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 Shield AI hit approximately $300M in revenue for the year ending March 2025, up from $267M in 2024.</li><li>Shield AI is targeting 70-100% annual revenue growth to reach $1B in revenue by the year ending March 2028.</li><li>Shield AI raised a $1.5B Series G at a $12.7B post-money valuation, alongside $500M in fixed-return preferred equity.</li></ul>

Sacra estimates that Shield AI hit approximately $300M in revenue for the year ending March 2025, up from $267M in 2024.Shield AI is targeting 70-100% annual revenue growth to reach $1B in revenue by the year ending March 2028.Shield AI raised a $1.5B Series G at a $12.7B post-money valuation, alongside $500M in fixed-return preferred equity.

<ul><li>Sacra estimates that Anduril hit $2.1B in revenue in 2025, up 110% 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 is projecting an operating loss of approximately $1.2B in 2026, reflecting heavy upfront R&D and manufacturing investment ahead of revenue recognition on large multi-year contracts.</li></ul>

Sacra estimates that Anduril hit $2.1B in revenue in 2025, up 110% 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 is projecting an operating loss of approximately $1.2B in 2026, reflecting heavy upfront R&D and manufacturing investment ahead of revenue recognition on large multi-year contracts.

Mach Industries / Private Capital Markets

<ul><li>Mach Industries raised a $300 million round in June 2026, lifting its valuation to $1.8 billion.</li><li>Mach Industries builds autonomous weapons systems designed for what it calls the post-unmanned world.</li><li>The business model centers on three complementary revenue streams.</li></ul>

Mach Industries raised a $300 million round in June 2026, lifting its valuation to $1.8 billion.Mach Industries builds autonomous weapons systems designed for what it calls the post-unmanned world.The business model centers on three complementary revenue streams.

<ul><li>Shield AI hit $267M in revenue in 2024, up 64% YoY from $163M in 2023.</li><li>Demand has surged for autonomous drones with demonstrated success in combat—driving new contracts for Shield AI with the Romanian Navy (~$30M), Japan’s naval forces, Greece, Canada, and other allies, pushing Sacra-estimated annual revenue to $267M in 2024, up 64% YoY from $163M in 2023.</li><li>With $9.4B in investment committed to autonomous drones for the next fiscal year between the Pentagon’s discretionary budget and billions in new mandatory spending from Trump’s “One Big Beautiful Bill,” 2026 is set to be a key year for startups selling into DoD, with Shield AI well-positioned as the U.S.’s leading pure-play drone startup to win in the key categories of 1) small unmanned aerial systems and 2) long-endurance aerial systems for surveillance.</li></ul>

Shield AI hit $267M in revenue in 2024, up 64% YoY from $163M in 2023.Demand has surged for autonomous drones with demonstrated success in combat—driving new contracts for Shield AI with the Romanian Navy (~$30M), Japan’s naval forces, Greece, Canada, and other allies, pushing Sacra-estimated annual revenue to $267M in 2024, up 64% YoY from $163M in 2023.With $9.4B in investment committed to autonomous drones for the next fiscal year between the Pentagon’s discretionary budget and billions in new mandatory spending from Trump’s “One Big Beautiful Bill,” 2026 is set to be a key year for startups selling into DoD, with Shield AI well-positioned as the U.S.’s leading pure-play drone startup to win in the key categories of 1) small unmanned aerial systems and 2) long-endurance aerial systems for surveillance.

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Thematic (Sector/Industry)

<ul><li>Introducing AI Flow Private Pools Newsletter. Using data from PM Insights, we examine the monthly valuation changes in private companies in the AI space.</li><li>Unlike traditional company valuation assessments done quarterly, PM Insights data show equity price fluctuations between funding rounds and regular financial reporting periods.</li><li>We are following ~46 private companies in AI from PM Insights data and created a WTR AI Private Pools Index, with a market value (as of 3/9/26) of $1.73 trillion.</li></ul>

Introducing AI Flow Private Pools Newsletter. Using data from PM Insights, we examine the monthly valuation changes in private companies in the AI space.Unlike traditional company valuation assessments done quarterly, PM Insights data show equity price fluctuations between funding rounds and regular financial reporting periods.We are following ~46 private companies in AI from PM Insights data and created a WTR AI Private Pools Index, with a market value (as of 3/9/26) of $1.73 trillion.

AI Flow Private Pools Newsletter : Exploring Private Company Valuations in AI

United States

AI software for autonomous navigation of military drones and aircraft in denied environments

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Shield AI (AI US)

Primer: Shield AI - 31 May 2026

AI software for autonomous navigation of military drones and aircraft in denied environments

Sacra

Primer: Anduril - 03 Jun 2026

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

Sacra

Primer: Mach Industries - 02 Jun 2026

Developer of hydrogen-powered defense platforms including unmanned aerial vehicles and munitions

Sacra

Shield AI At $267M/year Growing 64% YoY

TL;DR: In a defense autonomy market flooded with drone startups and rising Pentagon budgets—$300M+ earmarked for low-cost autonomous systems in...

Sacra

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Primer: Shield AI - 31 May 2026

AI software for autonomous navigation of military drones and aircraft in denied environments

Sacra

Primer: Anduril - 03 Jun 2026

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

Sacra

Primer: Mach Industries - 02 Jun 2026

Developer of hydrogen-powered defense platforms including unmanned aerial vehicles and munitions

Sacra

Shield AI At $267M/year Growing 64% YoY

TL;DR: In a defense autonomy market flooded with drone startups and rising Pentagon budgets—$300M+ earmarked for low-cost autonomous systems in...

Sacra

AI Flow Private Pools Newsletter : Exploring Private Company Valuations in AI

Introducing AI Flow Private Pools Newsletter. Using data from PM Insights, we examine the monthly valuation changes in private companies in...

Water Tower Research