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 Anduril hit $2.2B in revenue in 2025, up 120% from $1B in 2024.</li><li>The company is projecting $4.3B in revenue for 2026, driven by Arsenal-1 scaling production in Ohio, with over $900M in campus spend tied to the facility.</li><li>Anduril closed a $5B funding round in May 2026, supplying capital to accelerate product development and secure additional defense contracts.</li></ul>

Sacra estimates that Anduril hit $2.2B in revenue in 2025, up 120% from $1B in 2024.The company is projecting $4.3B in revenue for 2026, driven by Arsenal-1 scaling production in Ohio, with over $900M in campus spend tied to the facility.Anduril closed a $5B funding round in May 2026, supplying capital to accelerate product development and secure additional defense contracts.

<ul><li>As drones dominate the Russo-Ukrainian War (responsible for 70% of casualties on both sides), former Eastern Bloc countries have coalesced to counter Russian aggression.</li><li>Mass-scale drone warfare has given rise to counter-drone electronic warfare where GPS denial bubbles hundreds of kilometers wide cause commercial drones to drift uncontrollably and crash.</li><li>Sacra estimates that KrattWorks generated $22m in revenue in 2025, up 2,953% year-over-year from $730K in 2024, selling drones both domestically to Estonia and to Ukraine.</li></ul>

As drones dominate the Russo-Ukrainian War (responsible for 70% of casualties on both sides), former Eastern Bloc countries have coalesced to counter Russian aggression.Mass-scale drone warfare has given rise to counter-drone electronic warfare where GPS denial bubbles hundreds of kilometers wide cause commercial drones to drift uncontrollably and crash.Sacra estimates that KrattWorks generated $22m in revenue in 2025, up 2,953% year-over-year from $730K in 2024, selling drones both domestically to Estonia and to Ukraine.

Quantum Systems / Private Capital Markets

<ul><li>Quantum Systems bids directly with local entities vs. selling through partnerships with primes.</li><li>After becoming the first European drone company to deploy at scale in Ukraine immediately after the 2022 invasion, Quantum Systems has rode the upsurge of demand for drones.</li><li>Quantum is building Mosaic, a software-based command platform for unmanned warfare that governments license annually to orchestrate any vendor's drones across services.</li></ul>

Quantum Systems bids directly with local entities vs. selling through partnerships with primes.After becoming the first European drone company to deploy at scale in Ukraine immediately after the 2022 invasion, Quantum Systems has rode the upsurge of demand for drones.Quantum is building Mosaic, a software-based command platform for unmanned warfare that governments license annually to orchestrate any vendor's drones across services.

Quantum Systems At $124M/year Up 216% YoY

<ul><li>As drones dominate the Russo-Ukrainian War (responsible for 70% of casualties on both sides) and conflicts in Gaza, Sudan, and Myanmar, the former Eastern Bloc is emerging as NATO’s Shenzhen for drones.</li><li>33% of all FPV drones on the front lines in Ukraine come from TAF Drones, Ukraine’s largest native manufacturer, which did a Sacra-estimated $180M in revenue in 2024, up 2,250% YoY.</li><li>With thousands of combat hours flown, battle-tested Eastern Bloc drone companies have gone from supplying drones to the front lines in Ukraine to exporting them around the West, flipping ex-Soviet factories into the West’s permanent arsenal rather than a wartime stopgap—a trend that will accelerate as Kyiv plans to relax export bans later in 2025 to promote the growth of their domestic miltech industry.</li></ul>

As drones dominate the Russo-Ukrainian War (responsible for 70% of casualties on both sides) and conflicts in Gaza, Sudan, and Myanmar, the former Eastern Bloc is emerging as NATO’s Shenzhen for drones.33% of all FPV drones on the front lines in Ukraine come from TAF Drones, Ukraine’s largest native manufacturer, which did a Sacra-estimated $180M in revenue in 2024, up 2,250% YoY.With thousands of combat hours flown, battle-tested Eastern Bloc drone companies have gone from supplying drones to the front lines in Ukraine to exporting them around the West, flipping ex-Soviet factories into the West’s permanent arsenal rather than a wartime stopgap—a trend that will accelerate as Kyiv plans to relax export bans later in 2025 to promote the growth of their domestic miltech industry.

<ul><li>Shield AI hit $267M in revenue in 2024, up 64% YoY from $163M in 2023.</li><li>Demand has surged for autonomous drones with demonstrated success in combat—driving new contracts for Shield AI with the Romanian Navy (~$30M), Japan’s naval forces, Greece, Canada, and other allies, pushing Sacra-estimated annual revenue to $267M in 2024, up 64% YoY from $163M in 2023.</li><li>With $9.4B in investment committed to autonomous drones for the next fiscal year between the Pentagon’s discretionary budget and billions in new mandatory spending from Trump’s “One Big Beautiful Bill,” 2026 is set to be a key year for startups selling into DoD, with Shield AI well-positioned as the U.S.’s leading pure-play drone startup to win in the key categories of 1) small unmanned aerial systems and 2) long-endurance aerial systems for surveillance.</li></ul>

Shield AI hit $267M in revenue in 2024, up 64% YoY from $163M in 2023.Demand has surged for autonomous drones with demonstrated success in combat—driving new contracts for Shield AI with the Romanian Navy (~$30M), Japan’s naval forces, Greece, Canada, and other allies, pushing Sacra-estimated annual revenue to $267M in 2024, up 64% YoY from $163M in 2023.With $9.4B in investment committed to autonomous drones for the next fiscal year between the Pentagon’s discretionary budget and billions in new mandatory spending from Trump’s “One Big Beautiful Bill,” 2026 is set to be a key year for startups selling into DoD, with Shield AI well-positioned as the U.S.’s leading pure-play drone startup to win in the key categories of 1) small unmanned aerial systems and 2) long-endurance aerial systems for surveillance.

United States

Autonomy stack for defense and commercial vehicles with integrated hardware and software

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Forterra (FORTERRA US)

Primer: Anduril - 10 Jul 2026

Hardware-software defense systems for autonomous drones, surveillance towers, and counter-drone warfare

Sacra

$22M/year DJI Of Estonia

TL;DR: With drones responsible for 70% of casualties in the Russo-Ukrainian war, Estonia's KrattWorks shifted focus from firefighting drones to...

Sacra

Quantum Systems At $124M/year Up 216% YoY

TL;DR: After pivoting from civilian surveying drones to defense following Russia's 2014 Crimea annexation, Germany's Quantum Systems became the...

Sacra

Ukrainian Dynamism

TL;DR: With hundreds of retrofitted Cold War-era factories, cheap engineers, and a front-row seat to the Russo-Ukrainian war, former Eastern Bloc...

Sacra

Shield AI At $267M/year Growing 64% YoY

TL;DR: In a defense autonomy market flooded with drone startups and rising Pentagon budgets—$300M+ earmarked for low-cost autonomous systems in...

Sacra

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