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 Genspark hit $250M in annualized revenue in March 2026, up from $85M at the end of 2025.</li><li>In November 2025, Genspark raised more than $200 million in a Series B, with participation from LG Technology Ventures and SBI Investment Co., and crossed the billion‑dollar mark in valuation.</li><li>Genspark is developing an AI browser that acts autonomously on every page a user visits, expanding from point-solution content creation into always-on knowledge work automation.</li></ul>

Sacra estimates that Genspark hit $250M in annualized revenue in March 2026, up from $85M at the end of 2025.In November 2025, Genspark raised more than $200 million in a Series B, with participation from LG Technology Ventures and SBI Investment Co., and crossed the billion‑dollar mark in valuation.Genspark is developing an AI browser that acts autonomously on every page a user visits, expanding from point-solution content creation into always-on knowledge work automation.

<ul><li>Sacra estimates that CoreWeave generated $5.131B in revenue in 2025, up 170% YoY from $1.915B in 2024, driven by surging demand for GPU compute from cloud providers, LLM companies, and AI application developers.</li><li>In Q1 2026, CoreWeave reported revenue of $2.078B, up 112% YoY from $982M in Q1 2025, with adjusted EBITDA of $1.157B (56% margin) and a net loss of $740M.</li><li>CoreWeave guided Q2 2026 revenue of $2.45B–$2.60B and full-year 2026 revenue of $12B–$13B, with an exit 2026 ARR of $18B–$19B and capex of $31B–$35B.</li></ul>

Sacra estimates that CoreWeave generated $5.131B in revenue in 2025, up 170% YoY from $1.915B in 2024, driven by surging demand for GPU compute from cloud providers, LLM companies, and AI application developers.In Q1 2026, CoreWeave reported revenue of $2.078B, up 112% YoY from $982M in Q1 2025, with adjusted EBITDA of $1.157B (56% margin) and a net loss of $740M.CoreWeave guided Q2 2026 revenue of $2.45B–$2.60B and full-year 2026 revenue of $12B–$13B, with an exit 2026 ARR of $18B–$19B and capex of $31B–$35B.

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

Cerebras Systems / Equity Capital Markets

<ul>
<li>Cerebras Systems has successfully closed its blockbuster IPO of 34.5M Class A shares at $185.00 per share, above the marketed price range.</li>
<li>The AI company raised the price range to $150.00-$160.00 and sold a total of 34.5M shares, up from the initial target. Cerebras’ stock soared 100%+ during the first trading day. </li>
<li>I think Cerebras Systems stock has reached a level that is too high to justify a BUY rating. I see limited near-term upside even in an upside growth scenario. </li>
</ul>


Cerebras Systems has successfully closed its blockbuster IPO of 34.5M Class A shares at $185.00 per share, above the marketed price range.
The AI company raised the price range to $150.00-$160.00 and sold a total of 34.5M shares, up from the initial target. Cerebras’ stock soared 100%+ during the first trading day. 
I think Cerebras Systems stock has reached a level that is too high to justify a BUY rating. I see limited near-term upside even in an upside growth scenario. 


Cerebras Systems IPO Trading Update: Over-Heated Post-IPO Valuation, Limited Near-Term Upside

<ul><li>Sacra estimates Bolt.new hit $40M in annual recurring revenue (ARR) in March 2025, progressing from $4M ARR within four weeks of launch to $20M ARR in approximately two months, driven by its AI-powered web development platform.</li><li>Bolt.new found product-market fit as a browser-based, AI-powered development platform for non-technical entrepreneurs, product managers, and individual developers seeking to rapidly prototype and build full-stack applications without traditional coding barriers.</li><li>In May 2026, Bolt announced a partnership with Microsoft Azure and Microsoft 365, adding Microsoft Marketplace as a procurement channel alongside AWS Marketplace and enabling Azure-native deployment, enterprise-grade security and compliance, and integration with Microsoft Teams and Microsoft 365 Copilot.</li></ul>

