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 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 Fivetran hit $325M in annual recurring revenue (ARR) in 2024, up 33% YoY.</li><li>In October 2025, Fivetran and dbt Labs announced an all‑stock merger to form a combined data infrastructure company with nearly $600M in annual revenue, with George Fraser as CEO and Tristan Handy as co‑founder and president; the companies expect the deal to close within a year.</li><li>Fivetran has raised $728M from investors such as Andreessen Horowitz, Matrix Partners, and General Catalyst.</li></ul>

Sacra estimates that Fivetran hit $325M in annual recurring revenue (ARR) in 2024, up 33% YoY.In October 2025, Fivetran and dbt Labs announced an all‑stock merger to form a combined data infrastructure company with nearly $600M in annual revenue, with George Fraser as CEO and Tristan Handy as co‑founder and president; the companies expect the deal to close within a year.Fivetran has raised $728M from investors such as Andreessen Horowitz, Matrix Partners, and General Catalyst.

<ul><li>Sacra estimates dbt Labs hit $100M in annual recurring revenue (ARR) in 2024, representing 69% year-over-year growth from $59M in 2023.</li><li>In October 2025, Fivetran and dbt Labs announced an all‑stock merger to form a combined data infrastructure company with nearly $600M in annual revenue, with George Fraser as CEO and Tristan Handy as co‑founder and president; the companies expect the deal to close within a year.</li><li>The $3.5B data quality market represents a natural expansion opportunity for dbt Labs.</li></ul>

Sacra estimates dbt Labs hit $100M in annual recurring revenue (ARR) in 2024, representing 69% year-over-year growth from $59M in 2023.In October 2025, Fivetran and dbt Labs announced an all‑stock merger to form a combined data infrastructure company with nearly $600M in annual revenue, with George Fraser as CEO and Tristan Handy as co‑founder and president; the companies expect the deal to close within a year.The $3.5B data quality market represents a natural expansion opportunity for dbt Labs.

<ul><li>Based on those conversations, we revised our revenue model—which previously showed significant deceleration in 2024 ARR growth—to reflect ARR growth holding in the mid-60% range in 2023 with acceleration through 2024.</li><li>Today, with companies consolidating tools to save on cost and reduce complexity, a rebundling cycle is in effect centered around the data warehouse, with Snowflake, Databricks and the hyperscalers simultaneously integrating with dbt and launching cloud-native data products that compete with dbt.</li><li>In 2024, data clouds had their "VHS moment" as Apache Iceberg emerged as the open table standard—particularly with Databricks, the company behind competing Delta Lake, acquiring Tabular for over $1B to bring the founders of Iceberg in under one roof—making multi-cloud a tangible reality and throwing tailwinds behind cross-cloud solutions like dbt that abstract away the underlying infrastructure and offer an orchestration layer on top.</li></ul>

Based on those conversations, we revised our revenue model—which previously showed significant deceleration in 2024 ARR growth—to reflect ARR growth holding in the mid-60% range in 2023 with acceleration through 2024.Today, with companies consolidating tools to save on cost and reduce complexity, a rebundling cycle is in effect centered around the data warehouse, with Snowflake, Databricks and the hyperscalers simultaneously integrating with dbt and launching cloud-native data products that compete with dbt.In 2024, data clouds had their "VHS moment" as Apache Iceberg emerged as the open table standard—particularly with Databricks, the company behind competing Delta Lake, acquiring Tabular for over $1B to bring the founders of Iceberg in under one roof—making multi-cloud a tangible reality and throwing tailwinds behind cross-cloud solutions like dbt that abstract away the underlying infrastructure and offer an orchestration layer on top.

Tristan Handy, CEO Of Dbt Labs, On Dbt’s multi-cloud Tailwinds

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Tool for analytics engineers to transform, test, and document data in cloud warehouses

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dbt Labs (LABS US)

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...

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Primer: Fivetran - 15 Oct 2025

Data pipeline tool for syncing SaaS and database data into cloud data warehouses

Sacra

Primer: dbt Labs - 15 Oct 2025

Tool for analytics engineers to transform, test, and document data in cloud warehouses

Sacra

Tristan Handy, CEO Of Dbt Labs, On Dbt’s multi-cloud Tailwinds

How did dbt Labs find product-market fit for its commercial product, coming from its open source software origins? What was that journey like and...

Sacra

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