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 Epic Games generated $5.7B in revenue in 2024, up roughly 10% YoY from $5.2B in 2023, as Fortnite re-accelerated at the end of 2023 and into 2024.</li><li>Epic has not disclosed company-wide 2025 revenue.</li><li>In February 2024, Disney acquired a $1.5B equity stake in Epic Games at a $22.5B post-money valuation.</li></ul>

Sacra estimates that Epic Games generated $5.7B in revenue in 2024, up roughly 10% YoY from $5.2B in 2023, as Fortnite re-accelerated at the end of 2023 and into 2024.Epic has not disclosed company-wide 2025 revenue.In February 2024, Disney acquired a $1.5B equity stake in Epic Games at a $22.5B post-money valuation.

<ul><li>Sacra estimates that Whop hit $142M in annualized revenue in October 2025, up from $56M at the end of 2024.</li><li>By February 2026, Whop reported $2.67B in cumulative lifetime GMV, with gross transaction volume growing roughly 25% month over month.</li><li>In February 2026, Tether made a strategic investment in Whop at a $1.6B valuation, with Whop raising $200M in the round.</li></ul>

Sacra estimates that Whop hit $142M in annualized revenue in October 2025, up from $56M at the end of 2024.By February 2026, Whop reported $2.67B in cumulative lifetime GMV, with gross transaction volume growing roughly 25% month over month.In February 2026, Tether made a strategic investment in Whop at a $1.6B valuation, with Whop raising $200M in the round.

<ul><li>Rec Room announced on March 31, 2026 that it will shut down on June 1, 2026, leaving investors exposed and rendering the $3.5B valuation a write-off.</li><li>Rec Room is a gaming company building the "Roblox of VR" that lets users interact, explore, and play games in player-created rooms.</li><li>Rec Room is a free-to-play B2C platform that monetizes through in-game currency (Tokens), a subscription (Rec Room Plus), and a creator marketplace.</li></ul>

Rec Room announced on March 31, 2026 that it will shut down on June 1, 2026, leaving investors exposed and rendering the $3.5B valuation a write-off.Rec Room is a gaming company building the "Roblox of VR" that lets users interact, explore, and play games in player-created rooms.Rec Room is a free-to-play B2C platform that monetizes through in-game currency (Tokens), a subscription (Rec Room Plus), and a creator marketplace.

Get Ahead with IPO Insights, IPO Prophet

IPO Prophet

Get Ahead with IPO Insights

At IPO Prophet®, our team leverages over three decades of expertise to deliver actionable quantitative analytics for the IPO market in real-time. This platform synthesizes our extensive experience investing in IPOs, providing investors with revolutionary tools to navigate the complexities of issuance day. Our mission is to empower investors with data-driven insights to make more informed decisions.

Equity Capital Markets

<ul><li>As we move into Q1, the IPO market is entering a more constructive phase—but not in the way many expected just a few months ago.</li><li>While December was widely anticipated to be a heavy year-end issuance window, the market ultimately proved more selective.</li><li>Fewer deals crossed the finish line, and those that did faced a higher bar.</li></ul>

As we move into Q1, the IPO market is entering a more constructive phase—but not in the way many expected just a few months ago.While December was widely anticipated to be a heavy year-end issuance window, the market ultimately proved more selective.Fewer deals crossed the finish line, and those that did faced a higher bar.

Q1 IPO Outlook: Selective Momentum — and the Deals That Could Define the Next Phase

