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 Anthropic hit $65B in annualized revenue in July 2026, up from $47B in May 2026.</li><li>The company reported its second consecutive quarter of adjusted profitability, with an 11% adjusted operating margin in the third quarter excluding stock-based compensation.</li><li>Anthropic filed confidentially for an IPO on June 1, 2026, at a $965 billion valuation, after closing a $65 billion Series H.</li></ul>

Sacra estimates that Anthropic hit $65B in annualized revenue in July 2026, up from $47B in May 2026.The company reported its second consecutive quarter of adjusted profitability, with an 11% adjusted operating margin in the third quarter excluding stock-based compensation.Anthropic filed confidentially for an IPO on June 1, 2026, at a $965 billion valuation, after closing a $65 billion Series H.

<ul><li>Sacra estimates that Cursor hit $4B in annualized revenue in May 2026, up from $1.2B at the end of 2025.</li><li>On June 16, 2026, SpaceX signed a definitive agreement to acquire Cursor for $60B, with the deal expected to close in Q3 2026.</li><li>Cursor was founded in 2022 by Michael Truell, Sualeh Asif, Arvid Lunnemark, and Aman Sanger while they were students at MIT.</li></ul>

Sacra estimates that Cursor hit $4B in annualized revenue in May 2026, up from $1.2B at the end of 2025.On June 16, 2026, SpaceX signed a definitive agreement to acquire Cursor for $60B, with the deal expected to close in Q3 2026.Cursor was founded in 2022 by Michael Truell, Sualeh Asif, Arvid Lunnemark, and Aman Sanger while they were students at MIT.

<ul><li>Sacra estimates that Mistral hit $400M in annual recurring revenue (ARR) in January 2026, up from ~$312M in December 2025 and ~$16M at end-2024.</li><li>Mistral has publicly targeted over $1B in revenue in 2026.</li><li>In June 2026, Mistral raised $3.5 billion at a $20 billion valuation, making it one of Europe's most valuable private technology companies.</li></ul>

Sacra estimates that Mistral hit $400M in annual recurring revenue (ARR) in January 2026, up from ~$312M in December 2025 and ~$16M at end-2024.Mistral has publicly targeted over $1B in revenue in 2026.In June 2026, Mistral raised $3.5 billion at a $20 billion valuation, making it one of Europe's most valuable private technology companies.

<ul><li>Sacra estimates that Cohere hit $240 million in annual recurring revenue (ARR) in 2025, up 287% year-over-year from $62 million at the end of 2024, surpassing its internal $200 million target.</li><li>In April 2026, Schwarz Group committed €500 million (approximately $600 million) in structured financing as lead investor for Cohere&#39;s Series E round, which CFO Francois Chadwick said is expected to close within the next few months.</li><li>The company generates approximately 85% of its revenue from private deployments, with large enterprise customers including Oracle, Fujitsu, RBC, LG, and Notion signing multi-year contracts that provide revenue visibility.</li></ul>

Sacra estimates that Cohere hit $240 million in annual recurring revenue (ARR) in 2025, up 287% year-over-year from $62 million at the end of 2024, surpassing its internal $200 million target.In April 2026, Schwarz Group committed €500 million (approximately $600 million) in structured financing as lead investor for Cohere&#39;s Series E round, which CFO Francois Chadwick said is expected to close within the next few months.The company generates approximately 85% of its revenue from private deployments, with large enterprise customers including Oracle, Fujitsu, RBC, LG, and Notion signing multi-year contracts that provide revenue visibility.

<ul><li>Sacra estimates that CoreWeave generated $5.131B in revenue in 2025, up 170% YoY from $1.915B in 2024, driven by surging demand for GPU compute from cloud providers, LLM companies, and AI application developers.</li><li>In Q1 2026, CoreWeave reported revenue of $2.078B, up 112% YoY from $982M in Q1 2025, with adjusted EBITDA of $1.157B (56% margin) and a net loss of $740M.</li><li>CoreWeave guided Q2 2026 revenue of $2.45B–$2.60B and full-year 2026 revenue of $12B–$13B, with an exit 2026 ARR of $18B–$19B and capex of $31B–$35B.</li></ul>

Sacra estimates that CoreWeave generated $5.131B in revenue in 2025, up 170% YoY from $1.915B in 2024, driven by surging demand for GPU compute from cloud providers, LLM companies, and AI application developers.In Q1 2026, CoreWeave reported revenue of $2.078B, up 112% YoY from $982M in Q1 2025, with adjusted EBITDA of $1.157B (56% margin) and a net loss of $740M.CoreWeave guided Q2 2026 revenue of $2.45B–$2.60B and full-year 2026 revenue of $12B–$13B, with an exit 2026 ARR of $18B–$19B and capex of $31B–$35B.

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

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Primer: Anthropic - 17 Aug 2026

API and chatbot for developers and businesses to access Claude large language models

Sacra

Primer: Cursor - 01 Jul 2026

AI-native IDE for developers to write, edit, and debug code with LLMs

Sacra

Primer: Mistral - 15 Jun 2026

Open-weight LLMs and AI tools for developers, enterprises, and on-premise deployment

Sacra

Primer: Cohere - 31 May 2026

API for fast, cost-effective large language models tailored to enterprise deployments

Sacra

Primer: CoreWeave - 18 May 2026

Cloud GPU provider offering production-grade compute infrastructure for AI model training and deployment

Sacra

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