Sacra estimates Bolt.new hit $40M in annual recurring revenue (ARR) in March 2025, progressing from $4M ARR within four weeks of launch to $20M ARR in approximately two months, driven by its AI-powered web development platform.Bolt.new found product-market fit as a browser-based, AI-powered development platform for non-technical entrepreneurs, product managers, and individual developers seeking to rapidly prototype and build full-stack applications without traditional coding barriers.In May 2026, Bolt announced a partnership with Microsoft Azure and Microsoft 365, adding Microsoft Marketplace as a procurement channel alongside AWS Marketplace and enabling Azure-native deployment, enterprise-grade security and compliance, and integration with Microsoft Teams and Microsoft 365 Copilot.

<ul>
<li>Cerebras Systems is expected to IPO next week: VC-backed AI chipmaker offers 28m Class A shares at the price range of $115-$125, implying a market cap of ~$26B at midpoint.</li>
<li>The last round was a ~$1B Series H that was led by Atreides Management, Fidelity and Tiger Global at a ~$23B post-money valuation at a $89.02 price per share. </li>
<li>I have a positive view of Cerebras Systems IPO as the offering will be priced slightly above last round valuation and my PT of $211.00 implies a 76% post-listing upside. </li>
</ul>


Cerebras Systems is expected to IPO next week: VC-backed AI chipmaker offers 28m Class A shares at the price range of $115-$125, implying a market cap of ~$26B at midpoint.
The last round was a ~$1B Series H that was led by Atreides Management, Fidelity and Tiger Global at a ~$23B post-money valuation at a $89.02 price per share. 
I have a positive view of Cerebras Systems IPO as the offering will be priced slightly above last round valuation and my PT of $211.00 implies a 76% post-listing upside. 


Cerebras Systems IPO (NASD: CBRS): The Implied Equity Value of $211 Represents ~76% Upside

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: Genspark - 18 May 2026

AI-powered agentic workspace for creating documents, slides, & spreadsheets

Sacra

Primer: CoreWeave - 18 May 2026

Cloud GPU provider offering production-grade compute infrastructure for AI model training and deployment

Sacra

Cerebras Systems IPO Trading Update: Over-Heated Post-IPO Valuation, Limited Near-Term Upside

Cerebras Systems closed its IPO above marketed price range. The stock soared 100%+ on first trading day. However, I see limited near-term upside...

Andrei Zakharov

Primer: Bolt.new - 10 May 2026

Browser-based tool for non-developers to build full-stack web and mobile apps with AI

Sacra

Cerebras Systems IPO (NASD: CBRS): The Implied Equity Value of $211 Represents ~76% Upside

Cerebras Systems plans to price its IPO next week. In my insight, I discuss transaction summary, IPO proceeds details, share analysis and...

Andrei Zakharov

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Primer: Genspark - 18 May 2026

AI-powered agentic workspace for creating documents, slides, & spreadsheets

Sacra

Primer: CoreWeave - 18 May 2026

Cloud GPU provider offering production-grade compute infrastructure for AI model training and deployment

Sacra

Cerebras Systems IPO Trading Update: Over-Heated Post-IPO Valuation, Limited Near-Term Upside

​Cerebras Systems closed its IPO above marketed price range. The stock soared 100%+ on first trading day. However, I see limited near-term upside...

Andrei Zakharov

Primer: Bolt.new - 10 May 2026

Browser-based tool for non-developers to build full-stack web and mobile apps with AI

Sacra

Cerebras Systems IPO (NASD: CBRS): The Implied Equity Value of $211 Represents ~76% Upside

Cerebras Systems plans to price its IPO next week. In my insight, I discuss transaction summary, IPO proceeds details, share analysis and...

Andrei Zakharov

Cerebras Systems closed its IPO above marketed price range. The stock soared 100%+ on first trading day. However, I see limited near-term upside...