<ul><li>Sacra estimates Whop reached <a href="https://sacra.com/research/whop-revenue-growth-valuation/" target="_blank" rel="noopener noreferrer">$142M annualized revenue in October 2025, up 255% YoY and up from $56M at the end of 2024</a>, raising $50M last July at an $800M valuation for a 28.6x multiple on $28M revenue at the time—compared to ecommerce platform Shopify (NYSE: SHOP) at $10.7B TTM revenue, growing 20% YoY, valued at $192B for a 17.9x multiple, digital storefront <a href="https://sacra.com/c/stan/" target="_blank" rel="noopener noreferrer">Stan </a> at <a href="https://sacra.com/research/stan-revenue-growth-valuation" target="_blank" rel="noopener noreferrer">$28.3M in annual recurring revenue at the end of 2024, up 93% YoY</a>, and livestream shopping platform Whatnot at $359M revenue in 2024, up 102% YoY, valued at $5B for a 13.9x multiple.</li><li>The creator market continues to split between mainstream platforms like <a href="https://sacra.com/c/patreon" target="_blank" rel="noopener noreferrer">Patreon</a>, <a href="https://sacra.com/c/linktree" target="_blank" rel="noopener noreferrer">Linktree </a> &amp; <a href="https://sacra.com/c/circle-so" target="_blank" rel="noopener noreferrer">Circle</a>, built on <a href="https://sacra.com/c/stripe" target="_blank" rel="noopener noreferrer">Stripe </a> &amp; PayPal, that optimize for SFW creators and increasingly see B2B-style adoption, versus shadow market platforms for high-risk, high-chargeback merchants like <a href="https://sacra.com/c/whop" target="_blank" rel="noopener noreferrer">Whop</a>, which orchestrate multiple payment providers to improve authorization rates and effectively “platform” creators who would otherwise struggle to find a place to sell online.</li><li>With the <a href="https://sacra.com/c/whop" target="_blank" rel="noopener noreferrer">Whop App Store </a> (launched June 2025), <a href="https://sacra.com/c/whop" target="_blank" rel="noopener noreferrer">Whop </a> can serve the diverse set of grey-market use cases compared to the adult-verticalized <a href="https://sacra.com/c/onlyfans" target="_blank" rel="noopener noreferrer">OnlyFans</a>, siphon users from apps like <a href="https://sacra.com/c/discord" target="_blank" rel="noopener noreferrer">Discord </a> (Chat by Whop) &amp; Twitch (Livestreaming by Whop) and turn Whop storefronts into high engagement user-facing apps.</li></ul>

Sacra estimates Whop reached $142M annualized revenue in October 2025, up 255% YoY and up from $56M at the end of 2024, raising $50M last July at an $800M valuation for a 28.6x multiple on $28M revenue at the time—compared to ecommerce platform Shopify (NYSE: SHOP) at $10.7B TTM revenue, growing 20% YoY, valued at $192B for a 17.9x multiple, digital storefront Stan  at $28.3M in annual recurring revenue at the end of 2024, up 93% YoY, and livestream shopping platform Whatnot at $359M revenue in 2024, up 102% YoY, valued at $5B for a 13.9x multiple.The creator market continues to split between mainstream platforms like Patreon, Linktree  &amp; Circle, built on Stripe  &amp; PayPal, that optimize for SFW creators and increasingly see B2B-style adoption, versus shadow market platforms for high-risk, high-chargeback merchants like Whop, which orchestrate multiple payment providers to improve authorization rates and effectively “platform” creators who would otherwise struggle to find a place to sell online.With the Whop App Store  (launched June 2025), Whop  can serve the diverse set of grey-market use cases compared to the adult-verticalized OnlyFans, siphon users from apps like Discord  (Chat by Whop) &amp; Twitch (Livestreaming by Whop) and turn Whop storefronts into high engagement user-facing apps.

United States

Discord is a communication platform that utilizes voice, video, and text to connect users and enable game play or other collaborations. Discord claims to have 200M monthly users across their platform on Windows, macOS, Linus, iOS, Android, and consoles.

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Discord (DISO123D US)

Primer: Epic Games - 25 May 2026

Game engine, app store, and metaverse hub powering Fortnite and Unreal-based experiences

Sacra

Primer: Whop - 06 Apr 2026

Marketplace and toolset for selling digital products like courses, memberships, and betting tips

Sacra

Primer: Rec Room - 05 Apr 2026

Social gaming app for creating, sharing, and playing user-generated virtual worlds

Sacra

Q1 IPO Outlook: Selective Momentum — and the Deals That Could Define the Next Phase

As we move into Q1, the IPO market is entering a more constructive phase—but not in the way many expected just a few months ago. While December...

IPO Prophet

Whop At $142M Revenue

TL;DR: A digital storefront for Gen Z creators, Whop has grown to a Sacra-estimated $142M in annualized revenue, growing 255% YoY. With the launch...

Sacra

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