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.

<ul><li>Sacra estimates that Together AI hit $1B in annualized revenue in February 2026, up from ~$618M at the end of 2025.</li><li>Together AI raised $800M in a Series C round led by Aramco Ventures in July 2026, valuing the company at $8.3B.</li><li>Together AI's August 2026 partnership with Humain in Saudi Arabia—providing 250 MW of power and 120,000 chips—represents a major capacity expansion.</li></ul>

Sacra estimates that Together AI hit $1B in annualized revenue in February 2026, up from ~$618M at the end of 2025.Together AI raised $800M in a Series C round led by Aramco Ventures in July 2026, valuing the company at $8.3B.Together AI's August 2026 partnership with Humain in Saudi Arabia—providing 250 MW of power and 120,000 chips—represents a major capacity expansion.

<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.

United States

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

Primer: Together AI - 31 Aug 2026

API and compute layer for developers to train and deploy open-source AI models

Sacra

Primer: Cursor - 01 Jul 2026

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

Sacra

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