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 Replit hit $525M in annualized revenue in April 2026, up from $300M at the end of 2025 (+1,775% year-over-year).</li><li>The introduction of usage-based agent pricing in late 2024 dramatically expanded average revenue per user, particularly among developers and small teams paying for compute-intensive AI assistance.</li><li>In March 2026, Replit raised $400M in a Series D led by Georgian at a $9B valuation—3x its valuation from six months prior.</li></ul>

Sacra estimates that Replit hit $525M in annualized revenue in April 2026, up from $300M at the end of 2025 (+1,775% year-over-year).The introduction of usage-based agent pricing in late 2024 dramatically expanded average revenue per user, particularly among developers and small teams paying for compute-intensive AI assistance.In March 2026, Replit raised $400M in a Series D led by Georgian at a $9B valuation—3x its valuation from six months prior.

<ul><li>Sacra estimates Bolt.new hit $40M in annual recurring revenue (ARR) in March 2025, progressing from $4M ARR within four weeks of launch to $20M ARR in approximately two months, driven by its AI-powered web development platform.</li><li>Bolt.new found product-market fit as a browser-based, AI-powered development platform for non-technical entrepreneurs, product managers, and individual developers seeking to rapidly prototype and build full-stack applications without traditional coding barriers.</li><li>In May 2026, Bolt announced a partnership with Microsoft Azure and Microsoft 365, adding Microsoft Marketplace as a procurement channel alongside AWS Marketplace and enabling Azure-native deployment, enterprise-grade security and compliance, and integration with Microsoft Teams and Microsoft 365 Copilot.</li></ul>

Sacra estimates Bolt.new hit $40M in annual recurring revenue (ARR) in March 2025, progressing from $4M ARR within four weeks of launch to $20M ARR in approximately two months, driven by its AI-powered web development platform.Bolt.new found product-market fit as a browser-based, AI-powered development platform for non-technical entrepreneurs, product managers, and individual developers seeking to rapidly prototype and build full-stack applications without traditional coding barriers.In May 2026, Bolt announced a partnership with Microsoft Azure and Microsoft 365, adding Microsoft Marketplace as a procurement channel alongside AWS Marketplace and enabling Azure-native deployment, enterprise-grade security and compliance, and integration with Microsoft Teams and Microsoft 365 Copilot.

<ul><li>Sacra estimates Codeium hit $82M ARR in July 2025, up from $40M in February 2025, at the time of its acquisition by Cognition.</li><li>Over 1,000 businesses use Codeium, including marquee names like Zillow, Dell, and Anduril.</li><li>Enterprise ARR was doubling quarter-over-quarter as of the July 2025 Cognition acquisition announcement, with 350+ enterprise customers at that time.</li></ul>

Sacra estimates Codeium hit $82M ARR in July 2025, up from $40M in February 2025, at the time of its acquisition by Cognition.Over 1,000 businesses use Codeium, including marquee names like Zillow, Dell, and Anduril.Enterprise ARR was doubling quarter-over-quarter as of the July 2025 Cognition acquisition announcement, with 350+ enterprise customers at that time.

Emergent Industrial Solutions / Private Capital Markets

Emergent Industrial Solutions (EMERGENT IN)

<ul><li>Sacra estimates that Emergent hit $100M in annual recurring revenue (ARR) in February 2026, up from $25M in December 2025.</li><li>In January 2026, Emergent raised $70 million in a funding round jointly led by SoftBank Vision Fund 2 and Khosla Ventures that tripled the company&#39;s valuation to $300 million.</li><li>Emergent is a browser-based conversation-to-code platform that transforms natural language descriptions into production-ready applications.</li></ul>

Sacra estimates that Emergent hit $100M in annual recurring revenue (ARR) in February 2026, up from $25M in December 2025.In January 2026, Emergent raised $70 million in a funding round jointly led by SoftBank Vision Fund 2 and Khosla Ventures that tripled the company&#39;s valuation to $300 million.Emergent is a browser-based conversation-to-code platform that transforms natural language descriptions into production-ready applications.

<ul><li>Sacra estimates Replit’s annual recurring revenue (ARR) hit ~$253M in October 2025, up ~16x from $16M at the end of 2024.</li><li>Replit is capturing fast-growing enterprise AI spend across functions like marketing and revenue ops as non-engineers replace off-the-shelf SaaS.</li><li>Deploying internal apps (not coding activity) predicts long-term retention of Replit where Replit’s integrated authentication &amp; storage creates behavioral lock-in.</li></ul>

Sacra estimates Replit’s annual recurring revenue (ARR) hit ~$253M in October 2025, up ~16x from $16M at the end of 2024.Replit is capturing fast-growing enterprise AI spend across functions like marketing and revenue ops as non-engineers replace off-the-shelf SaaS.Deploying internal apps (not coding activity) predicts long-term retention of Replit where Replit’s integrated authentication &amp; storage creates behavioral lock-in.

Italy

AI company developing superintelligent autonomous systems, starting with coding agents

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Reflection AI (AI IT)

Primer: Replit - 28 May 2026

Browser-based code editor with real-time collaboration, AI assistance, and one-click deployment

Sacra

Primer: Bolt.new - 10 May 2026

Browser-based tool for non-developers to build full-stack web and mobile apps with AI

Sacra

Primer: Codeium - 09 Mar 2026

AI-powered coding tool for autocompletion, code review, and error detection across IDEs

Sacra

Primer: Emergent - 18 Feb 2026

Platform enabling non-technical users to build full-stack, production-ready applications using autonomous AI agents

Sacra

Replit At $253M ARR Growing 2,352% YoY

TL;DR: Replit is going enterprise as non-technical business users at companies like Coinbase, Zillow, and Mercedes-Benz build internal tools &...

Sacra

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