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 RunPod hit $120M in annualized revenue in January 2026.</li><li>RunPod said it grew from 100,000 developers in May 2024 to more than 500,000 by January 2026, with deployments across 31 global regions and enterprise customers ranging up to multimillion-dollar annual spend.</li><li>The company maintains gross margins in the mid-60s to high-70s percent range, similar to other data-heavy SaaS platforms, while operating near breakeven to fund rapid expansion.</li></ul>

Sacra estimates that RunPod hit $120M in annualized revenue in January 2026.RunPod said it grew from 100,000 developers in May 2024 to more than 500,000 by January 2026, with deployments across 31 global regions and enterprise customers ranging up to multimillion-dollar annual spend.The company maintains gross margins in the mid-60s to high-70s percent range, similar to other data-heavy SaaS platforms, while operating near breakeven to fund rapid expansion.

<ul><li>Sacra estimates that Fireworks AI hit $800M in annualized revenue in May 2026, up from about $305M at the end of 2025.</li><li>Fireworks AI raised a $1.505B Series D in July 2026 at a $17.5B post-money valuation.</li><li>The customer base grew from roughly 1,000 companies at the time of the Series B to more than 10,000 companies by October 2025.</li></ul>

Sacra estimates that Fireworks AI hit $800M in annualized revenue in May 2026, up from about $305M at the end of 2025.Fireworks AI raised a $1.505B Series D in July 2026 at a $17.5B post-money valuation.The customer base grew from roughly 1,000 companies at the time of the Series B to more than 10,000 companies by October 2025.

<ul><li>Sacra estimates that Modal Labs hit $1B in annualized revenue in October 2026, up from $160M at the end of 2025.</li><li>Modal Labs announced a $750M Series D on October 14, 2026, at a $15.75B post-money valuation.</li><li>Modal operates as a developer-first cloud infrastructure platform with a consumption-based SaaS model.</li></ul>

Sacra estimates that Modal Labs hit $1B in annualized revenue in October 2026, up from $160M at the end of 2025.Modal Labs announced a $750M Series D on October 14, 2026, at a $15.75B post-money valuation.Modal operates as a developer-first cloud infrastructure platform with a consumption-based SaaS model.

<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>As AI teams balance inference and training workloads, they're choosing serverless approaches for training to avoid paying for 24/7 fixed GPU allocation, while GPU availability and pricing drive provider selection.</li><li>As API-generated platforms face variable loads, serverless GPU infrastructure automatically scales resources up and down based on demand, eliminating the cost inefficiency of 24/7 on-demand instances.</li><li>While pricing matters, the availability of diverse GPU options (from 16GB to 180GB VRAM) combined with ready-made community templates for experimentation creates meaningful differentiation between GPU cloud providers.</li></ul>

As AI teams balance inference and training workloads, they're choosing serverless approaches for training to avoid paying for 24/7 fixed GPU allocation, while GPU availability and pricing drive provider selection.As API-generated platforms face variable loads, serverless GPU infrastructure automatically scales resources up and down based on demand, eliminating the cost inefficiency of 24/7 on-demand instances.While pricing matters, the availability of diverse GPU options (from 16GB to 180GB VRAM) combined with ready-made community templates for experimentation creates meaningful differentiation between GPU cloud providers.

RunPod Customer At Segmind On GPU Serverless Platforms For AI Model Deployment

United States

Cloud platform enabling developers to deploy, train, and scale AI applications

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RunPod (RUNPOD US)

Primer: RunPod - 20 Apr 2026

Cloud platform enabling developers to deploy, train, and scale AI applications

Sacra

Primer: Fireworks AI - 16 Jul 2026

Cloud platform for running, tuning, and scaling open-source large language, vision, and multimodal models with low-latency inference

Sacra

Primer: Fluidstack - 27 Apr 2026

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

Sacra

RunPod Customer At Segmind On GPU Serverless Platforms For AI Model Deployment

Which GPU providers are you primarily working with today...

Sacra

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Primer: RunPod - 20 Apr 2026

Cloud platform enabling developers to deploy, train, and scale AI applications

Sacra

Primer: Fireworks AI - 16 Jul 2026

Cloud platform for running, tuning, and scaling open-source large language, vision, and multimodal models with low-latency inference

Sacra

Primer: Modal Labs - 18 May 2026

Platform enabling developers to run code in the cloud without configuring infrastructure

Sacra

Primer: Fluidstack - 27 Apr 2026

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

Sacra

RunPod Customer At Segmind On GPU Serverless Platforms For AI Model Deployment

Which GPU providers are you primarily working with today...

Sacra