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 Databricks hit $5.4B in annualized revenue in January 2026, up from $4.8B in Q3 2025 and $4.0B in Q2 2025.</li><li>By February 2026, the platform served over 20,000 organizations globally, with more than 800 customers each consuming at an annual revenue run-rate above $1M.</li><li>In December 2025, Databricks announced a Series L round of more than $4B at a $134B valuation.</li></ul>

Sacra estimates that Databricks hit $5.4B in annualized revenue in January 2026, up from $4.8B in Q3 2025 and $4.0B in Q2 2025.By February 2026, the platform served over 20,000 organizations globally, with more than 800 customers each consuming at an annual revenue run-rate above $1M.In December 2025, Databricks announced a Series L round of more than $4B at a $134B valuation.

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Thematic (Sector/Industry)

<div><ul><li>WTR AI Private Pools Index update. Using data from PM Insights, we track private AI company valuations and created a market value-weighted WTR AI Private Pools Index.</li><li>As of 5/11/26, the index had 38 active constituents and a total market value of $2.20 trillion. The two largest constituents are Anthropic (~41.0%) and OpenAI (~38.2%).</li><li>Another big month increase driven by Anthropic. WTR AI Private Pools Index performance for month ending May 11, 2026*. </li></ul></div>

WTR AI Private Pools Index update. Using data from PM Insights, we track private AI company valuations and created a market value-weighted WTR AI Private Pools Index.As of 5/11/26, the index had 38 active constituents and a total market value of $2.20 trillion. The two largest constituents are Anthropic (~41.0%) and OpenAI (~38.2%).Another big month increase driven by Anthropic. WTR AI Private Pools Index performance for month ending May 11, 2026*. 

AI Flow Private Pools Newsletter : Exploring Private Company Valuations in AI - 18 May 2026

<ul><li>Databricks hit $4.8B in annualized revenue in September 2025, growing 55% YoY with 140% net dollar retention, raising a $4B+ Series L at a $134B valuation for a ~28x revenue multiple</li><li>Databricks generating ~$2.8B in revenue (~60%) from its core data platform (Spark jobs, notebooks, ML pipelines), with data warehousing (Databricks SQL) and AI products (Mosaic AI) each at a $1B run-rate (~20% each)</li><li>Pushing from data infrastructure into the application layer, nascent product lines like Lakebase for serverless Postgres (from May 2025 Neon acquisition), Agent Bricks for AI agent orchestration, and Databricks Apps for app deployment increasingly position Databricks to capture revenue from software built on top of its platform vs. just the data processing underneath it.</li></ul>

Databricks hit $4.8B in annualized revenue in September 2025, growing 55% YoY with 140% net dollar retention, raising a $4B+ Series L at a $134B valuation for a ~28x revenue multipleDatabricks generating ~$2.8B in revenue (~60%) from its core data platform (Spark jobs, notebooks, ML pipelines), with data warehousing (Databricks SQL) and AI products (Mosaic AI) each at a $1B run-rate (~20% each)Pushing from data infrastructure into the application layer, nascent product lines like Lakebase for serverless Postgres (from May 2025 Neon acquisition), Agent Bricks for AI agent orchestration, and Databricks Apps for app deployment increasingly position Databricks to capture revenue from software built on top of its platform vs. just the data processing underneath it.

<ul><li>Databricks by 2014 found product-market fit wrapping Spark with collaborative notebooks where data scientists could write familiar Python or Scala &amp; point-and-click cluster management so companies could use it without a DevOps team.</li><li>After becoming cash-flow positive with 85% gross margins (vs. Snowflake at ~70%) and maintaining 50%+ growth at $4B+ revenue scale, Databricks is positioned for a late-2025 or early-2026 IPO that could be the largest software listing since Snowflake's $33B debut in 2020, even as the product’s technical complexity and the company’s engineer-first, academic DNA potentially creates tensions with the enterprise dealmaking that will be key to sustaining growth in the public markets.</li><li>Databricks hit $4B in annualized revenue in August 2025, growing 50% YoY.</li></ul>

Databricks by 2014 found product-market fit wrapping Spark with collaborative notebooks where data scientists could write familiar Python or Scala &amp; point-and-click cluster management so companies could use it without a DevOps team.After becoming cash-flow positive with 85% gross margins (vs. Snowflake at ~70%) and maintaining 50%+ growth at $4B+ revenue scale, Databricks is positioned for a late-2025 or early-2026 IPO that could be the largest software listing since Snowflake's $33B debut in 2020, even as the product’s technical complexity and the company’s engineer-first, academic DNA potentially creates tensions with the enterprise dealmaking that will be key to sustaining growth in the public markets.Databricks hit $4B in annualized revenue in August 2025, growing 50% YoY.

<ul><li>Sacra estimates that DataRobot hit $225M in annual recurring revenue (ARR) at the end of 2023, up 13% year-over-year.</li><li>DataRobot was last valued at $6.3 billion in its Series G round in July 2021, when it raised $300 million.</li><li>The company has raised approximately $1.1 billion in total funding across multiple rounds.</li></ul>

Sacra estimates that DataRobot hit $225M in annual recurring revenue (ARR) at the end of 2023, up 13% year-over-year.DataRobot was last valued at $6.3 billion in its Series G round in July 2021, when it raised $300 million.The company has raised approximately $1.1 billion in total funding across multiple rounds.

United States

Data lakehouse software for managing, querying, and analyzing enterprise-scale AI and data workloads

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Databricks (DATABRICKS US)

Primer: Databricks - 10 May 2026

Data lakehouse software for managing, querying, and analyzing enterprise-scale AI and data workloads

Sacra

Databricks At $4.8B ARR

TL;DR: Databricks is now growing nearly 2x faster than Snowflake at comparable scale (55% vs 29% YoY), with 60% of revenue coming from its core...

Sacra

Databricks At $4B ARR Growing 50% YoY

TL;DR: After becoming cash-flow positive with 85% gross margins and 650+ customers spending over $1M annually, Databricks is positioned for what...

Sacra

Primer: DataRobot - 31 May 2026

AI software for automating model development, deployment, and monitoring across enterprise teams

Sacra

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Primer: Databricks - 10 May 2026

Data lakehouse software for managing, querying, and analyzing enterprise-scale AI and data workloads

Sacra

AI Flow Private Pools Newsletter : Exploring Private Company Valuations in AI - 18 May 2026

WTR AI Private Pools Index update. Using data from PM Insights, we track private AI company valuations and created a market value-weighted WTR AI...

Water Tower Research

Databricks At $4.8B ARR

TL;DR: Databricks is now growing nearly 2x faster than Snowflake at comparable scale (55% vs 29% YoY), with 60% of revenue coming from its core...

Sacra

Databricks At $4B ARR Growing 50% YoY

TL;DR: After becoming cash-flow positive with 85% gross margins and 650+ customers spending over $1M annually, Databricks is positioned for what...

Sacra

Primer: DataRobot - 31 May 2026

AI software for automating model development, deployment, and monitoring across enterprise teams

Sacra