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 xAI hit roughly $3.8B in annualized revenue at the end of 2025, up from about $100M in 2024, reflecting the combined xAI + X business following the March 2025 merger.</li><li>On February 2, 2026, SpaceX acquired xAI in an all-stock deal.</li><li>xAI&#39;s cost structure is capital-intensive.</li></ul>

Sacra estimates that xAI hit roughly $3.8B in annualized revenue at the end of 2025, up from about $100M in 2024, reflecting the combined xAI + X business following the March 2025 merger.On February 2, 2026, SpaceX acquired xAI in an all-stock deal.xAI&#39;s cost structure is capital-intensive.

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/knowledge-atlas-technology-joint-stock-company-limited-class-h" target="_blank" data-smartkarma-citation="entities:44500:1" rel="noopener">Knowledge Atlas Technology (2513 HK)</a> (Zhipu) is looking to raise around US$4.3bn via a primary placement.</li>
<li>Zhipu is one of the leading players in China’s domestic LLM space. Its IPO linked lockup had recently expired.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



Knowledge Atlas Technology (2513 HK) (Zhipu) is looking to raise around US$4.3bn via a primary placement.
Zhipu is one of the leading players in China’s domestic LLM space. Its IPO linked lockup had recently expired.
In this note, we will talk about the placement and run the deal through our ECM framework.


Aequitas: Zhipu Placement - Well Flagged US$4.3bn Raising, but Not Cheap by Any Measure

<ul>
<li>
<a href="https://www.smartkarma.com/entities/knowledge-atlas-technology-joint-stock-company-limited-class-h" target="_blank" data-smartkarma-citation="entities:44500:1" rel="noopener">Knowledge Atlas Technology (2513 HK)</a> (Zhipu) raised around US$640m in its Hong Kong IPO in January 2026. The lockup on its cornerstone investors is set to expire soon.</li>
<li>Zhipu is one of the leading players in China’s domestic LLM space. As per media reports, the company could look to undertake an H-share offering as well.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Knowledge Atlas Technology (2513 HK) (Zhipu) raised around US$640m in its Hong Kong IPO in January 2026. The lockup on its cornerstone investors is set to expire soon.
Zhipu is one of the leading players in China’s domestic LLM space. As per media reports, the company could look to undertake an H-share offering as well.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Zhipu Lockup Expiry - US$7bn Release After 19x Gains, US$1bn+ H-Share Offering

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

Equity Bottom-Up

<ul>
<li>
Model Convergence: capabilities that once required specialized models are increasingly handled by the main Gemini LLMs, which can now be state of the art for math and other scientific questions</li>
<li>Brin admitted he is “always kind of confused as to how to prompt the models” and even the Gemini team does not know exactly where the models’ capability edges are!</li>
<li>He cited chain-of-thought (”think step by step”) as an example of a technique that seemed trivial or “the dumbest thing ever” yet drove a significant jump in AI capability.</li>
</ul>



Model Convergence: capabilities that once required specialized models are increasingly handled by the main Gemini LLMs, which can now be state of the art for math and other scientific questions
Brin admitted he is “always kind of confused as to how to prompt the models” and even the Gemini team does not know exactly where the models’ capability edges are!
He cited chain-of-thought (”think step by step”) as an example of a technique that seemed trivial or “the dumbest thing ever” yet drove a significant jump in AI capability.


Sergey Brin On Model Convergence, Prompt Engineering & Transformer Evolution

Palantir Technologies  / Equity Bottom-Up

<ul>
<li>
The Trust Deficit: Alex Karp reveals that enterprise and battlefield clients are furious with frontier AI labs over severe data caching, intellectual property theft, and a total loss of trust.</li>
<li>
The Sovereign Solution: Palantir's new partnership with NVIDIA focuses on giving technical customers absolute control over their own compute, data stacks, model weights, and business alpha.</li>
<li>
The Application Layer Moat: Karp argues that open-source models paired with Palantir’s safe "ontology" application layer match closed-frontier performance without risking the transfer of proprietary corporate secrets.</li>
</ul>



The Trust Deficit: Alex Karp reveals that enterprise and battlefield clients are furious with frontier AI labs over severe data caching, intellectual property theft, and a total loss of trust.

The Sovereign Solution: Palantir's new partnership with NVIDIA focuses on giving technical customers absolute control over their own compute, data stacks, model weights, and business alpha.

The Application Layer Moat: Karp argues that open-source models paired with Palantir’s safe "ontology" application layer match closed-frontier performance without risking the transfer of proprietary corporate secrets.


Palantir CEO Alex Karp Declares War On Anthropic, OpenAI

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: xAI - 10 Jul 2026

AI lab building chatbots and models using real-time data from X and SpaceX

Sacra

Aequitas: Zhipu Placement - Well Flagged US$4.3bn Raising, but Not Cheap by Any Measure

Knowledge Atlas Technology (2513 HK) (Zhipu) is looking to raise around US$4.3bn via a primary placement. In this note, we talk about the deal...

Sumeet Singh

Sergey Brin On Model Convergence, Prompt Engineering & Transformer Evolution

Model Convergence: capabilities that once required specialized models are increasingly handled by the main Gemini LLMs, which can now be state of...

William Keating

Palantir CEO Alex Karp Declares War On Anthropic, OpenAI

Mr. Karp argues that open-source models paired with Palantir’s safe "ontology" application layer match closed-frontier performance without risking...

William Keating

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52-week Range

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P/E

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Primer: xAI - 10 Jul 2026

AI lab building chatbots and models using real-time data from X and SpaceX

Sacra

Aequitas: Zhipu Placement - Well Flagged US$4.3bn Raising, but Not Cheap by Any Measure

Knowledge Atlas Technology (2513 HK) (Zhipu) is looking to raise around US$4.3bn via a primary placement. In this note, we talk about the deal...

Sumeet Singh

Aequitas: Zhipu Lockup Expiry - US$7bn Release After 19x Gains, US$1bn+ H-Share Offering

Knowledge Atlas Technology (2513 HK) is now looking to raise around US$4.3bn via a primary placement. We had covered its lockup release and...

Sumeet Singh

Sergey Brin On Model Convergence, Prompt Engineering & Transformer Evolution

Model Convergence: capabilities that once required specialized models are increasingly handled by the main Gemini LLMs, which can now be state of...

William Keating

Palantir CEO Alex Karp Declares War On Anthropic, OpenAI

Mr. Karp argues that open-source models paired with Palantir’s safe "ontology" application layer match closed-frontier performance without risking...

William Keating