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 Fal.ai hit $400M in annualized revenue in February 2026, up from approximately $285M at the end of 2025, which was up 1,040% year-over-year from $25M at the end of 2024.</li><li>In December 2025, Fal.ai raised $140 million led by Sequoia at a $4.5 billion valuation.</li><li>Looking into 2026, the company has indicated it will reinvest new capital into expanding infrastructure footprint, accelerating product lines (workflows, training/fine-tuning), and broadening its model marketplace.</li></ul>

Sacra estimates that Fal.ai hit $400M in annualized revenue in February 2026, up from approximately $285M at the end of 2025, which was up 1,040% year-over-year from $25M at the end of 2024.In December 2025, Fal.ai raised $140 million led by Sequoia at a $4.5 billion valuation.Looking into 2026, the company has indicated it will reinvest new capital into expanding infrastructure footprint, accelerating product lines (workflows, training/fine-tuning), and broadening its model marketplace.

<ul><li>As AI commoditizes video creation features like AI avatars, transcription, and dubbing, AI-native startups like Synthesia are colliding with incumbent platforms like Canva, Vimeo &amp; Wistia around the vision of an all-in-one AI video workflow platform.</li><li>Starting with COVID circa 2020-2022, two trends put every person in front of the camera and drove mass acceptance of low-fi video.</li><li>As AI video avatar startups like Synthesia ($146M ARR in September 2025) and HeyGen ($95M ARR in September 2025) exploded in 2023, B2B video went from scarce to incredibly abundant with AI platforms monetizing high-velocity video creation.</li></ul>

As AI commoditizes video creation features like AI avatars, transcription, and dubbing, AI-native startups like Synthesia are colliding with incumbent platforms like Canva, Vimeo &amp; Wistia around the vision of an all-in-one AI video workflow platform.Starting with COVID circa 2020-2022, two trends put every person in front of the camera and drove mass acceptance of low-fi video.As AI video avatar startups like Synthesia ($146M ARR in September 2025) and HeyGen ($95M ARR in September 2025) exploded in 2023, B2B video went from scarce to incredibly abundant with AI platforms monetizing high-velocity video creation.

<ul><li>Sacra estimates Manus hit $90M in annualized revenue by August 2025, just five months post-launch, with Japan, the Middle East, and the U.S. as its biggest markets.</li><li>After growing their waitlist to 2 million people a week after their demo video went viral with 1M+ views, Sacra estimates that Manus hit $90M in annualized revenue in August 2025, just five months after launch, with Japan, the Middle East, and the U.S. as its biggest geographic segments by revenue.</li><li>As foundation model labs like Anthropic and OpenAI fold agentic capabilities into unified systems, Manus risks seeing commoditized its core experience of long-running agents that can read + write + execute code across different systems.</li></ul>

Sacra estimates Manus hit $90M in annualized revenue by August 2025, just five months post-launch, with Japan, the Middle East, and the U.S. as its biggest markets.After growing their waitlist to 2 million people a week after their demo video went viral with 1M+ views, Sacra estimates that Manus hit $90M in annualized revenue in August 2025, just five months after launch, with Japan, the Middle East, and the U.S. as its biggest geographic segments by revenue.As foundation model labs like Anthropic and OpenAI fold agentic capabilities into unified systems, Manus risks seeing commoditized its core experience of long-running agents that can read + write + execute code across different systems.

<ul><li>Sacra estimates Perplexity reached $148M in annualized revenue in June 2025, up from $63M at the end of 2024.</li><li>Now that web search with citations feature natively across ChatGPT, Claude, Gemini and Copilot, Perplexity's original wedge has been commoditized.</li><li>The battleground has now shifted to the browser, with Perplexity launching its agentic browser Comet in beta in July 2025.</li></ul>

Sacra estimates Perplexity reached $148M in annualized revenue in June 2025, up from $63M at the end of 2024.Now that web search with citations feature natively across ChatGPT, Claude, Gemini and Copilot, Perplexity's original wedge has been commoditized.The battleground has now shifted to the browser, with Perplexity launching its agentic browser Comet in beta in July 2025.

<ul><li>Fal.ai hit a $95M revenue run rate in July 2025, up from $25M at the end of 2024.</li><li>Fal.ai is evolving past raw inference & model hosting into workflows, bundling together model chaining, LoRA fine-tuning, and asset storage into one billable integration.</li><li>After signing enterprise deals to power generative image & video experiences in Quora’s Poe, Canva and Perplexity, Sacra estimates that Fal.ai hit a revenue run rate of $95M in July 2025, up from $25M at the end of 2024 and up 4,650% YoY from about $2M in July 2024.</li></ul>

Fal.ai hit a $95M revenue run rate in July 2025, up from $25M at the end of 2024.Fal.ai is evolving past raw inference & model hosting into workflows, bundling together model chaining, LoRA fine-tuning, and asset storage into one billable integration.After signing enterprise deals to power generative image & video experiences in Quora’s Poe, Canva and Perplexity, Sacra estimates that Fal.ai hit a revenue run rate of $95M in July 2025, up from $25M at the end of 2024 and up 4,650% YoY from about $2M in July 2024.

United States

Platform for developers to create AI-generated audio, video, and images

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Fal.ai (AI US)

Primer: Fal.ai - 23 Mar 2026

Platform for developers to create AI-generated audio, video, and images

Sacra

Video Scarcity To Video Abundance

TL;DR: As AI commoditizes video creation features like AI avatars, transcription, and dubbing, AI-native startups like Synthesia are colliding with...

Sacra

Manus At $90M/year

TL;DR: Founded in 2022, Manus launched in March 2025 as the first consumer-facing agent that combined agentic browser control, deep research, and...

Sacra

Perplexity At $148M/year

TL;DR: Perplexity’s original wedge—LLM search with citations—has now been commoditized by every model lab. Now at a Sacra-estimated $148M in...

Sacra

Fal.Ai At $95M/year Growing 4,650% YoY

TL;DR: As generative media took off in 2022-2023, Fal.ai pivoted to an inference-as-a-service API for image, video, and audio models that optimized...

Sacra

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