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 Higgsfield hit $230M ARR in January 2026, up from $100M in November 2025 and $11M in May 2025.</li><li>At $230M and $240M ARR respectively as of January 2026, Higgsfield and Kuaishou's Kling have emerged as the two breakout AI video platforms for marketers.</li><li>Like Canva democratized design for non-designers through WYSIWYG templates, Higgsfield is democratizing video for marketers.</li></ul>

Sacra estimates that Higgsfield hit $230M ARR in January 2026, up from $100M in November 2025 and $11M in May 2025.At $230M and $240M ARR respectively as of January 2026, Higgsfield and Kuaishou's Kling have emerged as the two breakout AI video platforms for marketers.Like Canva democratized design for non-designers through WYSIWYG templates, Higgsfield is democratizing video for marketers.

<ul><li>Higgsfield launched as a mobile-native video generator for creating AI videos of yourself & friends, evolving by summer 2025 into a browser-based aggregator of third-party models.</li><li>Sacra estimates that Higgsfield hit $100M ARR in November 2025, growing 44% CMGR6, up 9x from $11M in May and raising at a $1B valuation as of September for a ~10x forward revenue multiple.</li><li>Higgsfield launched an API in April 2025 to capture programmatic, high-volume developer use cases across e-commerce and ad tech as brands scale from prototype to production.</li></ul>

Higgsfield launched as a mobile-native video generator for creating AI videos of yourself & friends, evolving by summer 2025 into a browser-based aggregator of third-party models.Sacra estimates that Higgsfield hit $100M ARR in November 2025, growing 44% CMGR6, up 9x from $11M in May and raising at a $1B valuation as of September for a ~10x forward revenue multiple.Higgsfield launched an API in April 2025 to capture programmatic, high-volume developer use cases across e-commerce and ad tech as brands scale from prototype to production.

<ul><li>The explosion of post-Midjourney ($200M in ARR in 2023) generative AI image generators like Ideogram, Playground AI and Craiyon that grew fast in a rapidly expanding market now face diminishing differentiation and margin pressure as the market has been saturated by tools with increasingly similar capabilities.</li><li>Creating a workflow that brings together many tools—fine-tuning of open source models (Stability AI, Flux), character persistence (img2img), voice generation (ElevenLabs), image-to-video (Kling, Hailuo), and others—builds value on top of the foundation models even as they individually improve by allowing users to orchestrate end-to-end creations without extensive prompt engineering.</li><li>Looking ahead to the rest of 2025, our vision tackles both automation and fundamental creative challenges.</li></ul>

The explosion of post-Midjourney ($200M in ARR in 2023) generative AI image generators like Ideogram, Playground AI and Craiyon that grew fast in a rapidly expanding market now face diminishing differentiation and margin pressure as the market has been saturated by tools with increasingly similar capabilities.Creating a workflow that brings together many tools—fine-tuning of open source models (Stability AI, Flux), character persistence (img2img), voice generation (ElevenLabs), image-to-video (Kling, Hailuo), and others—builds value on top of the foundation models even as they individually improve by allowing users to orchestrate end-to-end creations without extensive prompt engineering.Looking ahead to the rest of 2025, our vision tackles both automation and fundamental creative challenges.

Coco Mao, CEO Of OpenArt, On Building The TikTok For AI Video

<ul><li>Sacra estimates that Suno hit $45M in ARR at the end of 2024, valued at $500M as of their May Series B for a 25-33x forward revenue multiple.</li><li>Founded in 2022 to build foundation models for AI-generated audio, Suno’s first product was Bark (19,000 GitHub stars), a text-to-audio model for generating laughs, cries, and other sound effects.</li><li>Among the first movers in AI audio alongside Stable Audio by Stability AI (September 2023) and Udio (April 2024), Sacra estimates that Suno grew from sub-$1M in annual recurring revenue (ARR) to $45M ARR, valued at $500M as of their May 2024 Series B for a 25-33x forward revenue multiple.</li></ul>

Sacra estimates that Suno hit $45M in ARR at the end of 2024, valued at $500M as of their May Series B for a 25-33x forward revenue multiple.Founded in 2022 to build foundation models for AI-generated audio, Suno’s first product was Bark (19,000 GitHub stars), a text-to-audio model for generating laughs, cries, and other sound effects.Among the first movers in AI audio alongside Stable Audio by Stability AI (September 2023) and Udio (April 2024), Sacra estimates that Suno grew from sub-$1M in annual recurring revenue (ARR) to $45M ARR, valued at $500M as of their May 2024 Series B for a 25-33x forward revenue multiple.

<ul><li>Jasper ($1.5B) reached $42.5M in ARR in the first 12 months of launch, growing 30% MoM—it’s expected to cross $75M in 2022.</li><li>Copy.ai (raised $14M) went from $2M ARR to $10M in 14 months growing 20% MoM over the last 6 months, and is projected to end 2022 at ~$11.6M ARR.</li><li>Building on their lead means staying ahead of rapid advances in foundational models from companies like OpenAI and Stability AI as GPT-3 gives way to GPT-4 and new use cases are unlocked at the foundational layer.</li></ul>

Jasper ($1.5B) reached $42.5M in ARR in the first 12 months of launch, growing 30% MoM—it’s expected to cross $75M in 2022.Copy.ai (raised $14M) went from $2M ARR to $10M in 14 months growing 20% MoM over the last 6 months, and is projected to end 2022 at ~$11.6M ARR.Building on their lead means staying ahead of rapid advances in foundational models from companies like OpenAI and Stability AI as GPT-3 gives way to GPT-4 and new use cases are unlocked at the foundational layer.

Jasper: The $72M ARR Google Suite Of Generative AI

United Kingdom

Developer of open-source generative AI models for image, video, audio, and 3D content creation

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Stability AI (AI GB)

Higgsfield At $230M ARR

TL;DR: After hitting $100M ARR last November, Sacra estimates Higgsfield more than doubled to $230M annual recurring revenue (ARR) in January 2026....

Sacra

$100M/year Pinterest For AI Video

TL;DR: After pivoting from mobile app to browser-based AI video aggregator, Kazakhstan-founded Higgsfield is capturing marketing agencies and e...

Sacra

Coco Mao, CEO Of OpenArt, On Building The TikTok For AI Video

Who were your first customers at OpenArt and what do people typically use it for...

Sacra

AI-native SoundCloud

TL;DR: In AI-generated music, Suno has emerged as the category leader akin to ChatGPT in text and Midjourney in images. Sacra estimates that Suno...

Sacra

Jasper: The $72M ARR Google Suite Of Generative AI

Generative AI copywriting apps Jasper ($72M ARR) and Copy.ai ($11M ARR) grew fast by productizing GPT-3 for marketers, but now they have...

Sacra

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