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 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.

<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

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

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Crusoe (CRUSOE US)

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

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...

Sacra

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