Private Markets, Angel and Secondary Investing, Sacra

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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.

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<ul><li>The MLOps landscape has evolved from targeting researchers who preferred simple Python APIs and quick setup to serving DevOps professionals who need enterprise-grade telemetry, monitoring and deployment tools that can handle high-volume production workloads.</li><li>LLM deployment differs fundamentally from traditional software deployment because models are massive files (often 10-20GB) that must be loaded across CPU and GPU memory, creating new technical challenges around memory management, version control, and continuous deployment that existing DevOps tools weren't built to handle.</li><li>Building on microservices and serverless, compound AI systems merge together multiple custom AI models, LLMs and diffusion models with databases and external APIs—spawning a new generation of tools like Outerport and Modal ($32M raised) that let developers automatically deploy and run multi-LLM systems across CPU/GPU architectures without worrying about infrastructure.</li></ul>

The MLOps landscape has evolved from targeting researchers who preferred simple Python APIs and quick setup to serving DevOps professionals who need enterprise-grade telemetry, monitoring and deployment tools that can handle high-volume production workloads.LLM deployment differs fundamentally from traditional software deployment because models are massive files (often 10-20GB) that must be loaded across CPU and GPU memory, creating new technical challenges around memory management, version control, and continuous deployment that existing DevOps tools weren't built to handle.Building on microservices and serverless, compound AI systems merge together multiple custom AI models, LLMs and diffusion models with databases and external APIs—spawning a new generation of tools like Outerport and Modal ($32M raised) that let developers automatically deploy and run multi-LLM systems across CPU/GPU architectures without worrying about infrastructure.

Towaki Takikawa, CEO And co-founder Of Outerport, On The Rise Of DevOps For LLMs

<ul><li>Claude 3.5 Sonnet has blown the doors open for Anthropic's API business, growing 5x this year to date to $664M ARR.</li><li>OpenAI's ChatGPT continues to dominate, growing a Sacra-estimated 2.5x this year to date to $2.9B ARR.</li><li>OpenAI's 4x YoY growth to $4B matches and exceeds Meta, Google & AWS’s.</li></ul>

Claude 3.5 Sonnet has blown the doors open for Anthropic's API business, growing 5x this year to date to $664M ARR.OpenAI's ChatGPT continues to dominate, growing a Sacra-estimated 2.5x this year to date to $2.9B ARR.OpenAI's 4x YoY growth to $4B matches and exceeds Meta, Google & AWS’s.

<ul><li>GPU clouds CoreWeave, Lambda Labs, and Together AI—three of the fastest-growing companies in generative AI, each up 1,000%+ year-over-year.</li><li>CoreWeave was Nvidia’s 7th biggest customer in 2023 at 4.5% of total revenue, putting them among Amazon, Meta, Microsoft, Alphabet, and Tesla as one of the biggest global GPU buyers.</li><li>Taxing every layer of the AI software stack, the cloud GPU category has experienced hypergrowth with Sacra estimating that CoreWeave generated $465M of revenue in 2023, up 1,760% year-over-year, Lambda Labs at $250M in 2023, up 1,150%, and Together AI at $44M, up 2,095% year-over-year.</li></ul>

GPU clouds CoreWeave, Lambda Labs, and Together AI—three of the fastest-growing companies in generative AI, each up 1,000%+ year-over-year.CoreWeave was Nvidia’s 7th biggest customer in 2023 at 4.5% of total revenue, putting them among Amazon, Meta, Microsoft, Alphabet, and Tesla as one of the biggest global GPU buyers.Taxing every layer of the AI software stack, the cloud GPU category has experienced hypergrowth with Sacra estimating that CoreWeave generated $465M of revenue in 2023, up 1,760% year-over-year, Lambda Labs at $250M in 2023, up 1,150%, and Together AI at $44M, up 2,095% year-over-year.

<ul><li>Sacra estimates that Together AI hit $44M in annual recurring revenue (ARR) in April with their developer experience-centric layer built on top of CoreWeave and Lambda Labs’s GPU cloud products.</li><li>Companies use cloud GPU hosts Together AI, CoreWeave, and Lambda Labs to use Nvidia (NASDAQ: NVDA) graphics processing units (GPUs) to train AI models on their datasets, fine-tune them, and deploy them into production.</li><li>Sacra estimates that Together AI hit $44M in annualized revenue in April 2024, up 2095% year-over-year, with 90% of revenue coming from sales of bundled on-demand GPU compute and training via Together Inference and ~45% gross margin.</li></ul>

Sacra estimates that Together AI hit $44M in annual recurring revenue (ARR) in April with their developer experience-centric layer built on top of CoreWeave and Lambda Labs’s GPU cloud products.Companies use cloud GPU hosts Together AI, CoreWeave, and Lambda Labs to use Nvidia (NASDAQ: NVDA) graphics processing units (GPUs) to train AI models on their datasets, fine-tune them, and deploy them into production.Sacra estimates that Together AI hit $44M in annualized revenue in April 2024, up 2095% year-over-year, with 90% of revenue coming from sales of bundled on-demand GPU compute and training via Together Inference and ~45% gross margin.

Together AI: The $44M/year Vercel Of Generative AI

<ul><li>CoreWeave started in 2017 as a crypto mining company using graphics processing units (GPUs) to mine Ethereum—and then pivoted in 2019 to AI, repurposing its GPU clusters for the heavy computational demands of AI workflows.</li><li>Sacra estimates that CoreWeave generated $465M of revenue in 2023, up 1,760% from $25M in 2022, with CoreWeave projecting $2.3B in 2024 based on enterprise deals in the pipeline.</li><li>Nvidia has partnered closely with CoreWeave—investing in the company and using its 98% market share over scarce chips—to build it up as a counterbalance to cloud compute giants Amazon, Google and Microsoft, which are each building competitive AI hardware.</li></ul>

CoreWeave started in 2017 as a crypto mining company using graphics processing units (GPUs) to mine Ethereum—and then pivoted in 2019 to AI, repurposing its GPU clusters for the heavy computational demands of AI workflows.Sacra estimates that CoreWeave generated $465M of revenue in 2023, up 1,760% from $25M in 2022, with CoreWeave projecting $2.3B in 2024 based on enterprise deals in the pipeline.Nvidia has partnered closely with CoreWeave—investing in the company and using its 98% market share over scarce chips—to build it up as a counterbalance to cloud compute giants Amazon, Google and Microsoft, which are each building competitive AI hardware.

CoreWeave: The $465M/year Cloud GPU Startup Growing 1,760% YoY

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)

Towaki Takikawa, CEO And co-founder Of Outerport, On The Rise Of DevOps For LLMs

What does Outerport do...

Sacra

Anthropic Vs. OpenAI

TL;DR: Claude 3.5 Sonnet has Anthropic's API business surging, hitting a Sacra-estimated $664M ARR this year (up 5x this year to date) and...

Sacra

GPU Clouds Growing 1,000% YoY

In Sacra Insights, our members-only newsletter, we’ve been writing about GPU clouds CoreWeave, Lambda Labs, and Together AI—three of the fastest...

Sacra

Together AI: The $44M/year Vercel Of Generative AI

TL;DR: Sacra estimates that Together AI hit $44M in annual recurring revenue (ARR) in April with their developer experience-centric layer built on...

Sacra

CoreWeave: The $465M/year Cloud GPU Startup Growing 1,760% YoY

TL;DR: CoreWeave hit $465M of revenue in 2023, up 1,760% from 2022, reselling GPU compute to fuel the generative AI boom. For more, check out...

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