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 Spellbook more than tripled ARR in 2025, slightly surpassing the company projection of 200% growth in the year.</li><li>Management said in March 2026 that Spellbook was on track to reach $100M in ARR during 2026.</li><li>Spellbook&#39;s most recent equity round was a $50M Series B closed in October 2025, led by Khosla Ventures with participation from Keith Rabois, valuing the company at $350M post-money.</li></ul>

Sacra estimates that Spellbook more than tripled ARR in 2025, slightly surpassing the company projection of 200% growth in the year.Management said in March 2026 that Spellbook was on track to reach $100M in ARR during 2026.Spellbook&#39;s most recent equity round was a $50M Series B closed in October 2025, led by Khosla Ventures with participation from Keith Rabois, valuing the company at $350M post-money.

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

Thematic (Sector/Industry)

<ul>
<li>Cloud 2025 CapEx consensus increased 70% from January 2024 to the present day $365 billion</li>
<li>Google page views declined 8% since the launch of ChatGPT</li>
<li>Apart from the Mag7, Coatue is heavily focusing investment on companies involved in AI-required power delivery, AI software and AI semiconductors </li>
</ul>


Cloud 2025 CapEx consensus increased 70% from January 2024 to the present day $365 billion
Google page views declined 8% since the launch of ChatGPT
Apart from the Mag7, Coatue is heavily focusing investment on companies involved in AI-required power delivery, AI software and AI semiconductors 


Coatue Doubles Down On An AI Supercycle @ EMW 2025

<ul><li>Sacra estimates that OpenEvidence hit $300M in annualized revenue in July 2026, up from $150M at the end of 2025.</li><li>OpenEvidence grew from $7.9M in annualized revenue at the end of 2024 to $150M at the end of 2025, up approximately 1,800% year-over-year, with reported 90% gross margins.</li><li>OpenEvidence’s latest $250M raise in September 2026 valued the company at $15B, implying approximately 50x its $300M annualized revenue.</li></ul>

Sacra estimates that OpenEvidence hit $300M in annualized revenue in July 2026, up from $150M at the end of 2025.OpenEvidence grew from $7.9M in annualized revenue at the end of 2024 to $150M at the end of 2025, up approximately 1,800% year-over-year, with reported 90% gross margins.OpenEvidence’s latest $250M raise in September 2026 valued the company at $15B, implying approximately 50x its $300M annualized revenue.

Podcast On the Business of Semiconductors, The Circuit

The Circuit

Podcast On the Business of Semiconductors

A Podcast On the Business of Semiconductors. With Jay Goldberg and Ben Bajarin

<ul><li>Nvidia surpassed expectations in China despite challenges, indicating growth in other areas of their business</li><li>Shift from training to inference era highlighted, with focus on customers buying Nvidia systems for inference</li><li>Competition in the inference market could pose challenges for Nvidia, especially as costs grow and alternatives emerge like Google's tpu</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Nvidia surpassed expectations in China despite challenges, indicating growth in other areas of their businessShift from training to inference era highlighted, with focus on customers buying Nvidia systems for inferenceCompetition in the inference market could pose challenges for Nvidia, especially as costs grow and alternatives emerge like Google's tpuThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Episode 120: NVIDIA Earnings, The Future of AI inference, China AI and more

Equity Bottom-Up

<ul>
<li>
Frontier AI Labs: Pausing, pacing, those are all the voluntary things that they could do if they feel that their company is out of control.</li>
<li>
President Trump: And I’m telling you, it’s all a hoax. The data centers are great and they make people wealthy and they make states wealthy</li>
<li>
Jensen Huang: I’d rather help everybody succeed instead of taking a slice out. And so we would go up as far as we need to but as low as possible.</li>
</ul>



Frontier AI Labs: Pausing, pacing, those are all the voluntary things that they could do if they feel that their company is out of control.

President Trump: And I’m telling you, it’s all a hoax. The data centers are great and they make people wealthy and they make states wealthy

Jensen Huang: I’d rather help everybody succeed instead of taking a slice out. And so we would go up as far as we need to but as low as possible.


Jensen Huang Chats With President Trump @ The All In Summit. Key Takeaways & Full Transcript

United States

OpenAI, L.P. operates as a software company. The Company specializes in AI research and deployment that aims to ensure that artificial general intelligence benefits all of humanity. OpenAI serves customers worldwide.

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OpenAI (2193707D US)

Primer: Spellbook - 23 Sep 2026

AI contract drafting, review, and lifecycle automation software for law firms and in-house legal teams

Sacra

Coatue Doubles Down On An AI Supercycle @ EMW 2025

Apart from the Mag7, Coatue is heavily focusing investment on companies involved in AI-required power delivery, AI software and AI semiconductors

William Keating

Primer: OpenEvidence - 21 Sep 2026

AI copilot for doctors to assist in making critical decisions at the point of care

Sacra

Episode 120: NVIDIA Earnings, The Future of AI inference, China AI and more

Overall, Nvidia is experiencing strong performance in the AI market, particularly in the area of inference, but faces competition and challenges in...

The Circuit

Jensen Huang Chats With President Trump @ The All In Summit. Key Takeaways & Full Transcript

Jensen Huang: I’d rather help everybody succeed instead of taking a slice out. And so we would go up as far as we need to but as low as possible.

William Keating

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