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>Crusoe will generate $276M in revenue in 2024, up 82% YoY.</li><li>After pivoting to meet demand for cloud GPU compute for AI in 2023, Sacra estimates Crusoe generated $276M in revenue in 2024.</li><li>Crusoe’s model of building its own data centers near sources of cheap, stranded energy is capital-intensive ($3.4B for its new West Texas data center) but pays back in 2-3 years with projected 45% IRR.</li></ul>

Crusoe will generate $276M in revenue in 2024, up 82% YoY.After pivoting to meet demand for cloud GPU compute for AI in 2023, Sacra estimates Crusoe generated $276M in revenue in 2024.Crusoe’s model of building its own data centers near sources of cheap, stranded energy is capital-intensive ($3.4B for its new West Texas data center) but pays back in 2-3 years with projected 45% IRR.

<ul><li>CoreWeave is expecting to end 2024 with $2B in revenue, up 330% YoY.</li><li>The total value of CoreWeave's booked contracts has surged to $17B, with $10B of that from a new deal to sell compute.</li><li>CoreWeave has gone from a 1.8x lead over Lambda Labs to a 4.3x lead as scale begets scale.</li></ul>

CoreWeave is expecting to end 2024 with $2B in revenue, up 330% YoY.The total value of CoreWeave's booked contracts has surged to $17B, with $10B of that from a new deal to sell compute.CoreWeave has gone from a 1.8x lead over Lambda Labs to a 4.3x lead as scale begets scale.

<ul><li>GPU clouds CoreWeave, Lambda Labs, and Together AI—three of the fastest-growing companies in generative AI, each up 1,000%+ year-over-year.</li><li>CoreWeave was Nvidia’s 7th biggest customer in 2023 at 4.5% of total revenue, putting them among Amazon, Meta, Microsoft, Alphabet, and Tesla as one of the biggest global GPU buyers.</li><li>Taxing every layer of the AI software stack, the cloud GPU category has experienced hypergrowth with Sacra estimating that CoreWeave generated $465M of revenue in 2023, up 1,760% year-over-year, Lambda Labs at $250M in 2023, up 1,150%, and Together AI at $44M, up 2,095% year-over-year.</li></ul>

GPU clouds CoreWeave, Lambda Labs, and Together AI—three of the fastest-growing companies in generative AI, each up 1,000%+ year-over-year.CoreWeave was Nvidia’s 7th biggest customer in 2023 at 4.5% of total revenue, putting them among Amazon, Meta, Microsoft, Alphabet, and Tesla as one of the biggest global GPU buyers.Taxing every layer of the AI software stack, the cloud GPU category has experienced hypergrowth with Sacra estimating that CoreWeave generated $465M of revenue in 2023, up 1,760% year-over-year, Lambda Labs at $250M in 2023, up 1,150%, and Together AI at $44M, up 2,095% year-over-year.

<ul><li>Sacra estimates that Together AI hit $44M in annual recurring revenue (ARR) in April with their developer experience-centric layer built on top of CoreWeave and Lambda Labs’s GPU cloud products.</li><li>Companies use cloud GPU hosts Together AI, CoreWeave, and Lambda Labs to use Nvidia (NASDAQ: NVDA) graphics processing units (GPUs) to train AI models on their datasets, fine-tune them, and deploy them into production.</li><li>Sacra estimates that Together AI hit $44M in annualized revenue in April 2024, up 2095% year-over-year, with 90% of revenue coming from sales of bundled on-demand GPU compute and training via Together Inference and ~45% gross margin.</li></ul>

Sacra estimates that Together AI hit $44M in annual recurring revenue (ARR) in April with their developer experience-centric layer built on top of CoreWeave and Lambda Labs’s GPU cloud products.Companies use cloud GPU hosts Together AI, CoreWeave, and Lambda Labs to use Nvidia (NASDAQ: NVDA) graphics processing units (GPUs) to train AI models on their datasets, fine-tune them, and deploy them into production.Sacra estimates that Together AI hit $44M in annualized revenue in April 2024, up 2095% year-over-year, with 90% of revenue coming from sales of bundled on-demand GPU compute and training via Together Inference and ~45% gross margin.

Together AI: The $44M/year Vercel Of Generative AI

<ul><li>Rewind pivoted from its previous product, Scribe.ai—a Zoom bot that recorded meetings and turned them into searchable transcripts—as the AI-powered call recording app category got crowded with competitors like Otter.ai, Grain, Fathom, Fireflies.ai, and Multi and as every B2B SaaS app got “Gong-ified,” tacking on call recordings as a feature.</li><li>Last month, Rewind launched the AI wearable Pendant to capture both on- and offline conversations, announced it was returning its focus back to meeting recordings and split meeting recordings into a separate platform from Rewind branded as Limitless.</li><li>Today, Limitless is a multi-product company with $2.2M ARR split across two different apps—Limitless with $100K ARR and $1.3M in Pendant sales and Rewind, which is no longer receiving updates, with $2.1M ARR.</li></ul>

Rewind pivoted from its previous product, Scribe.ai—a Zoom bot that recorded meetings and turned them into searchable transcripts—as the AI-powered call recording app category got crowded with competitors like Otter.ai, Grain, Fathom, Fireflies.ai, and Multi and as every B2B SaaS app got “Gong-ified,” tacking on call recordings as a feature.Last month, Rewind launched the AI wearable Pendant to capture both on- and offline conversations, announced it was returning its focus back to meeting recordings and split meeting recordings into a separate platform from Rewind branded as Limitless.Today, Limitless is a multi-product company with $2.2M ARR split across two different apps—Limitless with $100K ARR and $1.3M in Pendant sales and Rewind, which is no longer receiving updates, with $2.1M ARR.

United States

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

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Lambda Labs (LABS US)

Crusoe At $276M Revenue

TL;DR: Sacra estimates that Crusoe will generate $276M in revenue in 2024, up 82% YoY. Powered by cheap electricity from stranded natural gas,...

Sacra

CoreWeave At $2B Revenue

TL;DR: Sacra estimates that CoreWeave will generate $2B in revenue in 2024, up 330% YoY, powered by a new $10B contract with Microsoft. With a...

Sacra

GPU Clouds Growing 1,000% YoY

In Sacra Insights, our members-only newsletter, we’ve been writing about GPU clouds CoreWeave, Lambda Labs, and Together AI—three of the fastest...

Sacra

Together AI: The $44M/year Vercel Of Generative AI

TL;DR: Sacra estimates that Together AI hit $44M in annual recurring revenue (ARR) in April with their developer experience-centric layer built on...

Sacra

Apple Vs. Limitless Vs. Gong

TL;DR: Last month, Rewind AI (valued at $350M) hit $2.2M in annual recurring revenue (ARR) rebranded as Limitless and announced the AI wearable...

Sacra

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