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>The launch of ChatGPT in November 2022 decimated Jasper and Copy.ai’s prosumer and SMB businesses, with revenue going flat/into decline as customers replaced their $50/month subscriptions to Jasper/Copy.ai with free and $20/mo premium subscriptions to ChatGPT.</li><li>With its 32K token context window and superiority on reasoning tasks, the launch of GPT-4 in March 2023 enabled AI writing tools to re-position as enterprise solutions that could orchestrate complex, multi-tool workflows.</li><li>For these companies where revenue might have been flat-to-down during 2023, the faster they can shift the underlying revenue towards low-churn enterprise revenue, the faster that growth will re-accelerate.</li></ul>

The launch of ChatGPT in November 2022 decimated Jasper and Copy.ai’s prosumer and SMB businesses, with revenue going flat/into decline as customers replaced their $50/month subscriptions to Jasper/Copy.ai with free and $20/mo premium subscriptions to ChatGPT.With its 32K token context window and superiority on reasoning tasks, the launch of GPT-4 in March 2023 enabled AI writing tools to re-position as enterprise solutions that could orchestrate complex, multi-tool workflows.For these companies where revenue might have been flat-to-down during 2023, the faster they can shift the underlying revenue towards low-churn enterprise revenue, the faster that growth will re-accelerate.

<ul><li>Anthropic positioned itself as the large language model (LLM) for businesses with their mid-2023 update to Claude, adding a 100K token context window (versus the 8K of OpenAI’s GPT-4) so companies could do the now-standard process of RAG plus zero-shot prompting to retrieve proprietary data and inject it into their prompts.</li><li>With Anthropic’s March launch of Claude 3 Opus, OpenAI’s GPT-4 has competition for its crown as the state of the art LLM for B2B, with Perplexity CEO Aravind Srinivas deeming Opus the best LLM on the market.</li><li>Sacra estimates that Anthropic is at $316M annual recurring revenue (ARR), up 1,341% year-over-year from $22M ARR in March 2023 with a 61x forward revenue multiple on their last valuation of $18.4B, monetizing like OpenAI both with its developer tools API via usage and offering a prosumer chat experience on subscription.</li></ul>

Anthropic positioned itself as the large language model (LLM) for businesses with their mid-2023 update to Claude, adding a 100K token context window (versus the 8K of OpenAI’s GPT-4) so companies could do the now-standard process of RAG plus zero-shot prompting to retrieve proprietary data and inject it into their prompts.With Anthropic’s March launch of Claude 3 Opus, OpenAI’s GPT-4 has competition for its crown as the state of the art LLM for B2B, with Perplexity CEO Aravind Srinivas deeming Opus the best LLM on the market.Sacra estimates that Anthropic is at $316M annual recurring revenue (ARR), up 1,341% year-over-year from $22M ARR in March 2023 with a 61x forward revenue multiple on their last valuation of $18.4B, monetizing like OpenAI both with its developer tools API via usage and offering a prosumer chat experience on subscription.

<ul><li>CoreWeave started in 2017 as a crypto mining company using graphics processing units (GPUs) to mine Ethereum—and then pivoted in 2019 to AI, repurposing its GPU clusters for the heavy computational demands of AI workflows.</li><li>Sacra estimates that CoreWeave generated $465M of revenue in 2023, up 1,760% from $25M in 2022, with CoreWeave projecting $2.3B in 2024 based on enterprise deals in the pipeline.</li><li>Nvidia has partnered closely with CoreWeave—investing in the company and using its 98% market share over scarce chips—to build it up as a counterbalance to cloud compute giants Amazon, Google and Microsoft, which are each building competitive AI hardware.</li></ul>

CoreWeave started in 2017 as a crypto mining company using graphics processing units (GPUs) to mine Ethereum—and then pivoted in 2019 to AI, repurposing its GPU clusters for the heavy computational demands of AI workflows.Sacra estimates that CoreWeave generated $465M of revenue in 2023, up 1,760% from $25M in 2022, with CoreWeave projecting $2.3B in 2024 based on enterprise deals in the pipeline.Nvidia has partnered closely with CoreWeave—investing in the company and using its 98% market share over scarce chips—to build it up as a counterbalance to cloud compute giants Amazon, Google and Microsoft, which are each building competitive AI hardware.

CoreWeave: The $465M/year Cloud GPU Startup Growing 1,760% YoY

United States

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

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Lambda Labs (LABS US)

AI Writing Goes Enterprise

TL;DR: AI writing tools Jasper and Copy.ai saw their prosumer and SMB businesses decimated by the launch of ChatGPT. In response, they’re niching...

Sacra

Anthropic At $316M ARR

TL;DR: With the launch of Claude 3 Opus, Anthropic has cemented itself alongside OpenAI, Mistral and Google as one of the small handful of LLM...

Sacra

CoreWeave: The $465M/year Cloud GPU Startup Growing 1,760% YoY

TL;DR: CoreWeave hit $465M of revenue in 2023, up 1,760% from 2022, reselling GPU compute to fuel the generative AI boom. For more, check out...

Sacra

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