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 OpenRouter hit $5M in annualized revenue in May 2025, on $100M in GMV, up from $1M in annualized revenue at the end of 2024.</li><li>OpenRouter customers buy tokens for inference that get spent across various providers like OpenAI and Anthropic, with tokens marked up roughly 5%—with the value prop for developers being faster setup, a simpler integration experience, and the ability to abstract away the complexity of model selection, with one API, one dashboard for usage & billing, and cost savings from automatically down-shifting to cheaper models when possible.</li><li>The explosion of AI models across 60+ providers and 400+ model variants is making OpenRouter core infrastructure for connecting AI apps to models.</li></ul>

Sacra estimates that OpenRouter hit $5M in annualized revenue in May 2025, on $100M in GMV, up from $1M in annualized revenue at the end of 2024.OpenRouter customers buy tokens for inference that get spent across various providers like OpenAI and Anthropic, with tokens marked up roughly 5%—with the value prop for developers being faster setup, a simpler integration experience, and the ability to abstract away the complexity of model selection, with one API, one dashboard for usage & billing, and cost savings from automatically down-shifting to cheaper models when possible.The explosion of AI models across 60+ providers and 400+ model variants is making OpenRouter core infrastructure for connecting AI apps to models.

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

Ategrity Specialty Holdings / Equity Capital Markets

<ul>
<li>Ategrity Specialty Holdings LLC (ASIC) priced a full-size deal of 6.67mm shares at $17.00 ($1 above the range) and opened at $23.65 for a gain of 39.1% at first trade.</li>
<li>The underwriters felt good about this IPO enough that they elected to accelerate the timing of this deal by a single day.</li>
<li>This insurance company was a pure-play E&amp;S with higher regards given to this niche area by sector-dedicated investors.</li>
</ul>


Ategrity Specialty Holdings LLC (ASIC) priced a full-size deal of 6.67mm shares at $17.00 ($1 above the range) and opened at $23.65 for a gain of 39.1% at first trade.
The underwriters felt good about this IPO enough that they elected to accelerate the timing of this deal by a single day.
This insurance company was a pure-play E&amp;S with higher regards given to this niche area by sector-dedicated investors.


Ategrity Specialty Holdings LLC (ASIC): Insurance Sector Stays Hot, Pops 6 Points at Open

Voyager Technologies / Equity Capital Markets

<ul>
<li>The company that describes itself as an innovation-driven defense technology and space solutions company has gained significant momentum in the first days of its roadshow</li>
<li>The transaction has anchor orders from established funds and a $20 million directed share program. </li>
<li>At the midpoint of the range, Voyager is valued at 7x multiple of projected revenue for 2026 which is a discount to peers.</li>
</ul>


The company that describes itself as an innovation-driven defense technology and space solutions company has gained significant momentum in the first days of its roadshow
The transaction has anchor orders from established funds and a $20 million directed share program. 
At the midpoint of the range, Voyager is valued at 7x multiple of projected revenue for 2026 which is a discount to peers.


Voyager Technologies Inc. (VOYG): Space & Defense Demand Is Hot, Deal Double-Digits Oversubscribed

Circle Internet Group / Equity Capital Markets

<ul>
<li>Circle Internet Group, Inc.  priced 34.0mm shares at $31.00 ($3 Above the Upwardly-Revised $27-$28 range) and opened at $69.00 for a gain of 123% at first trade. </li>
<li>The IPO traded violently higher with a top-tick of $103.75 for a gain of 235%. The stock closed at $83.23 or 168.5% above issue on day one. </li>
<li>Circle is a "one-of-a-kind" industry and one that does not have other public companies to compare to. This could mean that more "fireworks" are in store for the short term.   </li>
</ul>


Circle Internet Group, Inc.  priced 34.0mm shares at $31.00 ($3 Above the Upwardly-Revised $27-$28 range) and opened at $69.00 for a gain of 123% at first trade. 
The IPO traded violently higher with a top-tick of $103.75 for a gain of 235%. The stock closed at $83.23 or 168.5% above issue on day one. 
Circle is a "one-of-a-kind" industry and one that does not have other public companies to compare to. This could mean that more "fireworks" are in store for the short term.   


