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 Crusoe hit $276M in revenue in 2024, up 82% YoY, driven by explosive growth in its GPU cloud operations.</li><li>Crusoe projects that it will grow revenue to ~$500M in 2025, driven largely by their role in OpenAI's $500B Stargate project.</li><li>In October 2025, Crusoe announced the initial close of an anticipated $1.375B Series E at an expected valuation exceeding $10B, co-led by Mubadala Capital and Valor Equity Partners.</li></ul>

Sacra estimates Crusoe hit $276M in revenue in 2024, up 82% YoY, driven by explosive growth in its GPU cloud operations.Crusoe projects that it will grow revenue to ~$500M in 2025, driven largely by their role in OpenAI's $500B Stargate project.In October 2025, Crusoe announced the initial close of an anticipated $1.375B Series E at an expected valuation exceeding $10B, co-led by Mubadala Capital and Valor Equity Partners.

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<li>In a data center, hundreds of thousands of GPUs need constant shared access to training data, checkpoints, embeddings, model outputs, and agent memory, pushing AI labs (xAI), neoclouds (CoreWeave, Lambda, Crusoe), and hyperscalers (Microsoft, Google) toward VAST Data’s separated compute/shared flash architecture—which maps well to GPU clusters with many machines reading and writing to one data pool—versus high-speed storage systems designed for supercomputing (Weka, DDN) and reliable storage for basic IT (Pure, Dell, NetApp).</li>
<li>As AI shifts from chatbots to agents, massive amounts of unsupervised tool calls, generated code, and persistent agent memory require multimodal filesystems that handle PDFs, audios, and video rather than just structured data, and these compounding amounts of data must be stored and accessible via fast access, driving storage demand up and flash memory prices up 8x, a tailwind behind infrastructure that makes storage more efficient and works with low-cost or retrofitted flash.</li>
<li>The upside opportunity is to serve as the unifying AI software operating system that powers the infrastructure layer of NVIDIA CEO Jensen Huang’s AI five-layer cake, abstracting away the GPUs &amp; hardware underneath for the developers building models &amp; applications above, expanding the market from model companies &amp; neoclouds into the long tail of enterprises building their own secure, access-controlled agentic applications.</li>
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In a data center, hundreds of thousands of GPUs need constant shared access to training data, checkpoints, embeddings, model outputs, and agent memory, pushing AI labs (xAI), neoclouds (CoreWeave, Lambda, Crusoe), and hyperscalers (Microsoft, Google) toward VAST Data’s separated compute/shared flash architecture—which maps well to GPU clusters with many machines reading and writing to one data pool—versus high-speed storage systems designed for supercomputing (Weka, DDN) and reliable storage for basic IT (Pure, Dell, NetApp).
As AI shifts from chatbots to agents, massive amounts of unsupervised tool calls, generated code, and persistent agent memory require multimodal filesystems that handle PDFs, audios, and video rather than just structured data, and these compounding amounts of data must be stored and accessible via fast access, driving storage demand up and flash memory prices up 8x, a tailwind behind infrastructure that makes storage more efficient and works with low-cost or retrofitted flash.
The upside opportunity is to serve as the unifying AI software operating system that powers the infrastructure layer of NVIDIA CEO Jensen Huang’s AI five-layer cake, abstracting away the GPUs &amp; hardware underneath for the developers building models &amp; applications above, expanding the market from model companies &amp; neoclouds into the long tail of enterprises building their own secure, access-controlled agentic applications.


Renen Hallak, CEO Of VAST Data, On AI Agents Creating Infinite Storage Demand

<ul><li>Sacra estimates that Fluidstack reached $180M in annual recurring revenue (ARR) in December 2024, reflecting 620% year-over-year growth from $25M in 2023.</li><li>Fluidstack is in talks to raise $1B at an $18B valuation, with Jane Street and Situational Awareness in discussions to co-lead the round and Morgan Stanley advising, as of April 2026.</li><li>The company manages more than 100,000 GPUs across its network and serves AI companies such as Meta, Mistral, Character.AI, Poolside, and Black Forest Labs.</li></ul>

Sacra estimates that Fluidstack reached $180M in annual recurring revenue (ARR) in December 2024, reflecting 620% year-over-year growth from $25M in 2023.Fluidstack is in talks to raise $1B at an $18B valuation, with Jane Street and Situational Awareness in discussions to co-lead the round and Morgan Stanley advising, as of April 2026.The company manages more than 100,000 GPUs across its network and serves AI companies such as Meta, Mistral, Character.AI, Poolside, and Black Forest Labs.

<ul><li>Nscale raised $2 billion in Series C funding in March 2026 at a $14.6 billion valuation, with proceeds intended to support further deployment of AI infrastructure across Europe, North America, and Asia.</li><li>The company builds GPU-optimized data centers in northern Norway that leverage 100% renewable hydroelectric power and natural cooling.</li><li>In October 2025, Nscale signed an up to $14B contract with Microsoft to deploy about 104,000 Nvidia GB300 chips in Texas over the next 12–18 months, plus 12,600 GPUs at Start Campus in Portugal—building on its earlier $6.2B Microsoft contract to deploy 52,000 GPUs in Norway.</li></ul>

Nscale raised $2 billion in Series C funding in March 2026 at a $14.6 billion valuation, with proceeds intended to support further deployment of AI infrastructure across Europe, North America, and Asia.The company builds GPU-optimized data centers in northern Norway that leverage 100% renewable hydroelectric power and natural cooling.In October 2025, Nscale signed an up to $14B contract with Microsoft to deploy about 104,000 Nvidia GB300 chips in Texas over the next 12–18 months, plus 12,600 GPUs at Start Campus in Portugal—building on its earlier $6.2B Microsoft contract to deploy 52,000 GPUs in Norway.

<ul><li>Voltage Park received $500 million in initial funding in October 2023 from Navigation Fund, the endowment founded by Stellar co-founder Jed McCaleb.</li><li>Voltage Park operates a dual-revenue model combining on-demand GPU rentals with longer-term dedicated capacity contracts.</li><li>The June 2025 launch of managed Kubernetes moves Voltage Park up the stack from raw infrastructure toward platform services.</li></ul>

Voltage Park received $500 million in initial funding in October 2023 from Navigation Fund, the endowment founded by Stellar co-founder Jed McCaleb.Voltage Park operates a dual-revenue model combining on-demand GPU rentals with longer-term dedicated capacity contracts.The June 2025 launch of managed Kubernetes moves Voltage Park up the stack from raw infrastructure toward platform services.

United States

GPU cloud powered by stranded natural gas for AI training and crypto mining

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Crusoe (CRUSOE US)

Primer: Crusoe - 10 May 2026

GPU cloud powered by stranded natural gas for AI training and crypto mining

Sacra

Renen Hallak, CEO Of VAST Data, On AI Agents Creating Infinite Storage Demand

You founded VAST Data in 2016. What was the founding insight behind the company...

Sacra

Primer: Fluidstack - 27 Apr 2026

GPU rental service connecting AI startups with underutilized data center compute capacity

Sacra

Primer: Nscale - 09 Mar 2026

Provider of AI infrastructure solutions, including sustainable data centers and GPU cloud services

Sacra

Primer: Voltage Park - 06 Oct 2025

Cloud-based AI infrastructure providing scalable, cost-effective GPU solutions for machine learning workloads

Sacra

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