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 Linear hit $100M in annual recurring revenue in July 2026.</li><li>Linear has been cashflow positive since 2021 and holds more cash than it has ever raised in total primary funding.</li><li>Linear closed an $82 million Series C in June 2025 at a $1.25 billion valuation, led by Accel.</li></ul>

Sacra estimates that Linear hit $100M in annual recurring revenue in July 2026.Linear has been cashflow positive since 2021 and holds more cash than it has ever raised in total primary funding.Linear closed an $82 million Series C in June 2025 at a $1.25 billion valuation, led by Accel.

<ul><li>Sacra estimates that Canva hit $4B in ARR at the end of 2025, up 43% from $2.8B at the end of 2024.</li><li>In August 2025, Canva launched an employee stock sale at a $42B valuation—up more than 30% from its $32B valuation in October 2024—with participation from Fidelity Management &amp; Research and JPMorgan Asset Management.</li><li>Canva Enterprise, one year after its launch, is now used by 95% of the Fortune 500.</li></ul>

Sacra estimates that Canva hit $4B in ARR at the end of 2025, up 43% from $2.8B at the end of 2024.In August 2025, Canva launched an employee stock sale at a $42B valuation—up more than 30% from its $32B valuation in October 2024—with participation from Fidelity Management &amp; Research and JPMorgan Asset Management.Canva Enterprise, one year after its launch, is now used by 95% of the Fortune 500.

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

Equity Bottom-Up

<ul>
<li>Record Financial Performance: Adobe achieved record Q2 revenue of $6.62 billion, representing 11% year-over-year growth, while raising its full-year fiscal 2026 revenue and EPS targets.</li>
<li>Aggressive Freemium Pivot: Adobe is shifting focus to an AI-first freemium strategy to accelerate user acquisition, accepting short-term subscriber ARR impacts for greater long-term lifetime value</li>
<li>Surging AI-First ARR: Driven by massive enterprise and creator adoption, Adobe's AI-first ARR grew 3x year-over-year to transcend the $500 million threshold</li>
</ul>


Record Financial Performance: Adobe achieved record Q2 revenue of $6.62 billion, representing 11% year-over-year growth, while raising its full-year fiscal 2026 revenue and EPS targets.
Aggressive Freemium Pivot: Adobe is shifting focus to an AI-first freemium strategy to accelerate user acquisition, accepting short-term subscriber ARR impacts for greater long-term lifetime value
Surging AI-First ARR: Driven by massive enterprise and creator adoption, Adobe's AI-first ARR grew 3x year-over-year to transcend the $500 million threshold


