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>Founded in 2012, Lambda sold physical GPUs and workstations for deep learning before launching a cloud GPU service as demand for AI compute exploded post-ChatGPT.</li><li>Now at $500M+ in annualized revenue as of May 2025, Lambda has hired Morgan Stanley, J.P. Morgan, and Citi to prepare for a U.S. IPO in the first half of 2026.</li><li>Lambda’s H1 2026 IPO target gives it access to public capital markets at the moment the market may shift from chip-constrained to data center-constrained.</li></ul>

Founded in 2012, Lambda sold physical GPUs and workstations for deep learning before launching a cloud GPU service as demand for AI compute exploded post-ChatGPT.Now at $500M+ in annualized revenue as of May 2025, Lambda has hired Morgan Stanley, J.P. Morgan, and Citi to prepare for a U.S. IPO in the first half of 2026.Lambda’s H1 2026 IPO target gives it access to public capital markets at the moment the market may shift from chip-constrained to data center-constrained.

<ul><li>After launching in 2017 as an “Airbnb for bandwidth”, Fluidstack is now building the largest national sovereign AI cluster in Europe for the French government.</li><li>With its ~85% gross margin Private Cloud business growing to 62% of revenue ($112M ARR) and expected to rise to 93% by 2027 while its platform marketplace model falls to 38% of revenue at 13% gross margins ($68M ARR), Sacra estimates Fluidstack hit $180M in annualized revenue at the end of 2024, up 620% YoY.</li><li>After securing approval from Macquarie and other lenders to borrow up to $10B against the 100,000 GPUs on its platform—more debt capacity than CoreWeave raised in its entire pre-IPO lifetime ($8.1B)—Fluidstack now has the collateral &amp; financing necessary to compete with cash-rich hyperscalers (which currently dominate ~80% of the European cloud market) and stake a claim to being the “CoreWeave for Europe".</li></ul>

After launching in 2017 as an “Airbnb for bandwidth”, Fluidstack is now building the largest national sovereign AI cluster in Europe for the French government.With its ~85% gross margin Private Cloud business growing to 62% of revenue ($112M ARR) and expected to rise to 93% by 2027 while its platform marketplace model falls to 38% of revenue at 13% gross margins ($68M ARR), Sacra estimates Fluidstack hit $180M in annualized revenue at the end of 2024, up 620% YoY.After securing approval from Macquarie and other lenders to borrow up to $10B against the 100,000 GPUs on its platform—more debt capacity than CoreWeave raised in its entire pre-IPO lifetime ($8.1B)—Fluidstack now has the collateral &amp; financing necessary to compete with cash-rich hyperscalers (which currently dominate ~80% of the European cloud market) and stake a claim to being the “CoreWeave for Europe".

<ul><li>Fal.ai hit a $95M revenue run rate in July 2025, up from $25M at the end of 2024.</li><li>Fal.ai is evolving past raw inference & model hosting into workflows, bundling together model chaining, LoRA fine-tuning, and asset storage into one billable integration.</li><li>After signing enterprise deals to power generative image & video experiences in Quora’s Poe, Canva and Perplexity, Sacra estimates that Fal.ai hit a revenue run rate of $95M in July 2025, up from $25M at the end of 2024 and up 4,650% YoY from about $2M in July 2024.</li></ul>

Fal.ai hit a $95M revenue run rate in July 2025, up from $25M at the end of 2024.Fal.ai is evolving past raw inference & model hosting into workflows, bundling together model chaining, LoRA fine-tuning, and asset storage into one billable integration.After signing enterprise deals to power generative image & video experiences in Quora’s Poe, Canva and Perplexity, Sacra estimates that Fal.ai hit a revenue run rate of $95M in July 2025, up from $25M at the end of 2024 and up 4,650% YoY from about $2M in July 2024.

