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 Lovable hit $84M ARR in June 2025, up from $7M at the end of 2024.</li><li>Sacra estimates Lovable hit $84M ARR at the end of June 2025, with its 3-month compounded monthly growth rate (CMGR3) dropping to 36% vs. its 51% CMGR6.</li><li>We last covered Lovable in March 2025, hitting $17M ARR in 3 months after launch with their tool for generating full-stack apps from natural language.</li></ul>

Sacra estimates that Lovable hit $84M ARR in June 2025, up from $7M at the end of 2024.Sacra estimates Lovable hit $84M ARR at the end of June 2025, with its 3-month compounded monthly growth rate (CMGR3) dropping to 36% vs. its 51% CMGR6.We last covered Lovable in March 2025, hitting $17M ARR in 3 months after launch with their tool for generating full-stack apps from natural language.

<ul><li>After the September 2024 launch of Replit Agent, revenue growth took off, with Sacra estimating that Replit hit $70M in ARR in April 2025, up 2,493% YoY from $2.7M in April 2024.</li><li>Hitting 20M total users by 2023, Replit’s ARR grew from just $1M in 2022 to $2.4M in 2023—reflecting the challenges of monetizing non-professional developers—with its progressive bundling of collaboration, databases &amp; version control giving it inroads into the rising class of software creators (non-professional developers that monetize the ability to code) and professional use cases (e.g., interviewing).</li><li>Revenue growth took off with the launch of Replit Agent in September 2024—layering an AI code generator on top of their existing IDE and deployment infra ala Vercel to enable one-click publishing—with Sacra estimating that Replit grew from $2.7M in April 2024 to $70M ARR in April 2025, up 2,493% YoY.</li></ul>

After the September 2024 launch of Replit Agent, revenue growth took off, with Sacra estimating that Replit hit $70M in ARR in April 2025, up 2,493% YoY from $2.7M in April 2024.Hitting 20M total users by 2023, Replit’s ARR grew from just $1M in 2022 to $2.4M in 2023—reflecting the challenges of monetizing non-professional developers—with its progressive bundling of collaboration, databases &amp; version control giving it inroads into the rising class of software creators (non-professional developers that monetize the ability to code) and professional use cases (e.g., interviewing).Revenue growth took off with the launch of Replit Agent in September 2024—layering an AI code generator on top of their existing IDE and deployment infra ala Vercel to enable one-click publishing—with Sacra estimating that Replit grew from $2.7M in April 2024 to $70M ARR in April 2025, up 2,493% YoY.

<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 Cursor hit $200M ARR in March 2025, up from $100M at the end of 2024.</li><li>Sacra estimates that Cursor doubled its ARR from $100M to $200M in just three months, maintaining its hypergrowth with a 100% quarter-over-quarter growth rate.</li><li>By making Agent Mode the default interface, adding the ability to run multiple parallel agents, and layering in autonomous terminal access and web search, Cursor is accelerating its shift from an AI-augmented IDE to a semi-autonomous agentic environment.</li></ul>

Sacra estimates that Cursor hit $200M ARR in March 2025, up from $100M at the end of 2024.Sacra estimates that Cursor doubled its ARR from $100M to $200M in just three months, maintaining its hypergrowth with a 100% quarter-over-quarter growth rate.By making Agent Mode the default interface, adding the ability to run multiple parallel agents, and layering in autonomous terminal access and web search, Cursor is accelerating its shift from an AI-augmented IDE to a semi-autonomous agentic environment.

<ul><li>Sacra estimates that Bolt.new hit $40M ARR in February 2025, doubling in just three months since November 2024.</li><li>We first covered Bolt.new in January 2025 when it had reached $20M ARR within 8 weeks of its October 2024 launch, showcasing its rapid growth as a browser-based tool for non-developers to use natural language to build full-stack web apps.</li><li>Sacra estimates Bolt.new reached $40M ARR in February 2025, doubling from the $20M ARR reported in November 2024, maintaining its trajectory as one of the fastest-growing AI tools in history with an average customer spend of approximately $20/month based on token consumption for chat, code generation, and revisions.</li></ul>

Sacra estimates that Bolt.new hit $40M ARR in February 2025, doubling in just three months since November 2024.We first covered Bolt.new in January 2025 when it had reached $20M ARR within 8 weeks of its October 2024 launch, showcasing its rapid growth as a browser-based tool for non-developers to use natural language to build full-stack web apps.Sacra estimates Bolt.new reached $40M ARR in February 2025, doubling from the $20M ARR reported in November 2024, maintaining its trajectory as one of the fastest-growing AI tools in history with an average customer spend of approximately $20/month based on token consumption for chat, code generation, and revisions.

United States

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

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Replit (REPLIT US)

Lovable At $84M ARR Growing 36% MoM

TL;DR: With every AI app generator from Replit to Bolt.new to Vercel’s v0 converging & competing on the same core feature set, Lovable is...

Sacra

Replit At $70M ARR

TL;DR: Replit’s multiplayer browser IDE (2016) grew to tens of millions of users but with no clear path to monetization at scale. After the...

Sacra

Why OpenAI Wants Windsurf

TL;DR: OpenAI’s reported $3B bid for Windsurf underscores a shift from API monetization to vertically integrated full-stack products as labs race...

Sacra

Cursor At $200M ARR

TL;DR: All the AI-native dev tools players—Cursor, Devin, Windsurf, Anthropic—are converging on a unified vision of human vibe coding augmented by...

Sacra

Bolt.New At $40M ARR

TL;DR: Bolt.new has expanded its AI-powered app builder with native mobile support and Figma integration, cementing its position in the "vibe...

Sacra

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