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>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 Perplexity reached $148M in annualized revenue in June 2025, up from $63M at the end of 2024.</li><li>Now that web search with citations feature natively across ChatGPT, Claude, Gemini and Copilot, Perplexity's original wedge has been commoditized.</li><li>The battleground has now shifted to the browser, with Perplexity launching its agentic browser Comet in beta in July 2025.</li></ul>

Sacra estimates Perplexity reached $148M in annualized revenue in June 2025, up from $63M at the end of 2024.Now that web search with citations feature natively across ChatGPT, Claude, Gemini and Copilot, Perplexity's original wedge has been commoditized.The battleground has now shifted to the browser, with Perplexity launching its agentic browser Comet in beta in July 2025.

<ul><li>As retrieval augmented generation took off in 2023, Exa’s embedding-based search index was positioned as a core developer API for building AI applications with access to real-time data.</li><li>Sacra estimates Exa hit $10M annualized revenue in September 2025, up ~11x YoY from ~$880K, raising an $85M Series B at a $700M valuation from Benchmark.</li><li>As AI agents evolve from single-turn assistants to autonomous multi-step workflows, Exa's "deep" agentic search positions it as infrastructure for the next generation of AI applications that need to reason over web data rather than just retrieve it.</li></ul>

As retrieval augmented generation took off in 2023, Exa’s embedding-based search index was positioned as a core developer API for building AI applications with access to real-time data.Sacra estimates Exa hit $10M annualized revenue in September 2025, up ~11x YoY from ~$880K, raising an $85M Series B at a $700M valuation from Benchmark.As AI agents evolve from single-turn assistants to autonomous multi-step workflows, Exa's "deep" agentic search positions it as infrastructure for the next generation of AI applications that need to reason over web data rather than just retrieve it.

Cerebras Systems / Private Capital Markets

<ul><li>Since our last coverage, Cerebras postponed its IPO following regulatory questions about its UAE revenue concentration (G42 accounted for ~83% of 2023 revenue) and instead raised $1B from Fidelity and Tiger Global.</li><li>Cerebras&#39;s single-chip architecture loads entire AI models onto one chip with ~44GB of onboard memory, delivering inference ~10x faster than traditional multi-GPU setups—the company historically sold these as $2M hardware units to national labs, but launched a cloud inference API in summer 2024 that has since become the primary growth driver, serving customers like Perplexity, Notion, Windsurf, and Cognition on a pay-per-token basis.</li><li>Where selling $2M chips to national labs like Argonne and Livermore limited Cerebras to a small pool of state-backed research customers with long sales cycles and high revenue concentration, selling inference via API creates higher velocity and opens up the much larger market of AI startups and enterprises that want speed without buying and operating specialized hardware.</li></ul>

Since our last coverage, Cerebras postponed its IPO following regulatory questions about its UAE revenue concentration (G42 accounted for ~83% of 2023 revenue) and instead raised $1B from Fidelity and Tiger Global.Cerebras&#39;s single-chip architecture loads entire AI models onto one chip with ~44GB of onboard memory, delivering inference ~10x faster than traditional multi-GPU setups—the company historically sold these as $2M hardware units to national labs, but launched a cloud inference API in summer 2024 that has since become the primary growth driver, serving customers like Perplexity, Notion, Windsurf, and Cognition on a pay-per-token basis.Where selling $2M chips to national labs like Argonne and Livermore limited Cerebras to a small pool of state-backed research customers with long sales cycles and high revenue concentration, selling inference via API creates higher velocity and opens up the much larger market of AI startups and enterprises that want speed without buying and operating specialized hardware.

<ul><li>Browser automation enables AI agents to programmatically and robustly interact with legacy systems by using websites like a human to use apps and enter data, with MCP enabling AI voice agents &amp; chatbots to chain browser automation together into end-to-end workflows that can replace humans.</li><li>First as developer infrastructure for browser use from companies like Browserbase ($67.5M raised, CRV &amp; Kleiner Perkins), browser automation has expanded to non-technical operations teams via products like Asteroid (YC W25), with the opportunity to eat $2B+ of yearly spend on incumbent automation companies like UiPath (NYSE: PATH, $9B market cap) in enterprise.</li><li>Asteroid is a platform where teams can build and run AI browser agents. These AI browser agents can automate complex browser workflows people still do by hand in web portals such as form filling, data entry, and scheduling.</li></ul>

Browser automation enables AI agents to programmatically and robustly interact with legacy systems by using websites like a human to use apps and enter data, with MCP enabling AI voice agents &amp; chatbots to chain browser automation together into end-to-end workflows that can replace humans.First as developer infrastructure for browser use from companies like Browserbase ($67.5M raised, CRV &amp; Kleiner Perkins), browser automation has expanded to non-technical operations teams via products like Asteroid (YC W25), with the opportunity to eat $2B+ of yearly spend on incumbent automation companies like UiPath (NYSE: PATH, $9B market cap) in enterprise.Asteroid is a platform where teams can build and run AI browser agents. These AI browser agents can automate complex browser workflows people still do by hand in web portals such as form filling, data entry, and scheduling.

David Mlcoch, co-founder & CEO Of Asteroid, On Browser Automation And The Last Mile Problem Of AI

United States

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

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Perplexity (PERPLEXITY US)

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

Perplexity At $148M/year

TL;DR: Perplexity’s original wedge—LLM search with citations—has now been commoditized by every model lab. Now at a Sacra-estimated $148M in...

Sacra

Exa At $10M Growing 11x YoY

TL;DR: As retrieval augmented generation took off in 2023, Exa’s embedding-based search index was positioned as a core developer API for building...

Sacra

Cerebras Vs Nvidia

TL;DR: After UAE regulatory scrutiny stalled its IPO, Cerebras raised $1B and is diversifying revenue by selling cloud inference alongside...

Sacra

David Mlcoch, co-founder & CEO Of Asteroid, On Browser Automation And The Last Mile Problem Of AI

Can you tell us what Asteroid is and what inspired you to start the company...

Sacra

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