nuclear $LTBR $LEU $NNE $OKLO $SMR; Russell 2000 Breakout to All-Time Highs; Still Bullish

Going Nuclear $LTBR $LEU $OKLO $NNE $LEU; Russell 2000 Breakout to All-Time Highs; Still Bullish; Continue to Overweight Spec Growth Themes into...

Vermilion Research

Fermi Inc. (FRMI): Peeking at the IPO Prospectus of a Hyperscaler Development Company

​New company aims to provide 11 GW of on-demand power to compute-intensive businesses, with 1 GW projected by 2026. The IPO is anticipated in October.

IPO Boutique

Lambda's IPO

TL;DR: Following rival CoreWeave’s IPO in March 2025, Lambda (fka Lambda Labs) has hired Morgan Stanley, JPMorgan, and Citi for an IPO as early as...

Sacra

Fermi, co-founded by Rick Perry, sets terms for IPO with 25 million shares priced at $18-$22, debuting on 10/1. Underwriters reserve 5% for...

New company aims to provide 11 GW of on-demand power to compute-intensive businesses, with 1 GW projected by 2026. The IPO is anticipated in October.