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>Founded in France in 2013, Dataiku originally focused on bundling together data ingest, prep, automated ML, and visualization into a single graphical user interface (GUI) to help domain experts in industries outside of tech—like banking, life sciences, and manufacturing—do predictive analytics and build simple apps on top of their data.</li><li>Sacra estimates that Dataiku hit $300M in annual recurring revenue (ARR) in 2024, up 20% year-over-year from $250M in 2023, with roughly 750 customers like GE, Toyota, and LVMH for about $400K average revenue per customer (ARPC), valued at $3.7B as of their 2022 Series F for a 18.5x multiple on their then-$200M ARR.</li><li>With the launch of its new AI-powered products like Dataiku Answers (build-your-own AI chatbot a la Glean) and Dataiku Stories (AI-generated presentations a la Canva and Gamma), Dataiku is ensuring it has a product in play for the major generative AI use cases, enabling companies from traditional industries to adopt AI and drive organizational change by signing on to a single vendor.</li></ul>

Founded in France in 2013, Dataiku originally focused on bundling together data ingest, prep, automated ML, and visualization into a single graphical user interface (GUI) to help domain experts in industries outside of tech—like banking, life sciences, and manufacturing—do predictive analytics and build simple apps on top of their data.Sacra estimates that Dataiku hit $300M in annual recurring revenue (ARR) in 2024, up 20% year-over-year from $250M in 2023, with roughly 750 customers like GE, Toyota, and LVMH for about $400K average revenue per customer (ARPC), valued at $3.7B as of their 2022 Series F for a 18.5x multiple on their then-$200M ARR.With the launch of its new AI-powered products like Dataiku Answers (build-your-own AI chatbot a la Glean) and Dataiku Stories (AI-generated presentations a la Canva and Gamma), Dataiku is ensuring it has a product in play for the major generative AI use cases, enabling companies from traditional industries to adopt AI and drive organizational change by signing on to a single vendor.

<ul><li>Unmentioned in OpenAI’s recent announcement of their $500B Stargate build-out was Crusoe, the Founders Fund-backed GPU cloud startup that will spend ~$12B through 2026 to build and co-own Stargate’s first data center in Abilene, Texas (with financing from Blue Owl and JPMorgan)—and then lease it to Oracle, which will operate it and rent the compute to OpenAI.</li><li>With the build-out of the Abilene site, Crusoe projects that it will grow revenue 262% to $998M in 2025, up from Sacra-estimated 2024 revenues of $276M—broken out as $887M from its AI cloud business, $100M from cryptocurrency mining via projects with companies like Kraken ($1.5B revenue in 2024, up 128% YoY), and $11M from leasing out its Abilene infrastructure to Oracle.</li><li>At scale, CoreWeave ($12B+ raised) and Crusoe ($5B+ raised) can operate flexibly as pure data center infrastructure providers (as in Crusoe's Oracle deal) and as full-stack compute providers (as in CoreWeave's direct GPU rental business)—in addition to offering GPU cloud services—a flexibility that becomes increasingly valuable as AI labs like xAI and OpenAI pursue every avenue to 5-10x their compute capacity in order to train the next biggest models.</li></ul>

Unmentioned in OpenAI’s recent announcement of their $500B Stargate build-out was Crusoe, the Founders Fund-backed GPU cloud startup that will spend ~$12B through 2026 to build and co-own Stargate’s first data center in Abilene, Texas (with financing from Blue Owl and JPMorgan)—and then lease it to Oracle, which will operate it and rent the compute to OpenAI.With the build-out of the Abilene site, Crusoe projects that it will grow revenue 262% to $998M in 2025, up from Sacra-estimated 2024 revenues of $276M—broken out as $887M from its AI cloud business, $100M from cryptocurrency mining via projects with companies like Kraken ($1.5B revenue in 2024, up 128% YoY), and $11M from leasing out its Abilene infrastructure to Oracle.At scale, CoreWeave ($12B+ raised) and Crusoe ($5B+ raised) can operate flexibly as pure data center infrastructure providers (as in Crusoe's Oracle deal) and as full-stack compute providers (as in CoreWeave's direct GPU rental business)—in addition to offering GPU cloud services—a flexibility that becomes increasingly valuable as AI labs like xAI and OpenAI pursue every avenue to 5-10x their compute capacity in order to train the next biggest models.

