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.

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<ul><li>Sacra estimates Claude Code hit $400M in annualized revenue in July 2025, up 23x over the past three months alone.</li><li>With GPT-5, OpenAI is attacking Anthropic's supremacy in AI coding head-on with a model trained specifically for coding that 1) runs at 40-45% the average cost of Claude Sonnet 4 and 15% the cost of Opus 4.1 and 2) edges both on the SWE-bench coding benchmark.</li><li>Anthropic's answer to this cutthroat defection lies in Claude Code, its ChatGPT: an owned, high engagement destination client vertically integrated with its models that grew a Sacra-estimated 23x in the last 3 months alone, from ~$17.5M in April 2025 to $400M in July.</li></ul>

Sacra estimates Claude Code hit $400M in annualized revenue in July 2025, up 23x over the past three months alone.With GPT-5, OpenAI is attacking Anthropic's supremacy in AI coding head-on with a model trained specifically for coding that 1) runs at 40-45% the average cost of Claude Sonnet 4 and 15% the cost of Opus 4.1 and 2) edges both on the SWE-bench coding benchmark.Anthropic's answer to this cutthroat defection lies in Claude Code, its ChatGPT: an owned, high engagement destination client vertically integrated with its models that grew a Sacra-estimated 23x in the last 3 months alone, from ~$17.5M in April 2025 to $400M in July.

<ul><li>Replit has been growing at a compounding monthly growth rate of 34.9% over the last 3 months, neck-and-neck with Lovable at 35.9% CMGR3 and $100M ARR.</li><li>Sacra estimates Replit’s annual recurring revenue (ARR) hit $106M in June 2025, up 6.6x from $16M at the end of 2024.</li><li>Text-to-app & vibe coding has been a massive monetization driver for Replit both in 1) driving a higher proportion of its user base to pay, going from 15K paying customers on 40 million users to 175K paying customers over the last 12 months and 2) growing ARPU from ~$192 to ~$575.</li></ul>

Replit has been growing at a compounding monthly growth rate of 34.9% over the last 3 months, neck-and-neck with Lovable at 35.9% CMGR3 and $100M ARR.Sacra estimates Replit’s annual recurring revenue (ARR) hit $106M in June 2025, up 6.6x from $16M at the end of 2024.Text-to-app & vibe coding has been a massive monetization driver for Replit both in 1) driving a higher proportion of its user base to pay, going from 15K paying customers on 40 million users to 175K paying customers over the last 12 months and 2) growing ARPU from ~$192 to ~$575.

<ul><li>Sacra estimates that Lovable hit $84M ARR in June 2025, up from $7M at the end of 2024.</li><li>Sacra estimates Lovable hit $84M ARR at the end of June 2025, with its 3-month compounded monthly growth rate (CMGR3) dropping to 36% vs. its 51% CMGR6.</li><li>We last covered Lovable in March 2025, hitting $17M ARR in 3 months after launch with their tool for generating full-stack apps from natural language.</li></ul>

Sacra estimates that Lovable hit $84M ARR in June 2025, up from $7M at the end of 2024.Sacra estimates Lovable hit $84M ARR at the end of June 2025, with its 3-month compounded monthly growth rate (CMGR3) dropping to 36% vs. its 51% CMGR6.We last covered Lovable in March 2025, hitting $17M ARR in 3 months after launch with their tool for generating full-stack apps from natural language.

<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>Launched in 2023, OpenRouter built a universal API endpoint for LLMs, hooking up to 400+ different models through a single integration.</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.Launched in 2023, OpenRouter built a universal API endpoint for LLMs, hooking up to 400+ different models through a single integration.The explosion of AI models across 60+ providers and 400+ model variants is making OpenRouter core infrastructure for connecting AI apps to models.

<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.

United States

AI-native IDE for developers to write, edit, and debug code with LLMs

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Cursor (CURSOR US)

Anthropic's ChatGPT

TL;DR: OpenAI and Cursor have begun ganging up to challenge Anthropic's coding supremacy, but the launch of Claude Code has given Anthropic its own...

Sacra

Replit At $106M ARR

TL;DR: At a Sacra-estimated $106M in annual recurring revenue, Replit has been growing at a compounding monthly growth rate of 34.9% over the last...

Sacra

Lovable At $84M ARR Growing 36% MoM

TL;DR: With every AI app generator from Replit to Bolt.new to Vercel’s v0 converging & competing on the same core feature set, Lovable is...

Sacra

$100M/year Plaid Of AI

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

Sacra

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

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