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 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.

US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

Equity Capital Markets

<ul>
<li>BillionToOne priced above range at $60.00 and opened at $100.00, closing up 81.6% at $108.94.</li>
<li>The deal was more than 20x oversubscribed, driven by strong long-only and healthcare demand</li>
<li>Backed by top-tier investors and partnerships with Johnson &amp; Johnson, BLLN’s profitability and precision platform stood out in a choppy IPO market.</li>
</ul>


BillionToOne priced above range at $60.00 and opened at $100.00, closing up 81.6% at $108.94.
The deal was more than 20x oversubscribed, driven by strong long-only and healthcare demand
Backed by top-tier investors and partnerships with Johnson &amp; Johnson, BLLN’s profitability and precision platform stood out in a choppy IPO market.


BillionToOne, Inc. (BLLN): Precision Diagnostics Firm Soars 82% in One of 2025’s Best IPO Debuts

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>
<a href="https://www.smartkarma.com/entities/stubhub-holdings" target="_blank" data-smartkarma-citation="entities:45001:1" rel="noopener">StubHub Holdings (STUB US)</a> went public on 17 September at an offer price of $23.50. It closed at $18.46 on 19 September, implying a company valuation of $6.8bn.</li>
<li>
<a href="https://www.smartkarma.com/entities/stubhub-holdings" target="_blank" data-smartkarma-citation="entities:45001:1" rel="noopener">StubHub Holdings (STUB US)</a> is expected to be added to US TMI at the December 2025 review.</li>
<li>The security is expected to be added to other US and Global indices in 2026, following the lock-up expiry that raises free float and public voting rights above minimum thresholds.</li>
</ul>



StubHub Holdings (STUB US) went public on 17 September at an offer price of $23.50. It closed at $18.46 on 19 September, implying a company valuation of $6.8bn.

StubHub Holdings (STUB US) is expected to be added to US TMI at the December 2025 review.
The security is expected to be added to other US and Global indices in 2026, following the lock-up expiry that raises free float and public voting rights above minimum thresholds.


StubHub (STUB US): Delayed but Strong Global & US Index Inclusion

Gemini Space Station / Equity Capital Markets

<ul>
<li>The underwriters raised the price range from $17–$19 to $24–$26, one of the largest upward revisions in recent memory.</li>
<li>The underwriters re-filed a prospectus and added a $50 million concurrent private placement with Nasdaq on Tuesday morning.</li>
<li>From our years of experience in IPOs and short-term forecasting, one rule stands above the rest: deal dynamics.</li>
</ul>


The underwriters raised the price range from $17–$19 to $24–$26, one of the largest upward revisions in recent memory.
The underwriters re-filed a prospectus and added a $50 million concurrent private placement with Nasdaq on Tuesday morning.
From our years of experience in IPOs and short-term forecasting, one rule stands above the rest: deal dynamics.


Gemini Space Station, Inc. (GEMI): Range Increased, Next Crypto Moonshot Potentially On Deck

<ul>
<li>Commerce network Klarna Group will offer 34.3 million shares at $35-$37 and to debut on Wednesday (9/10).</li>
<li>The direct comp, Affirm, posted a strong quarter but some of Klarna's metrics are on par or potentially stronger than its competitor. </li>
<li>The valuation, both relative to peers and compared with prior “bloated” rounds, looks far more reasonable this time.</li>
</ul>


Commerce network Klarna Group will offer 34.3 million shares at $35-$37 and to debut on Wednesday (9/10).
The direct comp, Affirm, posted a strong quarter but some of Klarna's metrics are on par or potentially stronger than its competitor. 
The valuation, both relative to peers and compared with prior “bloated” rounds, looks far more reasonable this time.


Klarna Group (KLAR): Discounted Down-Round Valuation Draws Interest, Multiple-Times Oversubscribed

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: Retool - 13 Nov 2025

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

Sacra

BillionToOne, Inc. (BLLN): Precision Diagnostics Firm Soars 82% in One of 2025’s Best IPO Debuts

BillionToOne's successful IPO debut at $108.94 reflects strong demand from investors and partnerships with industry leaders like Johnson & Johnson.

IPO Boutique

StubHub (STUB US): Delayed but Strong Global & US Index Inclusion

STUB is expected to join US TMI in December 2025 and other US and Global indices in 2026 following the 6-month lock-up expiry that lifts free...

Dimitris Ioannidis

Gemini Space Station, Inc. (GEMI): Range Increased, Next Crypto Moonshot Potentially On Deck

Underwriters significantly increase price range for IPO, emphasizing importance of deal dynamics in short-term forecasting.

IPO Boutique

Klarna Group (KLAR): Discounted Down-Round Valuation Draws Interest, Multiple-Times Oversubscribed

Backed by major venture capital investors a steep discount at IPO may attract both new buyers and existing holders for Klarna Group's IPO.

IPO Boutique

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Primer: Retool - 13 Nov 2025

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

Sacra

BillionToOne, Inc. (BLLN): Precision Diagnostics Firm Soars 82% in One of 2025’s Best IPO Debuts

​BillionToOne's successful IPO debut at $108.94 reflects strong demand from investors and partnerships with industry leaders like Johnson & Johnson.

IPO Boutique

StubHub (STUB US): Delayed but Strong Global & US Index Inclusion

​STUB is expected to join US TMI in December 2025 and other US and Global indices in 2026 following the 6-month lock-up expiry that lifts free...

Dimitris Ioannidis

Gemini Space Station, Inc. (GEMI): Range Increased, Next Crypto Moonshot Potentially On Deck

​Underwriters significantly increase price range for IPO, emphasizing importance of deal dynamics in short-term forecasting.

IPO Boutique

Klarna Group (KLAR): Discounted Down-Round Valuation Draws Interest, Multiple-Times Oversubscribed

Backed by major venture capital investors a steep discount at IPO may attract both new buyers and existing holders for Klarna Group's IPO.

IPO Boutique

BillionToOne's successful IPO debut at $108.94 reflects strong demand from investors and partnerships with industry leaders like Johnson & Johnson.

STUB is expected to join US TMI in December 2025 and other US and Global indices in 2026 following the 6-month lock-up expiry that lifts free...

Underwriters significantly increase price range for IPO, emphasizing importance of deal dynamics in short-term forecasting.