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 Micro1 hit $1B in annualized revenue in October 2026.</li><li>In September 2025, Micro1 raised a $35M Series A led by 01 Advisors at a $500M valuation.</li><li>Micro1 is broadening its customer base from AI labs to Fortune 1000 companies developing proprietary copilots and internal AI systems.</li></ul>

Sacra estimates that Micro1 hit $1B in annualized revenue in October 2026.In September 2025, Micro1 raised a $35M Series A led by 01 Advisors at a $500M valuation.Micro1 is broadening its customer base from AI labs to Fortune 1000 companies developing proprietary copilots and internal AI systems.

<ul><li>Sacra estimates that Mercor hit $2B in annualized gross revenue in June 2026, up from $760M at the end of 2025, reaching the milestone after going from $0 to $500M run rate in 17 months.</li><li>The company's revenue acceleration coincides with increasing demand from AI labs and technology companies seeking specialized talent for model training and development.</li><li>On October 28, 2025, Mercor finalized a $350M Series C led by Felicis at a $10B valuation, with Benchmark, General Catalyst, and Robinhood Ventures participating as investors.</li></ul>

Sacra estimates that Mercor hit $2B in annualized gross revenue in June 2026, up from $760M at the end of 2025, reaching the milestone after going from $0 to $500M run rate in 17 months.The company's revenue acceleration coincides with increasing demand from AI labs and technology companies seeking specialized talent for model training and development.On October 28, 2025, Mercor finalized a $350M Series C led by Felicis at a $10B valuation, with Benchmark, General Catalyst, and Robinhood Ventures participating as investors.

<ul><li>Sacra estimates that Scale generated $2B in revenue in 2025, up from $870M in 2024, when it hit a $1.5B annualized run rate by end of year.</li><li>Meta's June 2025 investment values Scale at $29 billion, with Meta paying $14.3B for a 49% non-voting stake.</li><li>Meta's $14.3B investment for 49% ownership in June 2025 triggered customer flight from Scale's largest clients.</li></ul>

Sacra estimates that Scale generated $2B in revenue in 2025, up from $870M in 2024, when it hit a $1.5B annualized run rate by end of year.Meta's June 2025 investment values Scale at $29 billion, with Meta paying $14.3B for a 49% non-voting stake.Meta's $14.3B investment for 49% ownership in June 2025 triggered customer flight from Scale's largest clients.

<ul><li>Sacra estimates that Prolific hit $350M in annualized revenue in April 2026, as the company’s academic research marketplace shifted into AI evaluation, RLHF, red-teaming, and specialist data collection.</li><li>Prolific raised a £25 million Series A in July 2023, co-led by Partech and Oxford Science Enterprises.</li><li>Prolific delivered 380,000 studies and tasks and 8M+ hours of human input in 2025, supported by 200,000+ active participants, 11,000+ AI annotation specialists, 5,000+ active AI taskers, and a 2M+ participant waitlist.</li></ul>

Sacra estimates that Prolific hit $350M in annualized revenue in April 2026, as the company’s academic research marketplace shifted into AI evaluation, RLHF, red-teaming, and specialist data collection.Prolific raised a £25 million Series A in July 2023, co-led by Partech and Oxford Science Enterprises.Prolific delivered 380,000 studies and tasks and 8M+ hours of human input in 2025, supported by 200,000+ active participants, 11,000+ AI annotation specialists, 5,000+ active AI taskers, and a 2M+ participant waitlist.

<ul><li>Sacra estimates that Surge AI hit $1.2B in annualized revenue in 2024, with growth mainly driven by a group of ~12 frontier AI labs, most notably OpenAI, Google, Anthropic, Microsoft, and Meta, as demand has grown for expert data labeling for training next-generation LLMs.</li><li>In July 2025, Surge initiated its first-ever capital raise after operating profitably since its 2021 launch as a bootstrapped company.</li><li>Surge's reliance on 12 customers for over $1 billion in revenue creates exposure to contract losses and pricing pressure.</li></ul>

Sacra estimates that Surge AI hit $1.2B in annualized revenue in 2024, with growth mainly driven by a group of ~12 frontier AI labs, most notably OpenAI, Google, Anthropic, Microsoft, and Meta, as demand has grown for expert data labeling for training next-generation LLMs.In July 2025, Surge initiated its first-ever capital raise after operating profitably since its 2021 launch as a bootstrapped company.Surge's reliance on 12 customers for over $1 billion in revenue creates exposure to contract losses and pricing pressure.

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Primer: micro1 - 21 Aug 2026

Marketplace matching AI labs with pre-vetted domain experts for RLHF tasks

Sacra

Primer: Mercor - 20 Aug 2026

Marketplace matching AI labs with pre-vetted domain experts for RLHF tasks

Sacra

Primer: Scale AI - 10 Jul 2026

Tooling suite for data labeling, model training, and deployment for enterprise ML teams

Sacra

Primer: Prolific - 19 May 2026

Platform connecting researchers and AI developers with vetted participants for high-quality data collection

Sacra

Primer: Surge AI - 22 Apr 2026

Data-labeling platform for AI developers to train models with high-quality annotated datasets

Sacra

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