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 that Mercor hit $1.5B in May 2026, up from $760M at the end of 2025, reaching the milestone after going from $0 to $500M run rate in 17 months.</li><li>On October 28, 2025, Mercor finalized a $350M Series C led by Felicis at a $10B valuation, with Benchmark, General Catalyst, and Robinhood Ventures participating as investors.</li><li>Mercor was reported to be profitable on a free-cash-flow basis as of early 2026, having generated $6 million of profit in H1 2025.</li></ul>

Sacra estimates that Mercor hit $1.5B in May 2026, up from $760M at the end of 2025, reaching the milestone after going from $0 to $500M run rate in 17 months.On October 28, 2025, Mercor finalized a $350M Series C led by Felicis at a $10B valuation, with Benchmark, General Catalyst, and Robinhood Ventures participating as investors.Mercor was reported to be profitable on a free-cash-flow basis as of early 2026, having generated $6 million of profit in H1 2025.

<ul><li>Sacra estimates that Prolific hit $350M in annualized revenue in April 2026, as the company’s academic research marketplace shifted into AI evaluation, RLHF, red-teaming, and specialist data collection.</li><li>Prolific delivered 380,000 studies and tasks and 8M+ hours of human input in 2025, supported by 200,000+ active participants, 11,000+ AI annotation specialists, 5,000+ active AI taskers, and a 2M+ participant waitlist.</li><li>The transition from a focus on frontier labs to serving AI B2B companies developing specialized models has created demand for cultural nuance, multilingual data, and product testing, areas where Prolific's diverse participant pool offers a competitive advantage.</li></ul>

Sacra estimates that Prolific hit $350M in annualized revenue in April 2026, as the company’s academic research marketplace shifted into AI evaluation, RLHF, red-teaming, and specialist data collection.Prolific delivered 380,000 studies and tasks and 8M+ hours of human input in 2025, supported by 200,000+ active participants, 11,000+ AI annotation specialists, 5,000+ active AI taskers, and a 2M+ participant waitlist.The transition from a focus on frontier labs to serving AI B2B companies developing specialized models has created demand for cultural nuance, multilingual data, and product testing, areas where Prolific's diverse participant pool offers a competitive advantage.

<ul><li>Sacra estimates that Scale generated $2B in revenue in 2025, up from $870M in 2024, when it hit a $1.5B annualized run rate by end of year.</li><li>Meta's June 2025 investment values Scale at $29 billion, with Meta paying $14.3B for a 49% non-voting stake.</li><li>Scale must replace a material portion of its revenue base while simultaneously integrating a dominant investor whose competitive interests conflict with those of potential enterprise clients.</li></ul>

Sacra estimates that Scale generated $2B in revenue in 2025, up from $870M in 2024, when it hit a $1.5B annualized run rate by end of year.Meta's June 2025 investment values Scale at $29 billion, with Meta paying $14.3B for a 49% non-voting stake.Scale must replace a material portion of its revenue base while simultaneously integrating a dominant investor whose competitive interests conflict with those of potential enterprise clients.

<ul><li>Sacra estimates that Invisible generated $134M in revenue in 2024, up 123% from $60M in 2023.</li><li>Invisible was valued at $500 million in early 2024, representing a 8.3x multiple on its $60M in revenue at the time.</li><li>With profitability of approximately $15M EBITDA (11% margin) on its 2024 revenue, Invisible has established itself as a financially sustainable player in the growing AI services sector.</li></ul>

Sacra estimates that Invisible generated $134M in revenue in 2024, up 123% from $60M in 2023.Invisible was valued at $500 million in early 2024, representing a 8.3x multiple on its $60M in revenue at the time.With profitability of approximately $15M EBITDA (11% margin) on its 2024 revenue, Invisible has established itself as a financially sustainable player in the growing AI services sector.

<ul><li>Sacra estimates that Handshake hit approximately $1.1B in annualized gross revenue in April 2026, 349% year-over-year, after shifting focus from its earlier campus job board product to an AI data labeler.</li><li>The bottom fell out in late 2023 when mass layoffs and hiring freezes devastated recruiting budgets across tech, finance, and professional services.</li><li>Launched in January 2025, Handshake AI has become the dominant growth driver.</li></ul>

Sacra estimates that Handshake hit approximately $1.1B in annualized gross revenue in April 2026, 349% year-over-year, after shifting focus from its earlier campus job board product to an AI data labeler.The bottom fell out in late 2023 when mass layoffs and hiring freezes devastated recruiting budgets across tech, finance, and professional services.Launched in January 2025, Handshake AI has become the dominant growth driver.

United States

Marketplace matching AI labs with pre-vetted domain experts for RLHF tasks

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Mercor (MERCOR US)

Primer: Mercor - 03 Jun 2026

Marketplace matching AI labs with pre-vetted domain experts for RLHF tasks

Sacra

Primer: Prolific - 19 May 2026

Platform connecting researchers and AI developers with vetted participants for high-quality data collection

Sacra

Primer: Scale AI - 10 May 2026

Tooling suite for data labeling, model training, and deployment for enterprise ML teams

Sacra

Primer: Invisible - 22 Apr 2026

Outsourcing and automation service combining AI and human intelligence to execute digital tasks

Sacra

Primer: Handshake - 22 Apr 2026

Training data platform providing expert human labeling, validation, and model evaluation for frontier AI labs

Sacra

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