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 Together AI hit $1B in annualized revenue in February 2026, up from ~$618M at the end of 2025.</li><li>Together AI raised $800M in a Series C round led by Aramco Ventures in July 2026, valuing the company at $8.3B.</li><li>Together AI's August 2026 partnership with Humain in Saudi Arabia—providing 250 MW of power and 120,000 chips—represents a major capacity expansion.</li></ul>

Sacra estimates that Together AI hit $1B in annualized revenue in February 2026, up from ~$618M at the end of 2025.Together AI raised $800M in a Series C round led by Aramco Ventures in July 2026, valuing the company at $8.3B.Together AI's August 2026 partnership with Humain in Saudi Arabia—providing 250 MW of power and 120,000 chips—represents a major capacity expansion.

<ul><li>In August 2026, media reported that Lambda expected to generate more than $1.5B in full-year 2026 revenue, which would represent year-over-year growth of at least 114%.</li><li>Lambda raised over $1.5B in its Series E round led by TWG Global in November 2025 at a $5.9B post-money valuation.</li><li>Lambda&#39;s cloud product has expanded well beyond single-node instances into a full-spectrum compute portfolio spanning multiple GPU generations.</li></ul>

In August 2026, media reported that Lambda expected to generate more than $1.5B in full-year 2026 revenue, which would represent year-over-year growth of at least 114%.Lambda raised over $1.5B in its Series E round led by TWG Global in November 2025 at a $5.9B post-money valuation.Lambda&#39;s cloud product has expanded well beyond single-node instances into a full-spectrum compute portfolio spanning multiple GPU generations.

<ul><li>Sacra estimates that OpenRouter hit $160M in annualized revenue in August 2026, up from $50M at the end of 2025.</li><li>Stripe has agreed to acquire OpenRouter for more than $7 billion, according to people familiar with the matter, just months after the company raised funding at a reported $1.3 billion valuation.</li><li>OpenRouter is a universal API that provides developers access to 400+ different large language models from providers like OpenAI, Anthropic, Google, and 60+ other labs through a single endpoint.</li></ul>

Sacra estimates that OpenRouter hit $160M in annualized revenue in August 2026, up from $50M at the end of 2025.Stripe has agreed to acquire OpenRouter for more than $7 billion, according to people familiar with the matter, just months after the company raised funding at a reported $1.3 billion valuation.OpenRouter is a universal API that provides developers access to 400+ different large language models from providers like OpenAI, Anthropic, Google, and 60+ other labs through a single endpoint.

<ul><li>Sacra estimates that Fireworks AI hit $800M in annualized revenue in May 2026, up from about $305M at the end of 2025.</li><li>Fireworks AI raised a $1.505B Series D in July 2026 at a $17.5B post-money valuation.</li><li>The customer base grew from roughly 1,000 companies at the time of the Series B to more than 10,000 companies by October 2025.</li></ul>

Sacra estimates that Fireworks AI hit $800M in annualized revenue in May 2026, up from about $305M at the end of 2025.Fireworks AI raised a $1.505B Series D in July 2026 at a $17.5B post-money valuation.The customer base grew from roughly 1,000 companies at the time of the Series B to more than 10,000 companies by October 2025.

<ul><li>Sacra estimates that Baseten hit $600M in annualized revenue in March 2026, up about 1,900% year-over-year and up from $200M in December 2025.</li><li>Baseten was valued at $13B following its $1.5B Series F led by Altimeter Capital, Conviction Partners, and Spark Capital in June 2026, with Sands Capital and Wellington Management as co-leads.</li><li>The workflow begins with Truss, a CLI tool where developers run `truss init`, add model code to `model.py`, configure settings in `config.yaml`, and push to Baseten.</li></ul>

Sacra estimates that Baseten hit $600M in annualized revenue in March 2026, up about 1,900% year-over-year and up from $200M in December 2025.Baseten was valued at $13B following its $1.5B Series F led by Altimeter Capital, Conviction Partners, and Spark Capital in June 2026, with Sands Capital and Wellington Management as co-leads.The workflow begins with Truss, a CLI tool where developers run `truss init`, add model code to `model.py`, configure settings in `config.yaml`, and push to Baseten.

United States

API and compute layer for developers to train and deploy open-source AI models

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Together AI (AI US)

Primer: Together AI - 31 Aug 2026

API and compute layer for developers to train and deploy open-source AI models

Sacra

Primer: Lambda Labs - 17 Sep 2026

Cloud GPU provider for training and fine-tuning AI models at scale

Sacra

Primer: OpenRouter - 26 Aug 2026

Platform providing a unified API for developers to access and integrate over 400 large language models from various providers

Sacra

Primer: Fireworks AI - 16 Jul 2026

Cloud platform for running, tuning, and scaling open-source large language, vision, and multimodal models with low-latency inference

Sacra

Primer: Baseten - 16 Jul 2026

Platform for deploying and managing machine learning models efficiently and scalably

Sacra

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