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 xAI hit roughly $3.8B in annualized revenue at the end of 2025, up from about $100M in 2024, reflecting the combined xAI + X business following the March 2025 merger.</li><li>On February 2, 2026, SpaceX acquired xAI in an all-stock deal.</li><li>xAI&#39;s cost structure is capital-intensive.</li></ul>

Sacra estimates that xAI hit roughly $3.8B in annualized revenue at the end of 2025, up from about $100M in 2024, reflecting the combined xAI + X business following the March 2025 merger.On February 2, 2026, SpaceX acquired xAI in an all-stock deal.xAI&#39;s cost structure is capital-intensive.

<ul><li>Sacra estimates that Modal Labs hit $1B in annualized revenue in October 2026, up from $160M at the end of 2025.</li><li>Modal Labs announced a $750M Series D on October 14, 2026, at a $15.75B post-money valuation.</li><li>Modal operates as a developer-first cloud infrastructure platform with a consumption-based SaaS model.</li></ul>

Sacra estimates that Modal Labs hit $1B in annualized revenue in October 2026, up from $160M at the end of 2025.Modal Labs announced a $750M Series D on October 14, 2026, at a $15.75B post-money valuation.Modal operates as a developer-first cloud infrastructure platform with a consumption-based SaaS model.

<ul><li>Sacra estimates that CoreWeave generated $5.131B in revenue in 2025, up 170% YoY from $1.915B in 2024, driven by surging demand for GPU compute from cloud providers, LLM companies, and AI application developers.</li><li>In Q1 2026, CoreWeave reported revenue of $2.078B, up 112% YoY from $982M in Q1 2025, with adjusted EBITDA of $1.157B (56% margin) and a net loss of $740M.</li><li>CoreWeave guided Q2 2026 revenue of $2.45B–$2.60B and full-year 2026 revenue of $12B–$13B, with an exit 2026 ARR of $18B–$19B and capex of $31B–$35B.</li></ul>

Sacra estimates that CoreWeave generated $5.131B in revenue in 2025, up 170% YoY from $1.915B in 2024, driven by surging demand for GPU compute from cloud providers, LLM companies, and AI application developers.In Q1 2026, CoreWeave reported revenue of $2.078B, up 112% YoY from $982M in Q1 2025, with adjusted EBITDA of $1.157B (56% margin) and a net loss of $740M.CoreWeave guided Q2 2026 revenue of $2.45B–$2.60B and full-year 2026 revenue of $12B–$13B, with an exit 2026 ARR of $18B–$19B and capex of $31B–$35B.

<ul><li>Sacra estimates Crusoe hit $276M in revenue in 2024, up 82% YoY, driven by explosive growth in its GPU cloud operations.</li><li>Crusoe projects that it will grow revenue to ~$500M in 2025, driven largely by their role in OpenAI&#39;s $500B Stargate project.</li><li>In October 2025, Crusoe announced the initial close of an anticipated $1.375B Series E at an expected valuation exceeding $10B, co-led by Mubadala Capital and Valor Equity Partners.</li></ul>

Sacra estimates Crusoe hit $276M in revenue in 2024, up 82% YoY, driven by explosive growth in its GPU cloud operations.Crusoe projects that it will grow revenue to ~$500M in 2025, driven largely by their role in OpenAI&#39;s $500B Stargate project.In October 2025, Crusoe announced the initial close of an anticipated $1.375B Series E at an expected valuation exceeding $10B, co-led by Mubadala Capital and Valor Equity Partners.

<ul><li>Sacra estimates that Fluidstack reached $180M in annual recurring revenue (ARR) in December 2024, reflecting 620% year-over-year growth from $25M in 2023.</li><li>The company manages more than 100,000 GPUs across its network and serves AI companies such as Meta, Mistral, Character.AI, Poolside, and Black Forest Labs.</li><li>Fluidstack is in talks to raise $1B at an $18B valuation, with Jane Street and Situational Awareness in discussions to co-lead the round and Morgan Stanley advising, as of April 2026.</li></ul>

Sacra estimates that Fluidstack reached $180M in annual recurring revenue (ARR) in December 2024, reflecting 620% year-over-year growth from $25M in 2023.The company manages more than 100,000 GPUs across its network and serves AI companies such as Meta, Mistral, Character.AI, Poolside, and Black Forest Labs.Fluidstack is in talks to raise $1B at an $18B valuation, with Jane Street and Situational Awareness in discussions to co-lead the round and Morgan Stanley advising, as of April 2026.

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: xAI - 10 Jul 2026

AI lab building chatbots and models using real-time data from X and SpaceX

Sacra

Primer: CoreWeave - 18 May 2026

Cloud GPU provider offering production-grade compute infrastructure for AI model training and deployment

Sacra

Primer: Crusoe - 10 May 2026

GPU cloud powered by stranded natural gas for AI training and crypto mining

Sacra

Primer: Fluidstack - 27 Apr 2026

GPU rental service connecting AI startups with underutilized data center compute capacity

Sacra

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Primer: xAI - 10 Jul 2026

AI lab building chatbots and models using real-time data from X and SpaceX

Sacra

Primer: Modal Labs - 18 May 2026

Platform enabling developers to run code in the cloud without configuring infrastructure

Sacra

Primer: CoreWeave - 18 May 2026

Cloud GPU provider offering production-grade compute infrastructure for AI model training and deployment

Sacra

Primer: Crusoe - 10 May 2026

GPU cloud powered by stranded natural gas for AI training and crypto mining

Sacra

Primer: Fluidstack - 27 Apr 2026

GPU rental service connecting AI startups with underutilized data center compute capacity

Sacra