Adobe Q2 FY2026: Record Revenue But Slashed ARR Growth Target & Abrupt CFO Exit

US-EU Index Rebalances / Quantitative Researcher

Dimitris Ioannidis

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Index Rebalance

<ul>
<li>Forecasted inclusions include <a href="https://www.smartkarma.com/entities/coreweave-inc" target="_blank" data-smartkarma-citation="entities:44471:1" rel="noopener">CRWV</a> &amp; <a href="https://www.smartkarma.com/entities/figma-inc" target="_blank" data-smartkarma-citation="entities:45422:1" rel="noopener">FIG</a> due to increased public voting rights, <a href="https://www.smartkarma.com/entities/bitfarms-ltd-of-canada" target="_blank" data-smartkarma-citation="entities:35932:1" rel="noopener">KEEL</a> &amp; <a href="https://www.smartkarma.com/entities/ashtead-group-plc" target="_blank" data-smartkarma-citation="entities:21806:1" rel="noopener">SUNB</a> due to newly eligible US index nationality, and <a href="https://www.smartkarma.com/entities/opendoor-technologies-inc" target="_blank" data-smartkarma-citation="entities:32216:1" rel="noopener">OPEN</a> &amp; BMNR due to a price surge.</li>
<li>
<a href="https://www.smartkarma.com/entities/ashtead-group-plc" target="_blank" data-smartkarma-citation="entities:21806:1" rel="noopener"></a>Projected deletions include <a href="https://www.smartkarma.com/entities/beyond-meat-inc" target="_blank" data-smartkarma-citation="entities:28065:1" rel="noopener">Beyond Meat (BYND US)</a>, <a href="https://www.smartkarma.com/entities/getty-images-holdings-inc" target="_blank" data-smartkarma-citation="entities:37015:1" rel="noopener">Getty Images (GETY US)</a>, and <a href="https://www.smartkarma.com/entities/alight-inc" target="_blank" data-smartkarma-citation="entities:27940:1" rel="noopener">Alight (ALIT US)</a> because of prices below $1 despite market caps of ~$400m.</li>
<li>Anticipated migrations from R2000 to R1000 include<a href="https://www.smartkarma.com/entities/bloom-energy-corp" target="_blank" data-smartkarma-citation="entities:34062:1" rel="noopener"> Bloom Energy (BE US)</a>, <a href="https://www.smartkarma.com/entities/nextracker-inc" target="_blank" data-smartkarma-citation="entities:36731:1" rel="noopener">Nextpower (NXT US)</a>, <a href="https://www.smartkarma.com/entities/fabrinet" target="_blank" data-smartkarma-citation="entities:8813:1" rel="noopener">Fabrinet (FN US)</a>, and <a href="https://www.smartkarma.com/entities/credo-technology-group-holding-ltd" target="_blank" data-smartkarma-citation="entities:35436:1" rel="noopener">Credo Technology (CRDO US)</a>, resulting in passive fund supply.</li>
</ul>


Forecasted inclusions include CRWV &amp; FIG due to increased public voting rights, KEEL &amp; SUNB due to newly eligible US index nationality, and OPEN &amp; BMNR due to a price surge.

Projected deletions include Beyond Meat (BYND US), Getty Images (GETY US), and Alight (ALIT US) because of prices below $1 despite market caps of ~$400m.
Anticipated migrations from R2000 to R1000 include Bloom Energy (BE US), Nextpower (NXT US), Fabrinet (FN US), and Credo Technology (CRDO US), resulting in passive fund supply.


US R3000 Annual Forecasts - Jun26: Additions, Deletions & Migrations

<ul><li>Litmus today is at about $45M annual recurring revenue (ARR), growing about 15% year-over-year.</li><li>Validity acquired Litmus on April 10, 2025; no financial terms were disclosed.</li><li>Litmus has raised a total of $79M across two funding rounds.</li></ul>

Litmus today is at about $45M annual recurring revenue (ARR), growing about 15% year-over-year.Validity acquired Litmus on April 10, 2025; no financial terms were disclosed.Litmus has raised a total of $79M across two funding rounds.

United States

Figma, Inc. provides software solutions. The Company offers a browser-based platform for developers, product managers, and marketers which helps them with user interface designing, prototyping, and collaboration. Figma serves customers in the United States.

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Figma (FIG US)

Primer: Linear - 26 Aug 2026

Issue tracking and project management tool for software development teams to streamline workflows and enhance productivity

Sacra

Primer: Canva - 10 Jul 2026

Design software for creating presentations, videos, and marketing assets across teams and enterprises

Sacra

Adobe Q2 FY2026: Record Revenue But Slashed ARR Growth Target & Abrupt CFO Exit

Aggressive Freemium Pivot: Adobe is shifting focus to an AI-first freemium strategy to accelerate user acquisition, accepting short-term subscriber...

William Keating

US R3000 Annual Forecasts - Jun26: Additions, Deletions & Migrations

The last annual reconstitution for index US‑R3000 is approaching, with additions and deletions driven by public voting rights, extreme price...

Dimitris Ioannidis

Primer: Litmus - 27 Feb 2026

Tool for testing and previewing email HTML across clients like Outlook and Gmail

Sacra

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