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 Cohere hit $240 million in annual recurring revenue (ARR) in 2025, up 287% year-over-year from $62 million at the end of 2024, surpassing its internal $200 million target.</li><li>In April 2026, Schwarz Group committed €500 million (approximately $600 million) in structured financing as lead investor for Cohere&#39;s Series E round, which CFO Francois Chadwick said is expected to close within the next few months.</li><li>The company generates approximately 85% of its revenue from private deployments, with large enterprise customers including Oracle, Fujitsu, RBC, LG, and Notion signing multi-year contracts that provide revenue visibility.</li></ul>

Sacra estimates that Cohere hit $240 million in annual recurring revenue (ARR) in 2025, up 287% year-over-year from $62 million at the end of 2024, surpassing its internal $200 million target.In April 2026, Schwarz Group committed €500 million (approximately $600 million) in structured financing as lead investor for Cohere&#39;s Series E round, which CFO Francois Chadwick said is expected to close within the next few months.The company generates approximately 85% of its revenue from private deployments, with large enterprise customers including Oracle, Fujitsu, RBC, LG, and Notion signing multi-year contracts that provide revenue visibility.

<ul><li>Sacra estimates that CoreWeave generated $5.131B in revenue in 2025, up 170% YoY from $1.915B in 2024, driven by surging demand for GPU compute from cloud providers, LLM companies, and AI application developers.</li><li>In Q1 2026, CoreWeave reported revenue of $2.078B, up 112% YoY from $982M in Q1 2025, with adjusted EBITDA of $1.157B (56% margin) and a net loss of $740M.</li><li>CoreWeave guided Q2 2026 revenue of $2.45B–$2.60B and full-year 2026 revenue of $12B–$13B, with an exit 2026 ARR of $18B–$19B and capex of $31B–$35B.</li></ul>

Sacra estimates that CoreWeave generated $5.131B in revenue in 2025, up 170% YoY from $1.915B in 2024, driven by surging demand for GPU compute from cloud providers, LLM companies, and AI application developers.In Q1 2026, CoreWeave reported revenue of $2.078B, up 112% YoY from $982M in Q1 2025, with adjusted EBITDA of $1.157B (56% margin) and a net loss of $740M.CoreWeave guided Q2 2026 revenue of $2.45B–$2.60B and full-year 2026 revenue of $12B–$13B, with an exit 2026 ARR of $18B–$19B and capex of $31B–$35B.

<ul><li>Sacra estimates that Fluidstack reached $180M in annual recurring revenue (ARR) in December 2024, reflecting 620% year-over-year growth from $25M in 2023.</li><li>The company manages more than 100,000 GPUs across its network and serves AI companies such as Meta, Mistral, Character.AI, Poolside, and Black Forest Labs.</li><li>Fluidstack is in talks to raise $1B at an $18B valuation, with Jane Street and Situational Awareness in discussions to co-lead the round and Morgan Stanley advising, as of April 2026.</li></ul>

Sacra estimates that Fluidstack reached $180M in annual recurring revenue (ARR) in December 2024, reflecting 620% year-over-year growth from $25M in 2023.The company manages more than 100,000 GPUs across its network and serves AI companies such as Meta, Mistral, Character.AI, Poolside, and Black Forest Labs.Fluidstack is in talks to raise $1B at an $18B valuation, with Jane Street and Situational Awareness in discussions to co-lead the round and Morgan Stanley advising, as of April 2026.

<ul><li>Sacra estimates that Midjourney hit $200 million in annual recurring revenue (ARR) as of 2023.</li><li>On August 22, 2025, Midjourney announced a strategic partnership with Meta to license its aesthetic technology for future Meta models and products.</li><li>Video generation represents Midjourney&#39;s most significant TAM expansion opportunity, addressing a market estimated at $26 billion by 2027.</li></ul>

Sacra estimates that Midjourney hit $200 million in annual recurring revenue (ARR) as of 2023.On August 22, 2025, Midjourney announced a strategic partnership with Meta to license its aesthetic technology for future Meta models and products.Video generation represents Midjourney&#39;s most significant TAM expansion opportunity, addressing a market estimated at $26 billion by 2027.

<ul><li>Cohere shifted focus to training & deploying LLMs in private cloud or on-prem for customers in regulated industries (financial services, healthcare, government, defense).</li><li>Cohere hit $150M in annual recurring revenue (ARR) in October 2025, up from $100M in May 2025 and $22M in March 2024, valued at $7B as of September 2025 for a 46.7x revenue multiple.</li><li>CEO Aidan Gomez says the company expects to go public "soon", with Cohere "on a clear path to profitability" & expecting to turn a profit before 2029.</li></ul>

Cohere shifted focus to training & deploying LLMs in private cloud or on-prem for customers in regulated industries (financial services, healthcare, government, defense).Cohere hit $150M in annual recurring revenue (ARR) in October 2025, up from $100M in May 2025 and $22M in March 2024, valued at $7B as of September 2025 for a 46.7x revenue multiple.CEO Aidan Gomez says the company expects to go public "soon", with Cohere "on a clear path to profitability" & expecting to turn a profit before 2029.

France

Company developing advanced AI models to automate and improve coding processes for businesses

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Poolside (POOLSIDE FR)

Primer: Cohere - 31 May 2026

API for fast, cost-effective large language models tailored to enterprise deployments

Sacra

Primer: CoreWeave - 18 May 2026

Cloud GPU provider offering production-grade compute infrastructure for AI model training and deployment

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Primer: Fluidstack - 27 Apr 2026

GPU rental service connecting AI startups with underutilized data center compute capacity

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Primer: Midjourney - 14 Dec 2025

AI image generation tool for creating visuals from text prompts via web or Discord

Sacra

Cohere At $150M ARR

TL;DR: Starting as a LLM competitor to OpenAI & Anthropic, Cohere has shifted gears to compete with enterprise AI companies like Glean and Writer....

Sacra

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