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>All eligible US IPOs that went public from 1 November 2025 to 31 January 2026 will be added to a major US index in March 2026.</li>
<li>
<a href="https://www.smartkarma.com/entities/medline-inc" target="_blank" data-smartkarma-citation="entities:45954:1" rel="noopener">Medline (MDLN US)</a> is expected to be the largest IPO addition in terms of market cap at a valuation of $60bn following its listing on 17 December 2025.</li>
<li>
<a href="https://www.smartkarma.com/entities/beta-technologies-inc" target="_blank" data-smartkarma-citation="entities:45894:1" rel="noopener">BETA Technologies (BETA US)</a> is projected to be included in the lower size segment following a 50% price tumble since its IPO on 4 November.</li>
</ul>


All eligible US IPOs that went public from 1 November 2025 to 31 January 2026 will be added to a major US index in March 2026.

Medline (MDLN US) is expected to be the largest IPO addition in terms of market cap at a valuation of $60bn following its listing on 17 December 2025.

BETA Technologies (BETA US) is projected to be included in the lower size segment following a 50% price tumble since its IPO on 4 November.


US Index IPO Forecast - Mar26: 8 Additions Including Medline & BETA Technologies

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 Pitch hit $10M in annual recurring revenue (ARR) in February 2025, up roughly 90% YoY from $4.9M at the end of 2023.</li><li>The company's revenue trajectory reflects its evolution from a design-focused presentation tool to a sales enablement platform.</li><li>Post-reset, Pitch achieved profitability by mid-2024 thanks to its lean operational structure centered in Berlin.</li></ul>

Sacra estimates that Pitch hit $10M in annual recurring revenue (ARR) in February 2025, up roughly 90% YoY from $4.9M at the end of 2023.The company's revenue trajectory reflects its evolution from a design-focused presentation tool to a sales enablement platform.Post-reset, Pitch achieved profitability by mid-2024 thanks to its lean operational structure centered in Berlin.

<ul><li>Sacra estimates that Mural hit $125M in annual recurring revenue (ARR) in 2024, up 9% year-over-year from $115M at the end of 2023.</li><li>Mural competes here by leaning into guided collaboration rather than free-form creation.</li><li>The most important competitive force facing Mural is not another startup—it is Microsoft.</li></ul>

Sacra estimates that Mural hit $125M in annual recurring revenue (ARR) in 2024, up 9% year-over-year from $115M at the end of 2023.Mural competes here by leaning into guided collaboration rather than free-form creation.The most important competitive force facing Mural is not another startup—it is Microsoft.

<ul><li>After a 2023-2024 pilot period where enterprises experimented with AI tools under relaxed security policies to avoid falling behind on AI transformation, IT departments are now reasserting control and demanding compliance—creating a compressed window where AI startups must retrofit SSO, audit logging, and directory sync or risk mass churn as renewal cycles hit.</li><li>As AI has collapsed the timeline to going upmarket into the enterprise from 6-7 years to 6-12 months, startups can no longer sequence enterprise features one at a time—SSO first, then audit logging, then fraud detection—throwing tailwinds behind ‘enterprise readiness’ bundles like WorkOS.</li><li>SSO has become ubiquitous across AI startups like Cursor & Perplexity—downmarket from enterprise B2B SaaS—to protect against LLM inference hijacking, which exploits self-serve models that give away output tokens for free, using device fingerprinting and anomalous behavior detection at login rather than just rate limiting at the API layer.</li></ul>

After a 2023-2024 pilot period where enterprises experimented with AI tools under relaxed security policies to avoid falling behind on AI transformation, IT departments are now reasserting control and demanding compliance—creating a compressed window where AI startups must retrofit SSO, audit logging, and directory sync or risk mass churn as renewal cycles hit.As AI has collapsed the timeline to going upmarket into the enterprise from 6-7 years to 6-12 months, startups can no longer sequence enterprise features one at a time—SSO first, then audit logging, then fraud detection—throwing tailwinds behind ‘enterprise readiness’ bundles like WorkOS.SSO has become ubiquitous across AI startups like Cursor & Perplexity—downmarket from enterprise B2B SaaS—to protect against LLM inference hijacking, which exploits self-serve models that give away output tokens for free, using device fingerprinting and anomalous behavior detection at login rather than just rate limiting at the API layer.

Michael Grinich, CEO Of WorkOS, On AI Startups Getting enterprise-ready At Launch

<ul><li>Sacra estimates that Retool hit $120M in annual recurring revenue (ARR) in October 2025, up from $90M at the end of 2024.</li><li>Retool raised a $45M Series C in July 2022 at a $3.2B valuation, led by Sequoia Capital with participation from notable investors.</li><li>The introduction of Agents and AppGen represents Retool&#39;s expansion into AI-driven business process automation.</li></ul>

Sacra estimates that Retool hit $120M in annual recurring revenue (ARR) in October 2025, up from $90M at the end of 2024.Retool raised a $45M Series C in July 2022 at a $3.2B valuation, led by Sequoia Capital with participation from notable investors.The introduction of Agents and AppGen represents Retool&#39;s expansion into AI-driven business process automation.

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)

US Index IPO Forecast - Mar26: 8 Additions Including Medline & BETA Technologies

MDLN is set to be the largest US IPO index addition in March with a $60bn market cap, while BETA and YSS are poised for significant September...

Dimitris Ioannidis

Primer: Pitch - 22 Dec 2025

Collaborative presentation software for modern teams to create, share, and manage presentations

Sacra

Primer: Mural - 15 Dec 2025

Visual collaboration tool for remote teams to brainstorm, plan, and facilitate workshops

Sacra

Michael Grinich, CEO Of WorkOS, On AI Startups Getting enterprise-ready At Launch

What is WorkOS in short and what inspired you to build it based on your experience co-founding Nylas...

Sacra

Primer: Retool - 13 Nov 2025

Tool for developers to build internal apps on top of production data sources

Sacra

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