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 Hugging Face hit $150M in annual recurring revenue (ARR) in August 2026, up from an estimated $81M at the end of 2025.</li><li>Nvidia agreed to acquire Hugging Face for approximately $13B in September 2026.</li><li>The platform now serves 13M users across 500,000 organizations, with 30%+ of the Fortune 500 maintaining verified accounts.</li></ul>

Sacra estimates that Hugging Face hit $150M in annual recurring revenue (ARR) in August 2026, up from an estimated $81M at the end of 2025.Nvidia agreed to acquire Hugging Face for approximately $13B in September 2026.The platform now serves 13M users across 500,000 organizations, with 30%+ of the Fortune 500 maintaining verified accounts.

<ul><li>Sacra estimates that Together AI hit $1B in annualized revenue in February 2026, up from ~$618M at the end of 2025.</li><li>Together AI raised $800M in a Series C round led by Aramco Ventures in July 2026, valuing the company at $8.3B.</li><li>Together AI's August 2026 partnership with Humain in Saudi Arabia—providing 250 MW of power and 120,000 chips—represents a major capacity expansion.</li></ul>

Sacra estimates that Together AI hit $1B in annualized revenue in February 2026, up from ~$618M at the end of 2025.Together AI raised $800M in a Series C round led by Aramco Ventures in July 2026, valuing the company at $8.3B.Together AI's August 2026 partnership with Humain in Saudi Arabia—providing 250 MW of power and 120,000 chips—represents a major capacity expansion.

<ul><li>Sacra estimates that Anthropic hit $65B in annualized revenue in July 2026, up from $47B in May 2026.</li><li>The number of customers spending over $100,000 annually on Claude has grown 7x in the past year.</li><li>Anthropic filed confidentially for an IPO on June 1, 2026, at a $965 billion valuation, after closing a $65 billion Series H.</li></ul>

Sacra estimates that Anthropic hit $65B in annualized revenue in July 2026, up from $47B in May 2026.The number of customers spending over $100,000 annually on Claude has grown 7x in the past year.Anthropic filed confidentially for an IPO on June 1, 2026, at a $965 billion valuation, after closing a $65 billion Series H.

Thinking Machines / Private Capital Markets

<ul><li>Thinking Machines Lab was valued at $12B following its $2B seed round led by Andreessen Horowitz in July 2025.</li><li>Thinking Machines is building a customizable AI platform centered around a frontier-scale multimodal foundation model that can process text, images, audio, code, and scientific data.</li><li>The company&#39;s open-source components also create a pathway to millions of individual developers and smaller companies that currently use general-purpose models but need more specialized capabilities for their specific use cases.</li></ul>

Thinking Machines Lab was valued at $12B following its $2B seed round led by Andreessen Horowitz in July 2025.Thinking Machines is building a customizable AI platform centered around a frontier-scale multimodal foundation model that can process text, images, audio, code, and scientific data.The company&#39;s open-source components also create a pathway to millions of individual developers and smaller companies that currently use general-purpose models but need more specialized capabilities for their specific use cases.

<ul><li>Sacra estimates that xAI hit roughly $3.8B in annualized revenue at the end of 2025, up from about $100M in 2024, reflecting the combined xAI + X business following the March 2025 merger.</li><li>On February 2, 2026, SpaceX acquired xAI in an all-stock deal.</li><li>xAI&#39;s cost structure is capital-intensive.</li></ul>

Sacra estimates that xAI hit roughly $3.8B in annualized revenue at the end of 2025, up from about $100M in 2024, reflecting the combined xAI + X business following the March 2025 merger.On February 2, 2026, SpaceX acquired xAI in an all-stock deal.xAI&#39;s cost structure is capital-intensive.

United States

Model hub and collaboration tools for developers building with open-source AI models

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Hugging Face (FACE US)

Primer: Hugging Face - 03 Sep 2026

Model hub and collaboration tools for developers building with open-source AI models

Sacra

Primer: Together AI - 31 Aug 2026

API and compute layer for developers to train and deploy open-source AI models

Sacra

Primer: Anthropic - 17 Aug 2026

API and chatbot for developers and businesses to access Claude large language models

Sacra

Primer: Thinking Machines - 16 Jul 2026

AI research and product company aiming to make AI systems more widely understood, customizable, and generally capable

Sacra

Primer: xAI - 10 Jul 2026

AI lab building chatbots and models using real-time data from X and SpaceX

Sacra

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