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>/dev/agents was valued at $500 million post-money in its November 2024 seed funding round.</li><li>/dev/agents is establishing a platform business with a B2B2C go-to-market strategy.</li><li>The company will primarily monetize through two mechanisms, as noted by CEO David Singleton: transaction fees and subscriptions.</li></ul>

/dev/agents was valued at $500 million post-money in its November 2024 seed funding round./dev/agents is establishing a platform business with a B2B2C go-to-market strategy.The company will primarily monetize through two mechanisms, as noted by CEO David Singleton: transaction fees and subscriptions.

<ul><li>Windsurf, launched out of the AI research company Codeium, is a VS Code–based development environment with agentic editing tools and chat-driven workflows that let developers write, refactor, and deploy code using natural language.</li><li>Windsurf is the #2 AI-native IDE at $40M ARR as of February 2025, roughly 5x smaller than Cursor, which hit $200M ARR in March 2025 after doubling from $100M at the end of 2024—OpenAI’s $3B offer for Windsurf values it at about 75x ARR vs. Cursor’s 50x forward, showing how aggressively it's moving to close the gap.</li><li>Buying Windsurf jumpstarts OpenAI’s push into coding tools with an existing IDE that supports million-line codebases and streams 100B+ daily code-edit tokens—high-quality RLHF data that reduces its reliance on vendors like Scale and strengthens its position in coding alignment vs. Anthropic.</li></ul>

Windsurf, launched out of the AI research company Codeium, is a VS Code–based development environment with agentic editing tools and chat-driven workflows that let developers write, refactor, and deploy code using natural language.Windsurf is the #2 AI-native IDE at $40M ARR as of February 2025, roughly 5x smaller than Cursor, which hit $200M ARR in March 2025 after doubling from $100M at the end of 2024—OpenAI’s $3B offer for Windsurf values it at about 75x ARR vs. Cursor’s 50x forward, showing how aggressively it's moving to close the gap.Buying Windsurf jumpstarts OpenAI’s push into coding tools with an existing IDE that supports million-line codebases and streams 100B+ daily code-edit tokens—high-quality RLHF data that reduces its reliance on vendors like Scale and strengthens its position in coding alignment vs. Anthropic.

<ul><li>Sacra estimates that Perplexity hit $100M ARR in March 2025, re-accelerating to 17% CMGR3, up from 12% in Q4 2024.</li><li>In March 2025, Perplexity partnered with Deutsche Telekom to pre-install Perplexity Assistant on its new AI Phone.</li><li>Perplexity rolled out a new visual search experience for shopping across hotels and travel in March 2025.</li></ul>

Sacra estimates that Perplexity hit $100M ARR in March 2025, re-accelerating to 17% CMGR3, up from 12% in Q4 2024.In March 2025, Perplexity partnered with Deutsche Telekom to pre-install Perplexity Assistant on its new AI Phone.Perplexity rolled out a new visual search experience for shopping across hotels and travel in March 2025.

<ul><li>Sacra estimates that Perplexity hit $63M in ARR at the end of 2024, up 800% from $7M in 2023.</li><li>Perplexity risks seeing commoditized its core experience of AI-summarized search results for complex queries (10-11 words long).</li><li>Perplexity’s own December 2024 projections of hitting $656M ARR by the end of 2026.</li></ul>

Sacra estimates that Perplexity hit $63M in ARR at the end of 2024, up 800% from $7M in 2023.Perplexity risks seeing commoditized its core experience of AI-summarized search results for complex queries (10-11 words long).Perplexity’s own December 2024 projections of hitting $656M ARR by the end of 2026.

<ul><li>Perplexity plans to raise at an $8-9B valuation, up from $3B at the time of its August Series C.</li><li>Perplexity's upside case lies in being a product company with more degrees of freedom than either Google or OpenAI.</li><li>Perplexity focuses on the most complex queries (10-11 words), monetizing them at a higher ARPC through prosumer subscriptions ($20/month), enterprise seats ($40/seat/month), and premium-priced ads ($50 CPM to Facebook's ~$14).</li></ul>

Perplexity plans to raise at an $8-9B valuation, up from $3B at the time of its August Series C.Perplexity's upside case lies in being a product company with more degrees of freedom than either Google or OpenAI.Perplexity focuses on the most complex queries (10-11 words), monetizing them at a higher ARPC through prosumer subscriptions ($20/month), enterprise seats ($40/seat/month), and premium-priced ads ($50 CPM to Facebook's ~$14).

United States

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

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Perplexity (PERPLEXITY US)

Primer: /dev/agents - 04 May 2025

Cloud-based operating system for trusted AI agents to work with users across all of their devices

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Why OpenAI Wants Windsurf

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Perplexity At $100M ARR

TL;DR: As LLM labs threaten Perplexity by bundling in search, Perplexity is counter-attacking by eating up consumer use cases like travel search...

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How Perplexity Hits $656M ARR

TL;DR: As competition intensifies between Perplexity, foundation model companies, and Google, Perplexity is betting on deepening prosumer habitual...

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Perplexity At $51M ARR

TL;DR: Sacra estimates that Perplexity is at $51M ARR, up 1,600% year-over-year. Not a search company or an LLM company, Perplexity's upside case...

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