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 Midjourney hit $200 million in annual recurring revenue (ARR) as of 2023.</li><li>On August 22, 2025, Midjourney announced a strategic partnership with Meta to license its aesthetic technology for future Meta models and products.</li><li>Video generation represents Midjourney&#39;s most significant TAM expansion opportunity, addressing a market estimated at $26 billion by 2027.</li></ul>

Sacra estimates that Midjourney hit $200 million in annual recurring revenue (ARR) as of 2023.On August 22, 2025, Midjourney announced a strategic partnership with Meta to license its aesthetic technology for future Meta models and products.Video generation represents Midjourney&#39;s most significant TAM expansion opportunity, addressing a market estimated at $26 billion by 2027.

<ul><li>Sacra estimates that OpenAI hit $50B in annualized revenue in September 2026, up from $20B at the end of 2025.</li><li>On June 8, 2026, OpenAI filed confidentially with the SEC for an IPO targeting a valuation exceeding $1 trillion, with Goldman Sachs and Morgan Stanley leading the process.</li><li>OpenAI’s approximately $6.5B acquisition of io brought a dedicated hardware team into the company in July 2025, with Jony Ive and LoveFrom remaining independent design partners.</li></ul>

Sacra estimates that OpenAI hit $50B in annualized revenue in September 2026, up from $20B at the end of 2025.On June 8, 2026, OpenAI filed confidentially with the SEC for an IPO targeting a valuation exceeding $1 trillion, with Goldman Sachs and Morgan Stanley leading the process.OpenAI’s approximately $6.5B acquisition of io brought a dedicated hardware team into the company in July 2025, with Jony Ive and LoveFrom remaining independent design partners.

<ul><li>Sacra estimates OpenArt hit $100M ARR in June 2026, up 43% from $70M at the end of 2025 and 400% YoY from $20M in June 2025.</li><li>OpenArt raised $30M in a Series A round led by Canaan Partners in January 2026, with participation from Basis Set Ventures and DCM Ventures.</li><li>OpenArt's expansion into video represents a natural evolution of their core competencies in image generation.</li></ul>

Sacra estimates OpenArt hit $100M ARR in June 2026, up 43% from $70M at the end of 2025 and 400% YoY from $20M in June 2025.OpenArt raised $30M in a Series A round led by Canaan Partners in January 2026, with participation from Basis Set Ventures and DCM Ventures.OpenArt's expansion into video represents a natural evolution of their core competencies in image generation.

<ul><li>In August 2026, media reported that Lambda expected to generate more than $1.5B in full-year 2026 revenue, which would represent year-over-year growth of at least 114%.</li><li>Lambda raised over $1.5B in its Series E round led by TWG Global in November 2025 at a $5.9B post-money valuation.</li><li>Lambda&#39;s cloud product has expanded well beyond single-node instances into a full-spectrum compute portfolio spanning multiple GPU generations.</li></ul>

In August 2026, media reported that Lambda expected to generate more than $1.5B in full-year 2026 revenue, which would represent year-over-year growth of at least 114%.Lambda raised over $1.5B in its Series E round led by TWG Global in November 2025 at a $5.9B post-money valuation.Lambda&#39;s cloud product has expanded well beyond single-node instances into a full-spectrum compute portfolio spanning multiple GPU generations.

<ul><li>Sacra estimates that Deepgram hit $100M in annual recurring revenue (ARR) in August 2026, with the company announcing the milestone alongside the launch of its Flux TTS model.</li><li>Deepgram was valued at $1.3B following its $130M Series C round led by AVP in January 2026.</li><li>Deepgram has tailwinds from the rapid adoption of voice AI technology and has the opportunity to grow and expand into adjacent markets like healthcare transcription, education accessibility, and enterprise AI integration.</li></ul>

Sacra estimates that Deepgram hit $100M in annual recurring revenue (ARR) in August 2026, with the company announcing the milestone alongside the launch of its Flux TTS model.Deepgram was valued at $1.3B following its $130M Series C round led by AVP in January 2026.Deepgram has tailwinds from the rapid adoption of voice AI technology and has the opportunity to grow and expand into adjacent markets like healthcare transcription, education accessibility, and enterprise AI integration.

United States

AI image generation tool for creating visuals from text prompts via web or Discord

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Midjourney (MIDJOURNEY US)

Primer: Midjourney - 14 Dec 2025

AI image generation tool for creating visuals from text prompts via web or Discord

Sacra

Primer: OpenAI - 09 Oct 2026

AI research lab offering GPT models via API and ChatGPT for consumers

Sacra

Primer: OpenArt - 08 Oct 2026

Tool for generating and editing AI images and videos from text-based stories

Sacra

Primer: Lambda Labs - 17 Sep 2026

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

Sacra

Primer: Deepgram - 20 Aug 2026

APIs for speech-to-text, text-to-speech, and real-time voice understanding

Sacra

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