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 Replit hit $525M in annualized revenue in April 2026, up from $300M at the end of 2025, valued at $9B for an 19x revenue multiple as of its $400M Series D in March 2026.</li><li>Continuing the shift from students & prosumers to B2B & large enterprises to bring together AI growth dynamics together with SaaS economics (low churn, ~85% gross margin), Replit launched 1) self-serve into higher ACV enterprise plans (May 2026) and 2) distribution through hyperscalers via Azure Marketplace (July 2025) & Google Cloud Marketplace (September 2025), making Replit procurement-ready for enterprise teams around the world.</li><li>With Agent 4, Replit is pushing past “vibe coding” into “vibe doing” for all white collar work, to expand seats beyond the core product & eng prototyping use case into sales & marketing (slides, videos, animations), ops (workflows) and design (design-to-app) and take on Anthropic’s Claude Cowork & OpenAI’s Codex, all based downstream on LLMs’ ability to generate code, images & text.</li></ul>

Sacra estimates Replit hit $525M in annualized revenue in April 2026, up from $300M at the end of 2025, valued at $9B for an 19x revenue multiple as of its $400M Series D in March 2026.Continuing the shift from students & prosumers to B2B & large enterprises to bring together AI growth dynamics together with SaaS economics (low churn, ~85% gross margin), Replit launched 1) self-serve into higher ACV enterprise plans (May 2026) and 2) distribution through hyperscalers via Azure Marketplace (July 2025) & Google Cloud Marketplace (September 2025), making Replit procurement-ready for enterprise teams around the world.With Agent 4, Replit is pushing past “vibe coding” into “vibe doing” for all white collar work, to expand seats beyond the core product & eng prototyping use case into sales & marketing (slides, videos, animations), ops (workflows) and design (design-to-app) and take on Anthropic’s Claude Cowork & OpenAI’s Codex, all based downstream on LLMs’ ability to generate code, images & text.

<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 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.

<ul><li>On September 30, 2025, Vercel raised a $300M oversubscribed Series F co-led by Accel and GIC at a $9.3B post-money valuation, and initiated an approximately $300M tender offer for certain employees, former employees, and early investors—marking a near 3x step-up from its May 2024 $3.25B Series E.</li><li>v0, its AI assistant that transforms text descriptions into working user interfaces, has crossed 4M users since its 2024 GA and been rebuilt for production workflows—it can now import any GitHub repo, pull environment variables and configuration from Vercel automatically, create dedicated branches and PRs, and connect to Snowflake and AWS databases (Aurora PostgreSQL, DynamoDB, and Aurora DSQL, provisioned directly from Vercel).</li><li>Vercel&#39;s expansion from developer-first to enterprise-focused sales creates significant growth opportunities.</li></ul>

On September 30, 2025, Vercel raised a $300M oversubscribed Series F co-led by Accel and GIC at a $9.3B post-money valuation, and initiated an approximately $300M tender offer for certain employees, former employees, and early investors—marking a near 3x step-up from its May 2024 $3.25B Series E.v0, its AI assistant that transforms text descriptions into working user interfaces, has crossed 4M users since its 2024 GA and been rebuilt for production workflows—it can now import any GitHub repo, pull environment variables and configuration from Vercel automatically, create dedicated branches and PRs, and connect to Snowflake and AWS databases (Aurora PostgreSQL, DynamoDB, and Aurora DSQL, provisioned directly from Vercel).Vercel&#39;s expansion from developer-first to enterprise-focused sales creates significant growth opportunities.

<ul><li>Sacra estimates that Cognition hit $1B in annualized revenue in September 2026.</li><li>In September 2026, Cognition raised more than $2B at a $48B valuation, nearly doubling its $26B valuation from May 2026.</li><li>Growth has been driven by rapid adoption of Devin in the developer community, where tens of thousands of users subscribe for autonomous coding assistance, alongside Windsurf&#39;s top-down enterprise sales motion.</li></ul>

Sacra estimates that Cognition hit $1B in annualized revenue in September 2026.In September 2026, Cognition raised more than $2B at a $48B valuation, nearly doubling its $26B valuation from May 2026.Growth has been driven by rapid adoption of Devin in the developer community, where tens of thousands of users subscribe for autonomous coding assistance, alongside Windsurf&#39;s top-down enterprise sales motion.

United States

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

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Replit (REPLIT US)

Replit Passes $500M/year

TL;DR: Replit is pushing past “vibe coding” into “vibe doing,” expanding from text-to-app into slides, videos, animations & mockups for marketers,...

Sacra

Primer: Replit - 28 May 2026

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

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

Primer: Vercel - 10 Oct 2026

Hosting and deployment software for frontend teams building with Next.js and React

Sacra

Primer: Cognition - 29 Sep 2026

AI-powered coding assistant for software engineers to write, debug, and optimize code

Sacra

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