<ul><li>Sacra estimates xAI reached $100M in annualized recurring revenue at the end of 2024, with $12B+ raised at a $50B valuation for a 500x revenue multiple.</li><li>Initially available only for X Premium subscribers ($7-14/month), Sacra estimates xAI hit $100M in annualized recurring revenue (ARR) at the end of 2024 between membership revenue (via X) and its API (used by Starlink for customer service), raising $6B in a December Series C that brought its total raised to $12B+, valued at $50B or a 500x forward revenue multiple.</li><li>The pure play AI lab built for the Elon Musk platform &amp; ecosystem of companies (nearly $2T in market cap), xAI uses Musk’s access to capital, his companies X (via Grok memberships) and SpaceX (via their xAI-powered customer service chatbot) as initial customers, and their access to proprietary data to rapidly scale revenue and then feed that back into R&amp;D to solve hard, technical problems.</li></ul>

Sacra estimates xAI reached $100M in annualized recurring revenue at the end of 2024, with $12B+ raised at a $50B valuation for a 500x revenue multiple.Initially available only for X Premium subscribers ($7-14/month), Sacra estimates xAI hit $100M in annualized recurring revenue (ARR) at the end of 2024 between membership revenue (via X) and its API (used by Starlink for customer service), raising $6B in a December Series C that brought its total raised to $12B+, valued at $50B or a 500x forward revenue multiple.The pure play AI lab built for the Elon Musk platform &amp; ecosystem of companies (nearly $2T in market cap), xAI uses Musk’s access to capital, his companies X (via Grok memberships) and SpaceX (via their xAI-powered customer service chatbot) as initial customers, and their access to proprietary data to rapidly scale revenue and then feed that back into R&amp;D to solve hard, technical problems.

<ul><li>Sacra estimates that Fluidstack hit $180M in annual recurring revenue (ARR) at the end of 2024, up 620% YoY.</li><li>Founded in 2017 as an "Airbnb for bandwidth", Fluidstack offered people $50/month to turn their home computers into content delivery networks (CDNs) for companies like Dailymotion—pivoting in 2021 to rent ML companies underutilized GPUs from data centers.</li><li>Fluidstack with Lambda ($425M ARR) and Together AI ($130M ARR) make up the startup/SMB end of the GPU cloud market—renting GPUs themselves or colocating—with a focus on speed and developer experience.</li></ul>

Sacra estimates that Fluidstack hit $180M in annual recurring revenue (ARR) at the end of 2024, up 620% YoY.Founded in 2017 as an "Airbnb for bandwidth", Fluidstack offered people $50/month to turn their home computers into content delivery networks (CDNs) for companies like Dailymotion—pivoting in 2021 to rent ML companies underutilized GPUs from data centers.Fluidstack with Lambda ($425M ARR) and Together AI ($130M ARR) make up the startup/SMB end of the GPU cloud market—renting GPUs themselves or colocating—with a focus on speed and developer experience.

<ul><li>Crusoe will generate $276M in revenue in 2024, up 82% YoY.</li><li>After pivoting to meet demand for cloud GPU compute for AI in 2023, Sacra estimates Crusoe generated $276M in revenue in 2024.</li><li>Crusoe’s model of building its own data centers near sources of cheap, stranded energy is capital-intensive ($3.4B for its new West Texas data center) but pays back in 2-3 years with projected 45% IRR.</li></ul>

Crusoe will generate $276M in revenue in 2024, up 82% YoY.After pivoting to meet demand for cloud GPU compute for AI in 2023, Sacra estimates Crusoe generated $276M in revenue in 2024.Crusoe’s model of building its own data centers near sources of cheap, stranded energy is capital-intensive ($3.4B for its new West Texas data center) but pays back in 2-3 years with projected 45% IRR.

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)

Dataiku At $300M/yr

TL;DR: With the launch of Dataiku Answers and Dataiku Stories, Dataiku is transitioning from a simple GUI for creating and deploying ML models to a...

Sacra

Unmentioned Stargate Partner

TL;DR: The unnamed infrastructure partner behind the first stage of OpenAI's $500B Stargate project, Crusoe is building a $12B data center in...

Sacra

xAI Vs OpenAI Vs Anthropic

TL;DR: With its 100,000 GPU cluster and proprietary access to a million gigabytes of daily tweet data, xAI is Elon Musk's bid to take on OpenAI—the...

Sacra

Fluidstack At $180M ARR

TL;DR: Sacra estimates that Fluidstack hit $180M in annual recurring revenue (ARR) at the end of 2024, up 620% YoY. While GPU clouds like CoreWeave...

Sacra

Crusoe At $276M Revenue

TL;DR: Sacra estimates that Crusoe will generate $276M in revenue in 2024, up 82% YoY. Powered by cheap electricity from stranded natural gas,...

Sacra

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)