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 Saildrone generated $43M in revenue in FY24, up 231% YoY.</li><li>Lockheed Martin made a $50M strategic investment in Saildrone in October 2025, targeting on-water live-fire demonstrations in 2026.</li><li>Revenue growth has been primarily driven by Saildrone's success penetrating the US Navy market.</li></ul>

Sacra estimates that Saildrone generated $43M in revenue in FY24, up 231% YoY.Lockheed Martin made a $50M strategic investment in Saildrone in October 2025, targeting on-water live-fire demonstrations in 2026.Revenue growth has been primarily driven by Saildrone's success penetrating the US Navy market.

<ul><li>For 80 years, the U.S. Navy projected power through $13B Ford-class aircraft carriers and $2.5B Arleigh Burke destroyers, but China&#39;s shipyards now outproduce U.S. yards by more than 100x in tonnage &amp; China&#39;s fleet already exceeds the U.S. by ship count.</li><li>Trump&#39;s &quot;One Big Beautiful Bill&quot; allocated $5.7B specifically to maritime autonomous systems including $1.5B for small unmanned surface vessels, $2.1B for medium unmanned surface vessels, and $1.3B for unmanned underwater vehicles, while the Navy&#39;s Force Design plan calls for more than 150 new platforms as the service gameplans for Taiwan invasion scenarios where traditional carrier groups are liabilities.</li><li>The unmanned maritime market is sorting into three mission-driven segments based on endurance, speed, and depth, with Saildrone ($43M revenue in 2024, up 231% YoY) building wind-and-solar-powered surveillance drones that sail for 365 days on less than 100 watts, Saronic ($12.5M revenue in 2024) building hybrid attack-and-recon boats that run for 4 weeks at a time, and Anduril ($1B revenue in 2024, up 138% YoY) building heavyweight undersea strike vehicles that slot into the Navy's big-ticket submarine budget.</li></ul>

For 80 years, the U.S. Navy projected power through $13B Ford-class aircraft carriers and $2.5B Arleigh Burke destroyers, but China&#39;s shipyards now outproduce U.S. yards by more than 100x in tonnage &amp; China&#39;s fleet already exceeds the U.S. by ship count.Trump&#39;s &quot;One Big Beautiful Bill&quot; allocated $5.7B specifically to maritime autonomous systems including $1.5B for small unmanned surface vessels, $2.1B for medium unmanned surface vessels, and $1.3B for unmanned underwater vehicles, while the Navy&#39;s Force Design plan calls for more than 150 new platforms as the service gameplans for Taiwan invasion scenarios where traditional carrier groups are liabilities.The unmanned maritime market is sorting into three mission-driven segments based on endurance, speed, and depth, with Saildrone ($43M revenue in 2024, up 231% YoY) building wind-and-solar-powered surveillance drones that sail for 365 days on less than 100 watts, Saronic ($12.5M revenue in 2024) building hybrid attack-and-recon boats that run for 4 weeks at a time, and Anduril ($1B revenue in 2024, up 138% YoY) building heavyweight undersea strike vehicles that slot into the Navy's big-ticket submarine budget.

<ul><li>Sacra estimates that Saronic generated $200M in revenue in 2025, up 1,500% year-over-year from $12.5M in 2024, as the company scales vessel deliveries and government contract activity.</li><li>Saronic closed a $1.75 billion Series D on March 31, 2026, led by Kleiner Perkins, at a $9.25 billion post-money valuation.</li><li>Corsair is currently under contract with the U.S. Navy, and Saronic has been selected for DARPA&#39;s Pulling Guard program under Focus Area 2.</li></ul>

Sacra estimates that Saronic generated $200M in revenue in 2025, up 1,500% year-over-year from $12.5M in 2024, as the company scales vessel deliveries and government contract activity.Saronic closed a $1.75 billion Series D on March 31, 2026, led by Kleiner Perkins, at a $9.25 billion post-money valuation.Corsair is currently under contract with the U.S. Navy, and Saronic has been selected for DARPA&#39;s Pulling Guard program under Focus Area 2.

<ul><li>Sacra estimates that Anduril hit $2.2B in revenue in 2025, up 120% from $1B in 2024.</li><li>The company is projecting $4.3B in revenue for 2026, driven by Arsenal-1 scaling production in Ohio, with over $900M in campus spend tied to the facility.</li><li>Anduril closed a $5B funding round in May 2026, supplying capital to accelerate product development and secure additional defense contracts.</li></ul>

Sacra estimates that Anduril hit $2.2B in revenue in 2025, up 120% from $1B in 2024.The company is projecting $4.3B in revenue for 2026, driven by Arsenal-1 scaling production in Ohio, with over $900M in campus spend tied to the facility.Anduril closed a $5B funding round in May 2026, supplying capital to accelerate product development and secure additional defense contracts.

Director, Head of Research, Smartkarma

Pranav Rao

Director, Head of Research

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

<ul>
<li>Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 1,600+ insights published on Smartkarma.</li>
<li>In this cut, we examine the global naval reinvestment cycle, survey stocks benefitting from nuclear power's comeback, and review the case for a couple of confirmed corporate spin-offs.</li>
<li>Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.</li>
</ul>


Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 1,600+ insights published on Smartkarma.
In this cut, we examine the global naval reinvestment cycle, survey stocks benefitting from nuclear power's comeback, and review the case for a couple of confirmed corporate spin-offs.
Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.


Curator's Cut: Naval Navigations, Nuclear Renaissance & Spin-Off Situations

United States

Autonomous ocean drone fleet collecting real-time maritime data for research and security agencies

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Saildrone (SAILDRONE US)

Primer: Saildrone - 24 Aug 2026

Autonomous ocean drone fleet collecting real-time maritime data for research and security agencies

Sacra

$216B Drone Navy

TL;DR: China's 100x shipbuilding advantage and Ukraine's success sinking warships with $250K sea drones are forcing the U.S. Navy to shift from...

Sacra

Primer: Saronic - 16 Jul 2026

Autonomous vessel manufacturer for naval missions in GPS- and comms-denied environments

Sacra

Primer: Anduril - 10 Jul 2026

Hardware-software defense systems for autonomous drones, surveillance towers, and counter-drone warfare

Sacra

Curator's Cut: Naval Navigations, Nuclear Renaissance & Spin-Off Situations

This Curator's Cut issue highlights global naval reinvestment, nuclear power stocks, and corporate spin-offs from Smartkarma's insights. Comment...

Pranav Rao

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Primer: Saildrone - 24 Aug 2026

Autonomous ocean drone fleet collecting real-time maritime data for research and security agencies

Sacra

$216B Drone Navy

TL;DR: China's 100x shipbuilding advantage and Ukraine's success sinking warships with $250K sea drones are forcing the U.S. Navy to shift from...

Sacra

Primer: Saronic - 16 Jul 2026

Autonomous vessel manufacturer for naval missions in GPS- and comms-denied environments

Sacra

Primer: Anduril - 10 Jul 2026

Hardware-software defense systems for autonomous drones, surveillance towers, and counter-drone warfare

Sacra

Curator's Cut: Naval Navigations, Nuclear Renaissance & Spin-Off Situations

​This Curator's Cut issue highlights global naval reinvestment, nuclear power stocks, and corporate spin-offs from Smartkarma's insights. Comment...

Pranav Rao

This Curator's Cut issue highlights global naval reinvestment, nuclear power stocks, and corporate spin-offs from Smartkarma's insights. Comment...