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 SiFive generated $38.2 million in revenue in 2023.</li><li>SiFive was valued at $2.5 billion in its most recent funding round, a $175 million Series F completed in March 2022.</li><li>SiFive operates a B2B IP licensing model that monetizes through upfront license fees and ongoing royalties.</li></ul>

Sacra estimates that SiFive generated $38.2 million in revenue in 2023.SiFive was valued at $2.5 billion in its most recent funding round, a $175 million Series F completed in March 2022.SiFive operates a B2B IP licensing model that monetizes through upfront license fees and ongoing royalties.

Cerebras Systems / Private Capital Markets

<ul><li>Sacra estimates Cerebras hit $510M in 2025 revenue, up 76% YoY from $290M in 2024.</li><li>The multiyear OpenAI compute agreement—valued at more than $20B through 2028, with OpenAI also providing approximately $1B for data center buildout and the two companies co-designing future models for future Cerebras hardware—is the largest single disclosed commercial commitment in the company&#39;s history.</li><li>Traditional AI chips, like those from NVIDIA or Groq, are typically the size of a postage stamp and are clustered together to achieve high performance.</li></ul>

Sacra estimates Cerebras hit $510M in 2025 revenue, up 76% YoY from $290M in 2024.The multiyear OpenAI compute agreement—valued at more than $20B through 2028, with OpenAI also providing approximately $1B for data center buildout and the two companies co-designing future models for future Cerebras hardware—is the largest single disclosed commercial commitment in the company&#39;s history.Traditional AI chips, like those from NVIDIA or Groq, are typically the size of a postage stamp and are clustered together to achieve high performance.

SambaNova Systems / Private Capital Markets

<ul><li>SambaNova Systems was valued at $5.1 billion following its $676 million Series D round led by SoftBank Vision Fund in April 2021.</li><li>The company&#39;s core product, the SambaNova Suite, combines custom-designed AI chips with software that allows organizations to train and run large language models within their own data centers.</li><li>The AI hardware market is projected to reach $250B by 2030, with enterprises increasingly seeking alternatives to NVIDIA&#39;s dominance.</li></ul>

SambaNova Systems was valued at $5.1 billion following its $676 million Series D round led by SoftBank Vision Fund in April 2021.The company&#39;s core product, the SambaNova Suite, combines custom-designed AI chips with software that allows organizations to train and run large language models within their own data centers.The AI hardware market is projected to reach $250B by 2030, with enterprises increasingly seeking alternatives to NVIDIA&#39;s dominance.

<ul><li>Sacra estimates that Groq generated $90M in revenue in 2024.</li><li>Groq raised $750 million in September 2024, led by Disruptive, with participation from BlackRock and Neuberger Berman.</li><li>Groq is developing next-generation 4nm LPU chips through its partnership with Samsung Foundry, promising significant performance-per-watt improvements over current 14nm parts.</li></ul>

Sacra estimates that Groq generated $90M in revenue in 2024.Groq raised $750 million in September 2024, led by Disruptive, with participation from BlackRock and Neuberger Berman.Groq is developing next-generation 4nm LPU chips through its partnership with Samsung Foundry, promising significant performance-per-watt improvements over current 14nm parts.

<ul><li>Substrate closed a $100 million Series A funding round in October 2025 at a valuation exceeding $1 billion, making it a unicorn company before generating any revenue.</li><li>In October 2025, Substrate outlined a shift to building and operating U.S. fabs and offering foundry services rather than selling its X‑ray lithography tools.</li><li>Revenue will come primarily from equipment sales, with systems priced significantly below ASML's $400 million High-NA EUV scanners while targeting comparable or superior patterning capabilities.</li></ul>

Substrate closed a $100 million Series A funding round in October 2025 at a valuation exceeding $1 billion, making it a unicorn company before generating any revenue.In October 2025, Substrate outlined a shift to building and operating U.S. fabs and offering foundry services rather than selling its X‑ray lithography tools.Revenue will come primarily from equipment sales, with systems priced significantly below ASML's $400 million High-NA EUV scanners while targeting comparable or superior patterning capabilities.

United States

Processor core IP for custom RISC-V chip design across consumer, automotive, and datacenter markets

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SiFive (SIFIVE US)

Primer: SiFive - 15 Dec 2025

Processor core IP for custom RISC-V chip design across consumer, automotive, and datacenter markets

Sacra

Primer: Cerebras - 13 May 2026

AI chip hardware for training large-scale models in scientific and enterprise use cases

Sacra

Primer: SambaNova Systems - 27 Feb 2026

Hardware-software stack for running and scaling enterprise generative AI workloads

Sacra

Primer: Groq - 13 Feb 2026

AI inference chip and cloud tool for running large language models efficiently

Sacra

Primer: Substrate - 07 Dec 2025

Startup developing a novel chipmaking tool using X-ray light for high-resolution printing on silicon wafers to rival ASML's lithography equipment

Sacra

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