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 xAI reached $100M in annualized recurring revenue at the end of 2024, with $12B+ raised at a $50B valuation for a 500x revenue multiple.</li><li>Initially available only for X Premium subscribers ($7-14/month), Sacra estimates xAI hit $100M in annualized recurring revenue (ARR) at the end of 2024 between membership revenue (via X) and its API (used by Starlink for customer service), raising $6B in a December Series C that brought its total raised to $12B+, valued at $50B or a 500x forward revenue multiple.</li><li>The pure play AI lab built for the Elon Musk platform &amp; ecosystem of companies (nearly $2T in market cap), xAI uses Musk’s access to capital, his companies X (via Grok memberships) and SpaceX (via their xAI-powered customer service chatbot) as initial customers, and their access to proprietary data to rapidly scale revenue and then feed that back into R&amp;D to solve hard, technical problems.</li></ul>

Sacra estimates xAI reached $100M in annualized recurring revenue at the end of 2024, with $12B+ raised at a $50B valuation for a 500x revenue multiple.Initially available only for X Premium subscribers ($7-14/month), Sacra estimates xAI hit $100M in annualized recurring revenue (ARR) at the end of 2024 between membership revenue (via X) and its API (used by Starlink for customer service), raising $6B in a December Series C that brought its total raised to $12B+, valued at $50B or a 500x forward revenue multiple.The pure play AI lab built for the Elon Musk platform &amp; ecosystem of companies (nearly $2T in market cap), xAI uses Musk’s access to capital, his companies X (via Grok memberships) and SpaceX (via their xAI-powered customer service chatbot) as initial customers, and their access to proprietary data to rapidly scale revenue and then feed that back into R&amp;D to solve hard, technical problems.

<ul><li>Perplexity plans to raise at an $8-9B valuation, up from $3B at the time of its August Series C.</li><li>Perplexity's upside case lies in being a product company with more degrees of freedom than either Google or OpenAI.</li><li>Perplexity focuses on the most complex queries (10-11 words), monetizing them at a higher ARPC through prosumer subscriptions ($20/month), enterprise seats ($40/seat/month), and premium-priced ads ($50 CPM to Facebook's ~$14).</li></ul>

Perplexity plans to raise at an $8-9B valuation, up from $3B at the time of its August Series C.Perplexity's upside case lies in being a product company with more degrees of freedom than either Google or OpenAI.Perplexity focuses on the most complex queries (10-11 words), monetizing them at a higher ARPC through prosumer subscriptions ($20/month), enterprise seats ($40/seat/month), and premium-priced ads ($50 CPM to Facebook's ~$14).

<ul><li>Claude 3.5 Sonnet has blown the doors open for Anthropic's API business, growing 5x this year to date to $664M ARR.</li><li>OpenAI's ChatGPT continues to dominate, growing a Sacra-estimated 2.5x this year to date to $2.9B ARR.</li><li>OpenAI's 4x YoY growth to $4B matches and exceeds Meta, Google & AWS’s.</li></ul>

Claude 3.5 Sonnet has blown the doors open for Anthropic's API business, growing 5x this year to date to $664M ARR.OpenAI's ChatGPT continues to dominate, growing a Sacra-estimated 2.5x this year to date to $2.9B ARR.OpenAI's 4x YoY growth to $4B matches and exceeds Meta, Google & AWS’s.

<ul><li>Sacra estimates that Dataiku hit $250M in annual recurring revenue (ARR) in 2023, up 25% year-over-year.</li><li>Founded in France in 2013, Dataiku bundled together Fivetran (data ingest), Alteryx (data prep), DataRobot (automated ML), and Tableau (data visualization) into a simple GUI for data science.</li><li>Dataiku is building a high-margin, collaborative user interface layer for AI/ML ala Amplitude (74% gross margins, $281M ARR) in product analytics or Tableau (90% gross margins) in BI.</li></ul>

Sacra estimates that Dataiku hit $250M in annual recurring revenue (ARR) in 2023, up 25% year-over-year.Founded in France in 2013, Dataiku bundled together Fivetran (data ingest), Alteryx (data prep), DataRobot (automated ML), and Tableau (data visualization) into a simple GUI for data science.Dataiku is building a high-margin, collaborative user interface layer for AI/ML ala Amplitude (74% gross margins, $281M ARR) in product analytics or Tableau (90% gross margins) in BI.

Cerebras Systems / Private Capital Markets

<ul><li>Cerebras generated $250M of revenue in 2023, up 200% year-over-year, their growth accelerating with the rise in AI compute demand from big enterprises training models on their proprietary data.</li><li>Cerebras (2015) designed its Wafer-Scale Engine chip to vastly accelerate training on the compute-intensive BERT models used in scientific deep learning, finding product-market fit with national labs like Argonne and Livermore working on protein folding, climate prediction, and molecular dynamics.</li><li>With GPTs ascendant (vs BERT models), Cerebras and Groq are both repurposing their chips to move into the $150B and growing market of LLM and AI model training to take on Nvidia.</li></ul>

Cerebras generated $250M of revenue in 2023, up 200% year-over-year, their growth accelerating with the rise in AI compute demand from big enterprises training models on their proprietary data.Cerebras (2015) designed its Wafer-Scale Engine chip to vastly accelerate training on the compute-intensive BERT models used in scientific deep learning, finding product-market fit with national labs like Argonne and Livermore working on protein folding, climate prediction, and molecular dynamics.With GPTs ascendant (vs BERT models), Cerebras and Groq are both repurposing their chips to move into the $150B and growing market of LLM and AI model training to take on Nvidia.

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Anthropic Vs. OpenAI

TL;DR: Claude 3.5 Sonnet has Anthropic's API business surging, hitting a Sacra-estimated $664M ARR this year (up 5x this year to date) and...

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Dataiku At $250M ARR

TL;DR: Sacra estimates Dataiku hit $250M in annual recurring revenue (ARR) in 2023, up 25% YoY, with growing demand from enterprises for tools that...

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Cerebras At $250M

TL;DR: Sacra estimates that Cerebras generated $250M of revenue in 2023, up 200% year-over-year, their growth accelerating with the rise in AI...

Sacra

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