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 Fal.ai hit $400M in annualized revenue in February 2026, up from approximately $285M at the end of 2025, which was up 1,040% year-over-year from $25M at the end of 2024.</li><li>In December 2025, Fal.ai raised $140 million led by Sequoia at a $4.5 billion valuation.</li><li>Looking into 2026, the company has indicated it will reinvest new capital into expanding infrastructure footprint, accelerating product lines (workflows, training/fine-tuning), and broadening its model marketplace.</li></ul>

Sacra estimates that Fal.ai hit $400M in annualized revenue in February 2026, up from approximately $285M at the end of 2025, which was up 1,040% year-over-year from $25M at the end of 2024.In December 2025, Fal.ai raised $140 million led by Sequoia at a $4.5 billion valuation.Looking into 2026, the company has indicated it will reinvest new capital into expanding infrastructure footprint, accelerating product lines (workflows, training/fine-tuning), and broadening its model marketplace.

<ul><li>Segmind raised $1 million in seed funding on May 29, 2023, led by All In Capital with participation from Paradigm Shift Capital, WEH Ventures, and 100x Entrepreneur Fund.</li><li>Segmind operates a cloud platform that gives developers three ways to deploy generative AI models for visual content creation.</li><li>Video generation represents the highest-growth expansion opportunity, with Segmind&#39;s Wan 2.5-Preview model targeting the rapidly growing generative video market projected to reach $780 million by 2029.</li></ul>

Segmind raised $1 million in seed funding on May 29, 2023, led by All In Capital with participation from Paradigm Shift Capital, WEH Ventures, and 100x Entrepreneur Fund.Segmind operates a cloud platform that gives developers three ways to deploy generative AI models for visual content creation.Video generation represents the highest-growth expansion opportunity, with Segmind&#39;s Wan 2.5-Preview model targeting the rapidly growing generative video market projected to reach $780 million by 2029.

<ul><li>Fireworks AI gave Hebbia access to state-of-the-art open models with OpenAI-style endpoints, enabling rapid deployment of buzzy models like DeepSeek without special integrations.</li><li>Hebbia's inference patterns included high-concurrency chat products for analysts, token-heavy batch document processing, and model choice flexibility—all requiring different latency profiles that benefited from Fireworks' throughput guarantees and observability tooling.</li><li>Model optionality became a key differentiator in Hebbia's enterprise sales, with Fireworks enabling them to offer both closed and open models while addressing security concerns about data retention—positioning them against competitors limited to just OpenAI and Anthropic.</li></ul>

Fireworks AI gave Hebbia access to state-of-the-art open models with OpenAI-style endpoints, enabling rapid deployment of buzzy models like DeepSeek without special integrations.Hebbia's inference patterns included high-concurrency chat products for analysts, token-heavy batch document processing, and model choice flexibility—all requiring different latency profiles that benefited from Fireworks' throughput guarantees and observability tooling.Model optionality became a key differentiator in Hebbia's enterprise sales, with Fireworks enabling them to offer both closed and open models while addressing security concerns about data retention—positioning them against competitors limited to just OpenAI and Anthropic.

Fireworks AI Customer At Hebbia On Serving state-of-the-art Models With Unified APIs

<ul><li>Replicate raised $40 million in a Series B round led by Andreessen Horowitz in December 2023, bringing total funding to approximately $58 million.</li><li>Replicate is a serverless GPU platform enabling developers to run and fine-tune AI models via simple API calls without managing infrastructure.</li><li>Replicate operates a B2B usage-based model in which developers pay per GPU-hour consumed.</li></ul>

Replicate raised $40 million in a Series B round led by Andreessen Horowitz in December 2023, bringing total funding to approximately $58 million.Replicate is a serverless GPU platform enabling developers to run and fine-tune AI models via simple API calls without managing infrastructure.Replicate operates a B2B usage-based model in which developers pay per GPU-hour consumed.

<ul><li>Fal.ai hit a $95M revenue run rate in July 2025, up from $25M at the end of 2024.</li><li>Fal.ai is evolving past raw inference & model hosting into workflows, bundling together model chaining, LoRA fine-tuning, and asset storage into one billable integration.</li><li>After signing enterprise deals to power generative image & video experiences in Quora’s Poe, Canva and Perplexity, Sacra estimates that Fal.ai hit a revenue run rate of $95M in July 2025, up from $25M at the end of 2024 and up 4,650% YoY from about $2M in July 2024.</li></ul>

Fal.ai hit a $95M revenue run rate in July 2025, up from $25M at the end of 2024.Fal.ai is evolving past raw inference & model hosting into workflows, bundling together model chaining, LoRA fine-tuning, and asset storage into one billable integration.After signing enterprise deals to power generative image & video experiences in Quora’s Poe, Canva and Perplexity, Sacra estimates that Fal.ai hit a revenue run rate of $95M in July 2025, up from $25M at the end of 2024 and up 4,650% YoY from about $2M in July 2024.

United States

Platform enabling developers to run and fine-tune open-source machine learning models with an API

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Replicate (REPLICATE US)

Primer: Fal.ai - 23 Mar 2026

Platform for developers to create AI-generated audio, video, and images

Sacra

Primer: Segmind - 06 Oct 2025

Platform for developers to integrate and deploy generative AI models for visual content creation

Sacra

Fireworks AI Customer At Hebbia On Serving state-of-the-art Models With Unified APIs

At Hebia, what Fireworks AI features did you actually use? For example, serverless endpoints or fine tuning? And what did your typical inference...

Sacra

Primer: Replicate - 07 Aug 2025

Platform enabling developers to run and fine-tune open-source machine learning models with an API

Sacra

Fal.Ai At $95M/year Growing 4,650% YoY

TL;DR: As generative media took off in 2022-2023, Fal.ai pivoted to an inference-as-a-service API for image, video, and audio models that optimized...

Sacra

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)