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 Cursor hit $4B in annualized revenue in May 2026, up from $1.2B at the end of 2025.</li><li>On June 16, 2026, SpaceX signed a definitive agreement to acquire Cursor for $60B, with the deal expected to close in Q3 2026.</li><li>Cursor was founded in 2022 by Michael Truell, Sualeh Asif, Arvid Lunnemark, and Aman Sanger while they were students at MIT.</li></ul>

Sacra estimates that Cursor hit $4B in annualized revenue in May 2026, up from $1.2B at the end of 2025.On June 16, 2026, SpaceX signed a definitive agreement to acquire Cursor for $60B, with the deal expected to close in Q3 2026.Cursor was founded in 2022 by Michael Truell, Sualeh Asif, Arvid Lunnemark, and Aman Sanger while they were students at MIT.

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

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 Bottom-Up

Yangtze Optical Fibre and Cable / Equity Bottom-Up

Yangtze Optical Fibre and Cable (6869 HK)

<ul>
<li>YOFC is the only one that has mastered all three mainstream preform technologies: PCVD, OVD, and VAD.</li>
<li>The company has the top market shares globally in preforms, optical fibers, and optical cables.</li>
<li>The operating margin in 1Q26 expanded to 22%, significantly higher than the 8% in 1Q25 and 5% in 1Q24.</li>
</ul>


YOFC is the only one that has mastered all three mainstream preform technologies: PCVD, OVD, and VAD.
The company has the top market shares globally in preforms, optical fibers, and optical cables.
The operating margin in 1Q26 expanded to 22%, significantly higher than the 8% in 1Q25 and 5% in 1Q24.


YOFC (6869.HK): Navigating AI Bubble, Still An Opportunity in Optical Fiber

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

<ul>
<li>GAAP quarterly revenue of $193.4 million; record core revenue of $191.3 million, up 92% from a year ago</li>
<li>Announced a multi-year deal with OpenAI for 750MW valued at more than $20 billion and launched multi-year partnership with Amazon to bring Cerebras’ fast inference to AWS</li>
<li>Temporarily renting their own systems back from an existing customer (G42?) which will depress core cloud and other services margin temporarily by 10 to 15 margin points. Interesting move...</li>
</ul>


GAAP quarterly revenue of $193.4 million; record core revenue of $191.3 million, up 92% from a year ago
Announced a multi-year deal with OpenAI for 750MW valued at more than $20 billion and launched multi-year partnership with Amazon to bring Cerebras’ fast inference to AWS
Temporarily renting their own systems back from an existing customer (G42?) which will depress core cloud and other services margin temporarily by 10 to 15 margin points. Interesting move...


Cerebras Q1 2026. Solid Opening Quarter, But Margins Are A Puzzle

<ul>
<li>Amazon’s discovery of a Fable 5 jailbreak led to swift U.S. export bans on foreign nationals, forcing Anthropic to pull its flagship models entirely offline.</li>
<li>The severe federal intervention highlights the immense risk of relying on centralized U.S. cloud providers, pushing foreign governments to rapidly fund domestic, sovereign AI infrastructure</li>
<li>Heavy-Handed software export controls will likely backfire on the administration by driving global enterprises and developers toward resilient, unrestricted open-source alternatives, such as those from China</li>
</ul>


Amazon’s discovery of a Fable 5 jailbreak led to swift U.S. export bans on foreign nationals, forcing Anthropic to pull its flagship models entirely offline.
The severe federal intervention highlights the immense risk of relying on centralized U.S. cloud providers, pushing foreign governments to rapidly fund domestic, sovereign AI infrastructure
Heavy-Handed software export controls will likely backfire on the administration by driving global enterprises and developers toward resilient, unrestricted open-source alternatives, such as those from China


Anthropic's Latest Misstep Is A Game Changer For Sovereign & Open Source AI

<ul><li>DeepL is valued at $2 billion following its $300 million Series D round led by Index Ventures in May 2024.</li><li>DeepL Write expands the company beyond translation into AI-assisted business writing and style guidance.</li><li>The company&#39;s presence among 50% of Fortune 500 companies creates opportunities for deeper penetration within existing accounts.</li></ul>

DeepL is valued at $2 billion following its $300 million Series D round led by Index Ventures in May 2024.DeepL Write expands the company beyond translation into AI-assisted business writing and style guidance.The company&#39;s presence among 50% of Fortune 500 companies creates opportunities for deeper penetration within existing accounts.

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: Cursor - 01 Jul 2026

AI-native IDE for developers to write, edit, and debug code with LLMs

Sacra

YOFC (6869.HK): Navigating AI Bubble, Still An Opportunity in Optical Fiber

YOFC is the only one that has mastered all three mainstream preform technologies. The company has the top market shares globally. The operating...

Ming Lu

Cerebras Q1 2026. Solid Opening Quarter, But Margins Are A Puzzle

Temporarily renting their own systems back from an existing customer (G42?) which will depress core cloud and other services margin temporarily by...

William Keating

Anthropic's Latest Misstep Is A Game Changer For Sovereign & Open Source AI

Heavy-handed software export controls will likely backfire by driving global enterprises & developers toward resilient, unrestricted open-source...

William Keating

Primer: DeepL - 19 Jun 2026

Translation software for accurate, natural-sounding text and document localization across languages

Sacra

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