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>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.

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 6/8/26, the index had 41 active constituents and a total market value of $2.53 trillion. The two largest constituents are Anthropic (47%) and OpenAI (~34%).</li><li>Another strong month, again driven by Anthropic. WTR AI Private Pools Index performance for period ending June 8, 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 6/8/26, the index had 41 active constituents and a total market value of $2.53 trillion. The two largest constituents are Anthropic (47%) and OpenAI (~34%).Another strong month, again driven by Anthropic. WTR AI Private Pools Index performance for period ending June 8, 2026*

AI Private Pools Newsletter : Exploring Private Company Valuations in AI

<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>Sacra estimates that Hebbia hit $48M in annual recurring revenue (ARR) in August 2026, up from an estimated $30M at the end of 2025.</li><li>Hebbia was valued at $700 million during its Series B funding round in July 2024, led by Andreessen Horowitz.</li><li>Hebbia reported 373% year-over-year EMEA revenue growth from FY25 to FY26, coinciding with a tripling of its EMEA team.</li></ul>

Sacra estimates that Hebbia hit $48M in annual recurring revenue (ARR) in August 2026, up from an estimated $30M at the end of 2025.Hebbia was valued at $700 million during its Series B funding round in July 2024, led by Andreessen Horowitz.Hebbia reported 373% year-over-year EMEA revenue growth from FY25 to FY26, coinciding with a tripling of its EMEA team.

<ul><li>Sacra estimates that Cribl hit $390M in ARR in August 2026, up from $305M at the end of 2025.</li><li>Cribl's growth is driven by its data pipeline products that help enterprises reduce spending on platforms like Splunk by 30-90%.</li><li>GV's investment in the Series E round was noted as one of their largest in their 15-year history, with GV General Partner Michael McBride joining Cribl's board.</li></ul>

Sacra estimates that Cribl hit $390M in ARR in August 2026, up from $305M at the end of 2025.Cribl's growth is driven by its data pipeline products that help enterprises reduce spending on platforms like Splunk by 30-90%.GV's investment in the Series E round was noted as one of their largest in their 15-year history, with GV General Partner Michael McBride joining Cribl's board.

United States

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

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Databricks (DATABRICKS US)

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: Hebbia - 04 Sep 2026

AI-powered tool for querying and analyzing unstructured documents like filings and PDFs

Sacra

Primer: Cribl - 26 Aug 2026

Data pipeline software for routing, filtering, and storing enterprise observability and security logs

Sacra

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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

AI Private Pools Newsletter : Exploring Private Company Valuations in AI

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

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

Primer: Hebbia - 04 Sep 2026

AI-powered tool for querying and analyzing unstructured documents like filings and PDFs

Sacra

Primer: Cribl - 26 Aug 2026

Data pipeline software for routing, filtering, and storing enterprise observability and security logs

Sacra