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 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.

<ul><li>Sacra estimates that Anthropic hit $65B in annualized revenue in July 2026, up from $47B in May 2026.</li><li>The number of customers spending over $100,000 annually on Claude has grown 7x in the past year.</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 number of customers spending over $100,000 annually on Claude has grown 7x in the past year.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 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>Governments worldwide have $100B+ committed towards building sovereign AI, setting off a global race between OpenAI & Anthropic, Chinese labs, Gulf state megaprojects, and US hyperscalers.</li><li>The irony of sovereign AI is that US hyperscalers have become some of its biggest beneficiaries, with AWS launching its European Sovereign Cloud in January 2026.</li><li>As sovereign AI spending surpasses $100B in global commitments, the forward tension is between countries that can compete on technological capability—like France with Mistral and Canada with Cohere.</li></ul>

Governments worldwide have $100B+ committed towards building sovereign AI, setting off a global race between OpenAI & Anthropic, Chinese labs, Gulf state megaprojects, and US hyperscalers.The irony of sovereign AI is that US hyperscalers have become some of its biggest beneficiaries, with AWS launching its European Sovereign Cloud in January 2026.As sovereign AI spending surpasses $100B in global commitments, the forward tension is between countries that can compete on technological capability—like France with Mistral and Canada with Cohere.

<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.

United States

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

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Mistral (MISTRAL US)

Primer: Deepgram - 20 Aug 2026

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

Sacra

Primer: Anthropic - 17 Aug 2026

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

Sacra

Primer: Cohere - 31 May 2026

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

Sacra

$100B Sovereign AI Boom

TL;DR: As Trump’s blacklisting of Anthropic and China’s distillation of US frontier models show how AI control is becoming a geopolitical weapon,...

Sacra

Primer: Midjourney - 14 Dec 2025

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

Sacra

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