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 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.

<ul><li>Discord hit $600M in annualized recurring revenue (ARR) at the end of 2023, up 35% year-over-year.</li><li>Generative AI was just emerging as Discord’s next big tailwind, with Midjourney projecting $200M in annual recurring revenue (ARR) from their AI art generation tool built into a Discord server.</li><li>This week, Discord announced that they’re moving away from their vision of building the chat app for every community, and leaning into the product-market fit they have for interactive, co-creative experiences.</li></ul>

Discord hit $600M in annualized recurring revenue (ARR) at the end of 2023, up 35% year-over-year.Generative AI was just emerging as Discord’s next big tailwind, with Midjourney projecting $200M in annual recurring revenue (ARR) from their AI art generation tool built into a Discord server.This week, Discord announced that they’re moving away from their vision of building the chat app for every community, and leaning into the product-market fit they have for interactive, co-creative experiences.

<ul><li>As rumors swirled of a Peter Thiel takeover of Twitter in 2016, the anti-corporate Russian-born Eugen Rochko launched Mastodon as a decentralized, open-source protocol anyone could use to launch a Twitter clone with their own moderation standards and code of conduct.</li><li>Truth Social (NASDAQ: DJT) went public on Tuesday via SPAC, climbing to a $9.3B market cap by Wednesday afternoon for a 2,086x multiple on just $4.5M in 2023 revenue in a memetic frenzy reminiscent of GameStop’s (NYSE: GME) 2021 run, powered by /r/The_Donald diaspora (now hosted on Scored) and /r/wallstreetbets.</li><li>Ironically, Elon Musk’s ownership of Twitter may be the biggest headwind for alt-tech social media—by loosening Twitter’s moderation, he’s killed the deplatforming threat that drove their growth, with Gab usage declining from 4.3M MAUs at their peak to 1.2M, Truth Social declining from 9M to 1M, and Mastodon declining from 2.5M to 1M.</li></ul>

As rumors swirled of a Peter Thiel takeover of Twitter in 2016, the anti-corporate Russian-born Eugen Rochko launched Mastodon as a decentralized, open-source protocol anyone could use to launch a Twitter clone with their own moderation standards and code of conduct.Truth Social (NASDAQ: DJT) went public on Tuesday via SPAC, climbing to a $9.3B market cap by Wednesday afternoon for a 2,086x multiple on just $4.5M in 2023 revenue in a memetic frenzy reminiscent of GameStop’s (NYSE: GME) 2021 run, powered by /r/The_Donald diaspora (now hosted on Scored) and /r/wallstreetbets.Ironically, Elon Musk’s ownership of Twitter may be the biggest headwind for alt-tech social media—by loosening Twitter’s moderation, he’s killed the deplatforming threat that drove their growth, with Gab usage declining from 4.3M MAUs at their peak to 1.2M, Truth Social declining from 9M to 1M, and Mastodon declining from 2.5M to 1M.

Truth Social: The GameStop For The alt-right

<ul><li>Now, revenue growth at Epic Games is re-accelerating.</li><li>Between December 2018 and October 2023, Fortnite’s monthly active users (MAUs) declined from 80M to roughly 35M before jumping to an all-time high of 100M in November 2023 after the re-release of Fortnite’s original "OG" map.</li><li>Thanks to Fortnite’s turnaround, Sacra estimates that Epic Games is on track to grow revenue by 30% to $5.7B in 2024.</li></ul>

Now, revenue growth at Epic Games is re-accelerating.Between December 2018 and October 2023, Fortnite’s monthly active users (MAUs) declined from 80M to roughly 35M before jumping to an all-time high of 100M in November 2023 after the re-release of Fortnite’s original "OG" map.Thanks to Fortnite’s turnaround, Sacra estimates that Epic Games is on track to grow revenue by 30% to $5.7B in 2024.

<ul><li>Fortnite has made Epic Games $27B of high-margin revenue off in-app purchases, but growth has now gone negative with falling engagement and Apple cutting Fortnite out of its walled garden.</li><li>Epic Games generated $5.6B of revenue in 2018, with $5B of that from Fortnite, but Sacra estimates that revenue fell to $5.2B in 2022 as Fortnite declined in users and conversion for a 6x revenue multiple on their $31.5B valuation.</li><li>To escape the hit-driven dynamics of gaming, Epic Games is now turning Fortnite into the centerpiece of a Roblox-like metaverse, with expanded tools for creators to build Fortnite worlds that are cross-compatible with other experiences within the Epic Games catalog.</li></ul>

Fortnite has made Epic Games $27B of high-margin revenue off in-app purchases, but growth has now gone negative with falling engagement and Apple cutting Fortnite out of its walled garden.Epic Games generated $5.6B of revenue in 2018, with $5B of that from Fortnite, but Sacra estimates that revenue fell to $5.2B in 2022 as Fortnite declined in users and conversion for a 6x revenue multiple on their $31.5B valuation.To escape the hit-driven dynamics of gaming, Epic Games is now turning Fortnite into the centerpiece of a Roblox-like metaverse, with expanded tools for creators to build Fortnite worlds that are cross-compatible with other experiences within the Epic Games catalog.

Epic Games: The $4B/year Metaverse Company

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)

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

Discord At $600M/year

TL;DR: Sacra estimates that Discord hit $600M in annualized recurring revenue (ARR) at the end of 2023, up 35% year-over-year. After attempting to...

Sacra

Fortnite At 120M MAUs

When we wrote about Epic Games in November, we estimated their 2023 revenue at $4.2B, down 19% from $5.2B in 2022, because of declining engagement...

Sacra

Epic Games: The $4B/year Metaverse Company

TL;DR: Fortnite has made Epic Games $27B of high-margin revenue off in-app purchases, but growth has now gone negative with falling engagement and...

Sacra

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Discord At $600M/year

TL;DR: Sacra estimates that Discord hit $600M in annualized recurring revenue (ARR) at the end of 2023, up 35% year-over-year. After attempting to...

Sacra

Truth Social: The GameStop For The alt-right

TL;DR: “Free speech” social media platforms found product-market fit hosting conversations banned on mainstream platforms, and they’re now...

Sacra

Fortnite At 120M MAUs

When we wrote about Epic Games in November, we estimated their 2023 revenue at $4.2B, down 19% from $5.2B in 2022, because of declining engagement...

Sacra

Epic Games: The $4B/year Metaverse Company

TL;DR: Fortnite has made Epic Games $27B of high-margin revenue off in-app purchases, but growth has now gone negative with falling engagement and...

Sacra