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

The Boring Company / Private Capital Markets

<ul><li>The Boring Company's valuation has decreased from $8.6 billion in July 2023 to approximately $5.7 billion as of 2025.</li><li>The company has stated plans to transition to autonomous Tesla platoons, which could increase capacity to over 90,000 passengers per hour across the full Las Vegas network.</li><li>The Las Vegas model illustrates a hybrid approach in which the city approves extensive tunnel networks, while individual property owners, such as hotels and resorts, fund their own station connections.</li></ul>

The Boring Company's valuation has decreased from $8.6 billion in July 2023 to approximately $5.7 billion as of 2025.The company has stated plans to transition to autonomous Tesla platoons, which could increase capacity to over 90,000 passengers per hour across the full Las Vegas network.The Las Vegas model illustrates a hybrid approach in which the city approves extensive tunnel networks, while individual property owners, such as hotels and resorts, fund their own station connections.

EquipmentShare.com / Private Capital Markets

<ul><li>Sacra estimates that EquipmentShare generated $4.379B in FY2025 revenue, up 16% from $3.764B in 2024.</li><li>EquipmentShare completed its IPO on January 23, 2026, trading on the Nasdaq under ticker symbol EQPT.</li><li>EquipmentShare&#39;s T3 platform aims to be the central nervous system for construction operations worldwide.</li></ul>

Sacra estimates that EquipmentShare generated $4.379B in FY2025 revenue, up 16% from $3.764B in 2024.EquipmentShare completed its IPO on January 23, 2026, trading on the Nasdaq under ticker symbol EQPT.EquipmentShare&#39;s T3 platform aims to be the central nervous system for construction operations worldwide.

<ul><li>We estimate that Workrise’s gross revenue has increased nearly 4X from 2018 to $1.1B in 2021.</li><li>Workrise has raised $752M from Andreessen Horowitz, Bedrock Capital, Founders Fund and Franklin Templeton.</li><li>Workrise also competes with staffing websites such as Rigzone, Petroplan, and Surestaff, providing both gig opportunities and full-time work for the oil and gas industry.</li></ul>

We estimate that Workrise’s gross revenue has increased nearly 4X from 2018 to $1.1B in 2021.Workrise has raised $752M from Andreessen Horowitz, Bedrock Capital, Founders Fund and Franklin Templeton.Workrise also competes with staffing websites such as Rigzone, Petroplan, and Surestaff, providing both gig opportunities and full-time work for the oil and gas industry.

<ul><li>EquipmentShare launched as an Airbnb for construction equipment, undercutting traditional rental companies like United Rentals (NYSE: URI) on price by ~30% by connecting SMBs and small contractors with underutilized forklifts, dozers, and lifts installed with telematics to help owners track how their equipment is being used.</li><li>EquipmentShare’s revenue grew more than 10x from $200M in 2019 to $2.3B in 2023, valued at $3.75B for a 1.6x revenue multiple, propelled by a steadily growing US market for nonresidential construction (94% of their revenue) and continuing post-COVID equipment shortages, with EquipmentShare spending 85% of all of their rental revenues on buying equipment.</li><li>To get there,EquipmentShare will aim to shift their revenue mix (35% equipment sales/65% rentals) more towards their SaaS telematics platform—T3—which can drive sticky, 70% gross margin revenue (vs. the ~20-30% of their equipment rentals business) that’s more resistant to sector-specific downturns, a la the horizontal fleet operations SaaS Samsara (NYSE: IOT) at $1.1B in revenue, valued at $26.45B for a 24x revenue multiple.</li></ul>

EquipmentShare launched as an Airbnb for construction equipment, undercutting traditional rental companies like United Rentals (NYSE: URI) on price by ~30% by connecting SMBs and small contractors with underutilized forklifts, dozers, and lifts installed with telematics to help owners track how their equipment is being used.EquipmentShare’s revenue grew more than 10x from $200M in 2019 to $2.3B in 2023, valued at $3.75B for a 1.6x revenue multiple, propelled by a steadily growing US market for nonresidential construction (94% of their revenue) and continuing post-COVID equipment shortages, with EquipmentShare spending 85% of all of their rental revenues on buying equipment.To get there,EquipmentShare will aim to shift their revenue mix (35% equipment sales/65% rentals) more towards their SaaS telematics platform—T3—which can drive sticky, 70% gross margin revenue (vs. the ~20-30% of their equipment rentals business) that’s more resistant to sector-specific downturns, a la the horizontal fleet operations SaaS Samsara (NYSE: IOT) at $1.1B in revenue, valued at $26.45B for a 24x revenue multiple.

<ul><li>Workrise is projected to achieve a valuation of $2.9 billion, driven by its strong growth trajectory and increased user adoption.</li><li>The company has seen a significant increase in its user base, growing from 10,000 to 100,000 in the past year.</li><li>Workrise's revenue has grown by 150% year over year, reflecting robust demand for its platform.</li></ul>

Workrise is projected to achieve a valuation of $2.9 billion, driven by its strong growth trajectory and increased user adoption.The company has seen a significant increase in its user base, growing from 10,000 to 100,000 in the past year.Workrise's revenue has grown by 150% year over year, reflecting robust demand for its platform.

Workrise Revenue, Users, Growth, And Valuation

United States

Underground transportation system using electric vehicles for direct, high-speed urban travel

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The Boring Company (COMPANY US)

Primer: The Boring Company - 14 Dec 2025

Underground transportation system using electric vehicles for direct, high-speed urban travel

Sacra

Primer: EquipmentShare - 18 May 2026

Marketplace and rental service for construction equipment with embedded telematics and financing

Sacra

Primer: Workrise - 05 Feb 2026

Marketplace connecting skilled laborers with energy and infrastructure job opportunities

Sacra

EquipmentShare At $2.3B Revenue

TL;DR: Sacra estimates that EquipmentShare generated $2.3B of revenue in 2023, up 35% from $1.7B in 2022, as they rode a wave of post-COVID...

Sacra

Workrise Revenue, Users, Growth, And Valuation

Sacra model for Workrise's revenue, comps, and growth rate.

Sacra

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