Circle Internet Group (CRCL): Wall Street Pounces on Stable Coin Powerhouse, IPO Pops 235%

<ul>
<li>Hinge Health priced a full-size deal of 13.666mm shares at the high-end of the range, $32.00 and opened for trading at $39.25 for a gain of 21.9% at first trade.</li>
<li>According to our sources, the deal finished north of 15-times oversubscribed.  We are told that the deal was made more "exclusive" with one-third of the book being completely shut-out.</li>
<li>Another virtual healthcare provider, Omada Health, recently filed for its IPO. If the valuation of Omada Health is more aggressive, it could provide a boost to Hinge Health's price.</li>
</ul>


Hinge Health priced a full-size deal of 13.666mm shares at the high-end of the range, $32.00 and opened for trading at $39.25 for a gain of 21.9% at first trade.
According to our sources, the deal finished north of 15-times oversubscribed.  We are told that the deal was made more "exclusive" with one-third of the book being completely shut-out.
Another virtual healthcare provider, Omada Health, recently filed for its IPO. If the valuation of Omada Health is more aggressive, it could provide a boost to Hinge Health's price.


Hinge Health (HNGE): VC Backed Virtual Therapy Provider IPO Pops 22% at Opening Print

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

CoreWeave (CRWV US)

OpenRouter At $100M GMV

TL;DR: As developers move from wrapping single LLMs to stitching together multiple models, OpenRouter has emerged as the universal LLM...

Sacra

Ategrity Specialty Holdings LLC (ASIC): Insurance Sector Stays Hot, Pops 6 Points at Open

Ategrity Specialty Holdings LLC IPO priced above range, opened strong with 39.1% gain, showing confidence in niche E&S insurance market.

IPO Boutique

Voyager Technologies Inc. (VOYG): Space & Defense Demand Is Hot, Deal Double-Digits Oversubscribed

Innovative defense tech and space company gains momentum in roadshow with anchor orders and attractive valuation compared to peers.

IPO Boutique

Circle Internet Group (CRCL): Wall Street Pounces on Stable Coin Powerhouse, IPO Pops 235%

Circle Internet Group, Inc. IPO soars 168.5% on day one, with potential for more gains in the short term due to unique industry position.

IPO Boutique

Hinge Health (HNGE): VC Backed Virtual Therapy Provider IPO Pops 22% at Opening Print

Hinge Health IPO prices high, opens strong with 21.9% gain. Oversubscribed deal made exclusive, eyes on Omada Health's valuation for potential boost.

IPO Boutique

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

OpenRouter At $100M GMV

TL;DR: As developers move from wrapping single LLMs to stitching together multiple models, OpenRouter has emerged as the universal LLM...

Sacra

Ategrity Specialty Holdings LLC (ASIC): Insurance Sector Stays Hot, Pops 6 Points at Open

​Ategrity Specialty Holdings LLC IPO priced above range, opened strong with 39.1% gain, showing confidence in niche E&S insurance market.

IPO Boutique

Voyager Technologies Inc. (VOYG): Space & Defense Demand Is Hot, Deal Double-Digits Oversubscribed

​Innovative defense tech and space company gains momentum in roadshow with anchor orders and attractive valuation compared to peers.

IPO Boutique

Circle Internet Group (CRCL): Wall Street Pounces on Stable Coin Powerhouse, IPO Pops 235%

​Circle Internet Group, Inc. IPO soars 168.5% on day one, with potential for more gains in the short term due to unique industry position.

IPO Boutique

Hinge Health (HNGE): VC Backed Virtual Therapy Provider IPO Pops 22% at Opening Print

​Hinge Health IPO prices high, opens strong with 21.9% gain. Oversubscribed deal made exclusive, eyes on Omada Health's valuation for potential boost.

IPO Boutique

Ategrity Specialty Holdings LLC IPO priced above range, opened strong with 39.1% gain, showing confidence in niche E&S insurance market.

Innovative defense tech and space company gains momentum in roadshow with anchor orders and attractive valuation compared to peers.

Circle Internet Group, Inc. IPO soars 168.5% on day one, with potential for more gains in the short term due to unique industry position.

Hinge Health IPO prices high, opens strong with 21.9% gain. Oversubscribed deal made exclusive, eyes on Omada Health's valuation for potential boost.