<ul><li>Unmentioned in OpenAI’s recent announcement of their $500B Stargate build-out was Crusoe, the Founders Fund-backed GPU cloud startup that will spend ~$12B through 2026 to build and co-own Stargate’s first data center in Abilene, Texas (with financing from Blue Owl and JPMorgan)—and then lease it to Oracle, which will operate it and rent the compute to OpenAI.</li><li>With the build-out of the Abilene site, Crusoe projects that it will grow revenue 262% to $998M in 2025, up from Sacra-estimated 2024 revenues of $276M—broken out as $887M from its AI cloud business, $100M from cryptocurrency mining via projects with companies like Kraken ($1.5B revenue in 2024, up 128% YoY), and $11M from leasing out its Abilene infrastructure to Oracle.</li><li>At scale, CoreWeave ($12B+ raised) and Crusoe ($5B+ raised) can operate flexibly as pure data center infrastructure providers (as in Crusoe's Oracle deal) and as full-stack compute providers (as in CoreWeave's direct GPU rental business)—in addition to offering GPU cloud services—a flexibility that becomes increasingly valuable as AI labs like xAI and OpenAI pursue every avenue to 5-10x their compute capacity in order to train the next biggest models.</li></ul>

Unmentioned in OpenAI’s recent announcement of their $500B Stargate build-out was Crusoe, the Founders Fund-backed GPU cloud startup that will spend ~$12B through 2026 to build and co-own Stargate’s first data center in Abilene, Texas (with financing from Blue Owl and JPMorgan)—and then lease it to Oracle, which will operate it and rent the compute to OpenAI.With the build-out of the Abilene site, Crusoe projects that it will grow revenue 262% to $998M in 2025, up from Sacra-estimated 2024 revenues of $276M—broken out as $887M from its AI cloud business, $100M from cryptocurrency mining via projects with companies like Kraken ($1.5B revenue in 2024, up 128% YoY), and $11M from leasing out its Abilene infrastructure to Oracle.At scale, CoreWeave ($12B+ raised) and Crusoe ($5B+ raised) can operate flexibly as pure data center infrastructure providers (as in Crusoe's Oracle deal) and as full-stack compute providers (as in CoreWeave's direct GPU rental business)—in addition to offering GPU cloud services—a flexibility that becomes increasingly valuable as AI labs like xAI and OpenAI pursue every avenue to 5-10x their compute capacity in order to train the next biggest models.

<ul><li>Sacra estimates that Fluidstack hit $180M in annual recurring revenue (ARR) at the end of 2024, up 620% YoY.</li><li>Founded in 2017 as an "Airbnb for bandwidth", Fluidstack offered people $50/month to turn their home computers into content delivery networks (CDNs) for companies like Dailymotion—pivoting in 2021 to rent ML companies underutilized GPUs from data centers.</li><li>Fluidstack with Lambda ($425M ARR) and Together AI ($130M ARR) make up the startup/SMB end of the GPU cloud market—renting GPUs themselves or colocating—with a focus on speed and developer experience.</li></ul>

Sacra estimates that Fluidstack hit $180M in annual recurring revenue (ARR) at the end of 2024, up 620% YoY.Founded in 2017 as an "Airbnb for bandwidth", Fluidstack offered people $50/month to turn their home computers into content delivery networks (CDNs) for companies like Dailymotion—pivoting in 2021 to rent ML companies underutilized GPUs from data centers.Fluidstack with Lambda ($425M ARR) and Together AI ($130M ARR) make up the startup/SMB end of the GPU cloud market—renting GPUs themselves or colocating—with a focus on speed and developer experience.

United States

Cloud GPU provider for training and fine-tuning AI models at scale

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Lambda Labs (LABS US)

Lambda's IPO

TL;DR: Following rival CoreWeave’s IPO in March 2025, Lambda (fka Lambda Labs) has hired Morgan Stanley, JPMorgan, and Citi for an IPO as early as...

Sacra

CoreWeave Of Europe

TL;DR: After launching in 2017 as an “Airbnb for bandwidth”, Fluidstack is now building the largest national sovereign AI cluster in Europe for the...

Sacra

Fal.Ai At $95M/year Growing 4,650% YoY

TL;DR: As generative media took off in 2022-2023, Fal.ai pivoted to an inference-as-a-service API for image, video, and audio models that optimized...

Sacra

Unmentioned Stargate Partner

TL;DR: The unnamed infrastructure partner behind the first stage of OpenAI's $500B Stargate project, Crusoe is building a $12B data center in...

Sacra

Fluidstack At $180M ARR

TL;DR: Sacra estimates that Fluidstack hit $180M in annual recurring revenue (ARR) at the end of 2024, up 620% YoY. While GPU clouds like CoreWeave...

Sacra

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