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>Fireworks AI gave Hebbia access to state-of-the-art open models with OpenAI-style endpoints, enabling rapid deployment of buzzy models like DeepSeek without special integrations.</li><li>Hebbia's inference patterns included high-concurrency chat products for analysts, token-heavy batch document processing, and model choice flexibility—all requiring different latency profiles that benefited from Fireworks' throughput guarantees and observability tooling.</li><li>Model optionality became a key differentiator in Hebbia's enterprise sales, with Fireworks enabling them to offer both closed and open models while addressing security concerns about data retention—positioning them against competitors limited to just OpenAI and Anthropic.</li></ul>

Fireworks AI gave Hebbia access to state-of-the-art open models with OpenAI-style endpoints, enabling rapid deployment of buzzy models like DeepSeek without special integrations.Hebbia's inference patterns included high-concurrency chat products for analysts, token-heavy batch document processing, and model choice flexibility—all requiring different latency profiles that benefited from Fireworks' throughput guarantees and observability tooling.Model optionality became a key differentiator in Hebbia's enterprise sales, with Fireworks enabling them to offer both closed and open models while addressing security concerns about data retention—positioning them against competitors limited to just OpenAI and Anthropic.

Fireworks AI Customer At Hebbia On Serving state-of-the-art Models With Unified APIs

<ul><li>Sacra estimates Manus hit $90M in annualized revenue by August 2025, just five months post-launch, with Japan, the Middle East, and the U.S. as its biggest markets.</li><li>After growing their waitlist to 2 million people a week after their demo video went viral with 1M+ views, Sacra estimates that Manus hit $90M in annualized revenue in August 2025, just five months after launch, with Japan, the Middle East, and the U.S. as its biggest geographic segments by revenue.</li><li>As foundation model labs like Anthropic and OpenAI fold agentic capabilities into unified systems, Manus risks seeing commoditized its core experience of long-running agents that can read + write + execute code across different systems.</li></ul>

Sacra estimates Manus hit $90M in annualized revenue by August 2025, just five months post-launch, with Japan, the Middle East, and the U.S. as its biggest markets.After growing their waitlist to 2 million people a week after their demo video went viral with 1M+ views, Sacra estimates that Manus hit $90M in annualized revenue in August 2025, just five months after launch, with Japan, the Middle East, and the U.S. as its biggest geographic segments by revenue.As foundation model labs like Anthropic and OpenAI fold agentic capabilities into unified systems, Manus risks seeing commoditized its core experience of long-running agents that can read + write + execute code across different systems.

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>OpenAI and NVIDIA announced an audacious alliance under which the latter will invest $100 billion in the former</li>
<li>That investment will be staged to coincide with each completed gigawatt of compute capacity, up to ten gigawatts in total, which the two companies are planning to jointly install</li>
<li>Is this NVIDIA cutting out the middleman and setting up their very own private hyperscale enterprise to lease their GPUs directly to OpenAI? Uh oh!</li>
</ul>


OpenAI and NVIDIA announced an audacious alliance under which the latter will invest $100 billion in the former
That investment will be staged to coincide with each completed gigawatt of compute capacity, up to ten gigawatts in total, which the two companies are planning to jointly install
Is this NVIDIA cutting out the middleman and setting up their very own private hyperscale enterprise to lease their GPUs directly to OpenAI? Uh oh!


NVIDIA'S Genius Partnership With OpenAI May Be About More Than You Think

<ul><li>Sacra estimates that Descript hit $55M in annual recurring revenue (ARR) in late 2024, representing 75% year-over-year growth.</li><li>Descript raised $50 million in Series C funding in November 2022, led by OpenAI Startup Fund.</li><li>Revenue expansion happens through increased AI credit consumption as users adopt more automated features, team seat expansion, and migration to higher-tier plans.</li></ul>

Sacra estimates that Descript hit $55M in annual recurring revenue (ARR) in late 2024, representing 75% year-over-year growth.Descript raised $50 million in Series C funding in November 2022, led by OpenAI Startup Fund.Revenue expansion happens through increased AI credit consumption as users adopt more automated features, team seat expansion, and migration to higher-tier plans.

Circuit & Chisel / Private Capital Markets

<ul><li>Circuit & Chisel raised $19.2 million in a seed round in September 2025.</li><li>Revenue comes primarily from transaction fees—a small percentage take-rate on payments flowing through ATXP.</li><li>Stablecoin-denominated micropayments make ATXP inherently cross-border, enabling expansion into regions where traditional payment rails are expensive or unreliable.</li></ul>

Circuit & Chisel raised $19.2 million in a seed round in September 2025.Revenue comes primarily from transaction fees—a small percentage take-rate on payments flowing through ATXP.Stablecoin-denominated micropayments make ATXP inherently cross-border, enabling expansion into regions where traditional payment rails are expensive or unreliable.

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

OpenAI (2193707D US)

Fireworks AI Customer At Hebbia On Serving state-of-the-art Models With Unified APIs

At Hebia, what Fireworks AI features did you actually use? For example, serverless endpoints or fine tuning? And what did your typical inference...

Sacra

Manus At $90M/year

TL;DR: Founded in 2022, Manus launched in March 2025 as the first consumer-facing agent that combined agentic browser control, deep research, and...

Sacra

NVIDIA'S Genius Partnership With OpenAI May Be About More Than You Think

Is this NVIDIA cutting out the middleman and setting up their very own private hyperscale enterprise to lease their GPUs directly to OpenAI? Uh oh!

William Keating

Primer: Descript - 25 Sep 2025

AI-powered platform for users to edit audio and video content through text-based editing, transcription, and screen recording

Sacra

Primer: Circuit & Chisel - 23 Sep 2025

Software for building, developing, and managing artificial intelligence agents

Sacra

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)