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 Suno hit $45M in ARR at the end of 2024, valued at $500M as of their May Series B for a 25-33x forward revenue multiple.</li><li>Founded in 2022 to build foundation models for AI-generated audio, Suno’s first product was Bark (19,000 GitHub stars), a text-to-audio model for generating laughs, cries, and other sound effects.</li><li>Among the first movers in AI audio alongside Stable Audio by Stability AI (September 2023) and Udio (April 2024), Sacra estimates that Suno grew from sub-$1M in annual recurring revenue (ARR) to $45M ARR, valued at $500M as of their May 2024 Series B for a 25-33x forward revenue multiple.</li></ul>

Sacra estimates that Suno hit $45M in ARR at the end of 2024, valued at $500M as of their May Series B for a 25-33x forward revenue multiple.Founded in 2022 to build foundation models for AI-generated audio, Suno’s first product was Bark (19,000 GitHub stars), a text-to-audio model for generating laughs, cries, and other sound effects.Among the first movers in AI audio alongside Stable Audio by Stability AI (September 2023) and Udio (April 2024), Sacra estimates that Suno grew from sub-$1M in annual recurring revenue (ARR) to $45M ARR, valued at $500M as of their May 2024 Series B for a 25-33x forward revenue multiple.

<ul><li>Claude 3.5 Sonnet has blown the doors open for Anthropic's API business, growing 5x this year to date to $664M ARR.</li><li>OpenAI's ChatGPT continues to dominate, growing a Sacra-estimated 2.5x this year to date to $2.9B ARR.</li><li>OpenAI's 4x YoY growth to $4B matches and exceeds Meta, Google & AWS’s.</li></ul>

Claude 3.5 Sonnet has blown the doors open for Anthropic's API business, growing 5x this year to date to $664M ARR.OpenAI's ChatGPT continues to dominate, growing a Sacra-estimated 2.5x this year to date to $2.9B ARR.OpenAI's 4x YoY growth to $4B matches and exceeds Meta, Google & AWS’s.

<ul><li>As the cost of AI models continues to plummet, companies like Wistia are integrating AI capabilities across their products, offering features like transcription for free.</li><li>AI-powered avatar videos are seeing the highest adoption in sales and marketing use cases, where personalization at scale is valuable but recording individual videos is impractical.</li><li>Incumbents may be at risk if AI fundamentally changes the customer problems that can be solved, but they can also use their resources and distribution to capitalize on AI if they move quickly enough.</li></ul>

As the cost of AI models continues to plummet, companies like Wistia are integrating AI capabilities across their products, offering features like transcription for free.AI-powered avatar videos are seeing the highest adoption in sales and marketing use cases, where personalization at scale is valuable but recording individual videos is impractical.Incumbents may be at risk if AI fundamentally changes the customer problems that can be solved, but they can also use their resources and distribution to capitalize on AI if they move quickly enough.

<ul><li>Discord hit $600M in annualized recurring revenue (ARR) at the end of 2023, up 35% year-over-year.</li><li>Generative AI was just emerging as Discord’s next big tailwind, with Midjourney projecting $200M in annual recurring revenue (ARR) from their AI art generation tool built into a Discord server.</li><li>This week, Discord announced that they’re moving away from their vision of building the chat app for every community, and leaning into the product-market fit they have for interactive, co-creative experiences.</li></ul>

Discord hit $600M in annualized recurring revenue (ARR) at the end of 2023, up 35% year-over-year.Generative AI was just emerging as Discord’s next big tailwind, with Midjourney projecting $200M in annual recurring revenue (ARR) from their AI art generation tool built into a Discord server.This week, Discord announced that they’re moving away from their vision of building the chat app for every community, and leaning into the product-market fit they have for interactive, co-creative experiences.

<ul><li>Jenni AI has grown their annual recurring revenue (ARR) by 925% since the ChatGPT-pocalypse that decimated horizontal, prosumer businesses built on GPT-3.</li><li>Jenni AI niched down into the academic essay-writing use case in 2022, getting to ~$560K ARR by the end of the year after verticalizing their “ChatGPT for college students”.</li><li>Sacra estimates that Jenni AI is at $5.1M annual recurring revenue (ARR) as of April 2024, growing 481% year-over-year.</li></ul>

Jenni AI has grown their annual recurring revenue (ARR) by 925% since the ChatGPT-pocalypse that decimated horizontal, prosumer businesses built on GPT-3.Jenni AI niched down into the academic essay-writing use case in 2022, getting to ~$560K ARR by the end of the year after verticalizing their “ChatGPT for college students”.Sacra estimates that Jenni AI is at $5.1M annual recurring revenue (ARR) as of April 2024, growing 481% year-over-year.

Jenni AI: The $5M/year Chegg Of Generative AI

United States

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

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Midjourney (MIDJOURNEY US)

AI-native SoundCloud

TL;DR: In AI-generated music, Suno has emerged as the category leader akin to ChatGPT in text and Midjourney in images. Sacra estimates that Suno...

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Anthropic Vs. OpenAI

TL;DR: Claude 3.5 Sonnet has Anthropic's API business surging, hitting a Sacra-estimated $664M ARR this year (up 5x this year to date) and...

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AI And The Future Of Video

As quickly as AI changed the way knowledge workers write and do research, it's changed how we make videos...

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Discord At $600M/year

TL;DR: Sacra estimates that Discord hit $600M in annualized recurring revenue (ARR) at the end of 2023, up 35% year-over-year. After attempting to...

Sacra

Jenni AI: The $5M/year Chegg Of Generative AI

TL;DR: Jenni AI has grown their annual recurring revenue (ARR) by 925% since the ChatGPT-pocalypse that decimated horizontal, prosumer businesses...

Sacra

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52-week Range

Market Cap (USDm)

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AI-native SoundCloud

TL;DR: In AI-generated music, Suno has emerged as the category leader akin to ChatGPT in text and Midjourney in images. Sacra estimates that Suno...

Sacra

Anthropic Vs. OpenAI

TL;DR: Claude 3.5 Sonnet has Anthropic's API business surging, hitting a Sacra-estimated $664M ARR this year (up 5x this year to date) and...

Sacra

AI And The Future Of Video

​​As quickly as AI changed the way knowledge workers write and do research, it's changed how we make videos...

Sacra

Discord At $600M/year

TL;DR: Sacra estimates that Discord hit $600M in annualized recurring revenue (ARR) at the end of 2023, up 35% year-over-year. After attempting to...

Sacra

Jenni AI: The $5M/year Chegg Of Generative AI

TL;DR: Jenni AI has grown their annual recurring revenue (ARR) by 925% since the ChatGPT-pocalypse that decimated horizontal, prosumer businesses...

Sacra

As quickly as AI changed the way knowledge workers write and do research, it's changed how we make videos...