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>Poolside closed a $500 million Series B in October 2024 at approximately $3 billion valuation.</li><li>Poolside announced Project Horizon, a 2 gigawatt AI campus in West Texas.</li><li>Poolside operates as a B2B enterprise software company selling AI coding automation to large organizations.</li></ul>

Poolside closed a $500 million Series B in October 2024 at approximately $3 billion valuation.Poolside announced Project Horizon, a 2 gigawatt AI campus in West Texas.Poolside operates as a B2B enterprise software company selling AI coding automation to large organizations.

<ul><li>Cohere shifted focus to training & deploying LLMs in private cloud or on-prem for customers in regulated industries (financial services, healthcare, government, defense).</li><li>Cohere hit $150M in annual recurring revenue (ARR) in October 2025, up from $100M in May 2025 and $22M in March 2024, valued at $7B as of September 2025 for a 46.7x revenue multiple.</li><li>CEO Aidan Gomez says the company expects to go public "soon", with Cohere "on a clear path to profitability" & expecting to turn a profit before 2029.</li></ul>

Cohere shifted focus to training & deploying LLMs in private cloud or on-prem for customers in regulated industries (financial services, healthcare, government, defense).Cohere hit $150M in annual recurring revenue (ARR) in October 2025, up from $100M in May 2025 and $22M in March 2024, valued at $7B as of September 2025 for a 46.7x revenue multiple.CEO Aidan Gomez says the company expects to go public "soon", with Cohere "on a clear path to profitability" & expecting to turn a profit before 2029.

<ul><li>Sacra estimates Claude Code hit $400M in annualized revenue in July 2025, up 23x over the past three months alone.</li><li>With GPT-5, OpenAI is attacking Anthropic's supremacy in AI coding head-on with a model trained specifically for coding that 1) runs at 40-45% the average cost of Claude Sonnet 4 and 15% the cost of Opus 4.1 and 2) edges both on the SWE-bench coding benchmark.</li><li>Anthropic's answer to this cutthroat defection lies in Claude Code, its ChatGPT: an owned, high engagement destination client vertically integrated with its models that grew a Sacra-estimated 23x in the last 3 months alone, from ~$17.5M in April 2025 to $400M in July.</li></ul>

Sacra estimates Claude Code hit $400M in annualized revenue in July 2025, up 23x over the past three months alone.With GPT-5, OpenAI is attacking Anthropic's supremacy in AI coding head-on with a model trained specifically for coding that 1) runs at 40-45% the average cost of Claude Sonnet 4 and 15% the cost of Opus 4.1 and 2) edges both on the SWE-bench coding benchmark.Anthropic's answer to this cutthroat defection lies in Claude Code, its ChatGPT: an owned, high engagement destination client vertically integrated with its models that grew a Sacra-estimated 23x in the last 3 months alone, from ~$17.5M in April 2025 to $400M in July.

<ul><li>Windsurf, launched out of the AI research company Codeium, is a VS Code–based development environment with agentic editing tools and chat-driven workflows that let developers write, refactor, and deploy code using natural language.</li><li>Windsurf is the #2 AI-native IDE at $40M ARR as of February 2025, roughly 5x smaller than Cursor, which hit $200M ARR in March 2025 after doubling from $100M at the end of 2024—OpenAI’s $3B offer for Windsurf values it at about 75x ARR vs. Cursor’s 50x forward, showing how aggressively it's moving to close the gap.</li><li>Buying Windsurf jumpstarts OpenAI’s push into coding tools with an existing IDE that supports million-line codebases and streams 100B+ daily code-edit tokens—high-quality RLHF data that reduces its reliance on vendors like Scale and strengthens its position in coding alignment vs. Anthropic.</li></ul>

Windsurf, launched out of the AI research company Codeium, is a VS Code–based development environment with agentic editing tools and chat-driven workflows that let developers write, refactor, and deploy code using natural language.Windsurf is the #2 AI-native IDE at $40M ARR as of February 2025, roughly 5x smaller than Cursor, which hit $200M ARR in March 2025 after doubling from $100M at the end of 2024—OpenAI’s $3B offer for Windsurf values it at about 75x ARR vs. Cursor’s 50x forward, showing how aggressively it's moving to close the gap.Buying Windsurf jumpstarts OpenAI’s push into coding tools with an existing IDE that supports million-line codebases and streams 100B+ daily code-edit tokens—high-quality RLHF data that reduces its reliance on vendors like Scale and strengthens its position in coding alignment vs. Anthropic.

<ul><li>Sacra estimates that Anthropic hit $1.4B ARR in March 2025.</li><li>80% of Anthropic’s revenue comes from its API (~$1.1B), with Claude 3.5 Sonnet serving as the underlying model for AI app builders.</li><li>With the February launch of Claude Code—a terminal-based coding agent that autonomously edits, tests, and debugs code that wraps Claude 3.7 Sonnet—Anthropic is going up the stack on one of its core use cases.</li></ul>

Sacra estimates that Anthropic hit $1.4B ARR in March 2025.80% of Anthropic’s revenue comes from its API (~$1.1B), with Claude 3.5 Sonnet serving as the underlying model for AI app builders.With the February launch of Claude Code—a terminal-based coding agent that autonomously edits, tests, and debugs code that wraps Claude 3.7 Sonnet—Anthropic is going up the stack on one of its core use cases.

United States

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

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Mistral (MISTRAL US)

Primer: Poolside - 07 Dec 2025

Company developing advanced AI models to automate and improve coding processes for businesses

Sacra

Cohere At $150M ARR

TL;DR: Starting as a LLM competitor to OpenAI & Anthropic, Cohere has shifted gears to compete with enterprise AI companies like Glean and Writer....

Sacra

Anthropic's ChatGPT

TL;DR: OpenAI and Cursor have begun ganging up to challenge Anthropic's coding supremacy, but the launch of Claude Code has given Anthropic its own...

Sacra

Why OpenAI Wants Windsurf

TL;DR: OpenAI’s reported $3B bid for Windsurf underscores a shift from API monetization to vertically integrated full-stack products as labs race...

Sacra

Claude Code Vs. Cursor

TL;DR: Claude 3.7 Sonnet, Anthropic’s newest model, has become the backbone of the emergent “vibe coding” ecosystem. With an upsurge in API...

Sacra

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