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 Perplexity hit $750M in annualized revenue in August 2026, up from $232M at the end of 2025.</li><li>Perplexity was valued at $20B after raising $200M in a round announced in September 2025.</li><li>Perplexity operates on a tiered subscription model.</li></ul>

Sacra estimates that Perplexity hit $750M in annualized revenue in August 2026, up from $232M at the end of 2025.Perplexity was valued at $20B after raising $200M in a round announced in September 2025.Perplexity operates on a tiered subscription model.

<ul><li>Sacra estimates that Exa hit $100M in annualized revenue in September 2026, up from $14M at the end of 2025.</li><li>Exa raised a $250 million Series C at a $2.2 billion valuation in May 2026, led by Andreessen Horowitz.</li><li>More than 5,000 companies and 400,000 developers use Exa's products, with named customers including Cursor, Cognition, HubSpot, OpenRouter, and Monday.com.</li></ul>

Sacra estimates that Exa hit $100M in annualized revenue in September 2026, up from $14M at the end of 2025.Exa raised a $250 million Series C at a $2.2 billion valuation in May 2026, led by Andreessen Horowitz.More than 5,000 companies and 400,000 developers use Exa's products, with named customers including Cursor, Cognition, HubSpot, OpenRouter, and Monday.com.

<ul><li>Among the first generative AI companies to test sponsored answers for search in 2024, Perplexity shelved ads and the mass consumer play entirely in February 2026, given its ~100M monthly active users (MAUs) on the scale of a Canva (265M MAU) versus ~1B for ChatGPT and 4B for Google search.</li><li>Going deeper into prosumer with its February 2026 launch of Perplexity Computer, an agent for knowledge work that combines multi-agent orchestration, tool use &amp; app connectors competing with startups like Sauna ($30M seed, Spark), Lindy ($10M raised, A16Z), Fyxer ($9M ARR in May 2025) &amp; Zo Computer ($8M seed, Lightspeed), category pioneer Manus ($90M ARR), foundation labs like Claude Cowork and open source project OpenClaw, and productivity incumbents like Notion ($500M ARR).</li><li>Building on OpenClaw’s pattern of product-market fit, but working directly out of the box, cloud-native and without any maintenance / infrastructure burden, Perplexity Computer massively accelerated revenue growth for Perplexity, hitting $500M in annualized revenue in April 2026, up 354% YoY, after running at roughly 30% CMGR through mid-2025 before decelerating to sub-10% CMGR in the second half, then jumping 50% in March alone with the Perplexity Computer launch.</li></ul>

Among the first generative AI companies to test sponsored answers for search in 2024, Perplexity shelved ads and the mass consumer play entirely in February 2026, given its ~100M monthly active users (MAUs) on the scale of a Canva (265M MAU) versus ~1B for ChatGPT and 4B for Google search.Going deeper into prosumer with its February 2026 launch of Perplexity Computer, an agent for knowledge work that combines multi-agent orchestration, tool use &amp; app connectors competing with startups like Sauna ($30M seed, Spark), Lindy ($10M raised, A16Z), Fyxer ($9M ARR in May 2025) &amp; Zo Computer ($8M seed, Lightspeed), category pioneer Manus ($90M ARR), foundation labs like Claude Cowork and open source project OpenClaw, and productivity incumbents like Notion ($500M ARR).Building on OpenClaw’s pattern of product-market fit, but working directly out of the box, cloud-native and without any maintenance / infrastructure burden, Perplexity Computer massively accelerated revenue growth for Perplexity, hitting $500M in annualized revenue in April 2026, up 354% YoY, after running at roughly 30% CMGR through mid-2025 before decelerating to sub-10% CMGR in the second half, then jumping 50% in March alone with the Perplexity Computer launch.

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Thematic (Sector/Industry)

<div><ul><li>WTR AI Flow Private Pools Index update. Using data from PM Insights, we track private AI company valuations and created a market value-weighted WTR AI Flow Private Pools Index.</li><li>As of 8/10/26, the index had 43 active constituents and a total market value of $2.86 trillion.</li><li>The two largest constituents are Anthropic (46%) and OpenAI (33%). Note, these valuations reflect recent secondary-market bids and offers rather than a completed financing round.</li></ul></div>

WTR AI Flow Private Pools Index update. Using data from PM Insights, we track private AI company valuations and created a market value-weighted WTR AI Flow Private Pools Index.As of 8/10/26, the index had 43 active constituents and a total market value of $2.86 trillion.The two largest constituents are Anthropic (46%) and OpenAI (33%). Note, these valuations reflect recent secondary-market bids and offers rather than a completed financing round.

AI Flow Private Pools Newsletter : Exploring Private Company Valuations in AI - Aug 13, 2026

<div><ul><li>WTR AI Private Pools Index update. Using data from PM Insights, we track private AI company valuations and created a market value-weighted WTR AI Private Pools Index.</li><li>As of 5/11/26, the index had 38 active constituents and a total market value of $2.20 trillion. The two largest constituents are Anthropic (~41.0%) and OpenAI (~38.2%).</li><li>Another big month increase driven by Anthropic. WTR AI Private Pools Index performance for month ending May 11, 2026*. </li></ul></div>

WTR AI Private Pools Index update. Using data from PM Insights, we track private AI company valuations and created a market value-weighted WTR AI Private Pools Index.As of 5/11/26, the index had 38 active constituents and a total market value of $2.20 trillion. The two largest constituents are Anthropic (~41.0%) and OpenAI (~38.2%).Another big month increase driven by Anthropic. WTR AI Private Pools Index performance for month ending May 11, 2026*. 

AI Flow Private Pools Newsletter : Exploring Private Company Valuations in AI - 18 May 2026

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AI-powered search tool for answering complex, multi-sentence queries with cited summaries

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Perplexity (PERPLEXITY US)

Primer: Perplexity - 24 Aug 2026

AI-powered search tool for answering complex, multi-sentence queries with cited summaries

Sacra

Primer: Exa - 14 Oct 2026

API for meaning-based web search tailored to AI agents and complex queries

Sacra

Perplexity Computer Vs Claude Cowork

TL;DR: After abandoning advertising and the mass consumer play, Perplexity is betting everything on Computer, its multi-model agent for prosumer...

Sacra

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Primer: Perplexity - 24 Aug 2026

AI-powered search tool for answering complex, multi-sentence queries with cited summaries

Sacra

Primer: Exa - 14 Oct 2026

API for meaning-based web search tailored to AI agents and complex queries

Sacra

Perplexity Computer Vs Claude Cowork

TL;DR: After abandoning advertising and the mass consumer play, Perplexity is betting everything on Computer, its multi-model agent for prosumer...

Sacra

AI Flow Private Pools Newsletter : Exploring Private Company Valuations in AI - Aug 13, 2026

WTR AI Flow Private Pools Index update. Using data from PM Insights, we track private AI company valuations and created a market value-weighted WTR...

Water Tower Research

AI Flow Private Pools Newsletter : Exploring Private Company Valuations in AI - 18 May 2026

WTR AI Private Pools Index update. Using data from PM Insights, we track private AI company valuations and created a market value-weighted WTR AI...

Water Tower Research