Private Markets, Angel and Secondary Investing, Sacra

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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

Cerebras Systems / Private Capital Markets

<ul><li>Since our last coverage, Cerebras postponed its IPO following regulatory questions about its UAE revenue concentration (G42 accounted for ~83% of 2023 revenue) and instead raised $1B from Fidelity and Tiger Global.</li><li>Cerebras&#39;s single-chip architecture loads entire AI models onto one chip with ~44GB of onboard memory, delivering inference ~10x faster than traditional multi-GPU setups—the company historically sold these as $2M hardware units to national labs, but launched a cloud inference API in summer 2024 that has since become the primary growth driver, serving customers like Perplexity, Notion, Windsurf, and Cognition on a pay-per-token basis.</li><li>Where selling $2M chips to national labs like Argonne and Livermore limited Cerebras to a small pool of state-backed research customers with long sales cycles and high revenue concentration, selling inference via API creates higher velocity and opens up the much larger market of AI startups and enterprises that want speed without buying and operating specialized hardware.</li></ul>

Since our last coverage, Cerebras postponed its IPO following regulatory questions about its UAE revenue concentration (G42 accounted for ~83% of 2023 revenue) and instead raised $1B from Fidelity and Tiger Global.Cerebras&#39;s single-chip architecture loads entire AI models onto one chip with ~44GB of onboard memory, delivering inference ~10x faster than traditional multi-GPU setups—the company historically sold these as $2M hardware units to national labs, but launched a cloud inference API in summer 2024 that has since become the primary growth driver, serving customers like Perplexity, Notion, Windsurf, and Cognition on a pay-per-token basis.Where selling $2M chips to national labs like Argonne and Livermore limited Cerebras to a small pool of state-backed research customers with long sales cycles and high revenue concentration, selling inference via API creates higher velocity and opens up the much larger market of AI startups and enterprises that want speed without buying and operating specialized hardware.

<ul><li>Substrate closed a $100 million Series A funding round in October 2025 at a valuation exceeding $1 billion, making it a unicorn company before generating any revenue.</li><li>In October 2025, Substrate outlined a shift to building and operating U.S. fabs and offering foundry services rather than selling its X‑ray lithography tools.</li><li>Revenue will come primarily from equipment sales, with systems priced significantly below ASML's $400 million High-NA EUV scanners while targeting comparable or superior patterning capabilities.</li></ul>

Substrate closed a $100 million Series A funding round in October 2025 at a valuation exceeding $1 billion, making it a unicorn company before generating any revenue.In October 2025, Substrate outlined a shift to building and operating U.S. fabs and offering foundry services rather than selling its X‑ray lithography tools.Revenue will come primarily from equipment sales, with systems priced significantly below ASML's $400 million High-NA EUV scanners while targeting comparable or superior patterning capabilities.

<ul><li>Lightmatter reached a $4.4 billion valuation in October 2024 following a $400 million Series D round led by T. Rowe Price.</li><li>The company has raised a total of $850 million since its 2017 founding through multiple funding rounds.</li><li>Lightmatter's go-to-market strategy focuses on securing large deals with major cloud and AI data center operators, rather than pursuing smaller end-users.</li></ul>

Lightmatter reached a $4.4 billion valuation in October 2024 following a $400 million Series D round led by T. Rowe Price.The company has raised a total of $850 million since its 2017 founding through multiple funding rounds.Lightmatter's go-to-market strategy focuses on securing large deals with major cloud and AI data center operators, rather than pursuing smaller end-users.

<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.

United States

Hardware and software stack for photonic AI accelerators and data center interconnects

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Lightmatter (LIGHTMATTER US)

Cerebras Vs Nvidia

TL;DR: After UAE regulatory scrutiny stalled its IPO, Cerebras raised $1B and is diversifying revenue by selling cloud inference alongside...

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Primer: Substrate - 07 Dec 2025

Startup developing a novel chipmaking tool using X-ray light for high-resolution printing on silicon wafers to rival ASML's lithography equipment

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Primer: Lightmatter - 12 Feb 2025

Hardware and software stack for photonic AI accelerators and data center interconnects

Sacra

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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