Private Markets

• AI Supercycle and Sustainability Accelerating: The prior initiation report’s core investment theses are tracking positively, with the hyperscale and AI supercycle thesis accelerating. The expectation that Digital Edge would capture the Asia Pacific AI supercycle is validated by its Jan-26 announcement of a US$4.5b, 500 MW AI-ready campus in Indonesia, alongside a Jun-26 acquisition of a 60 MW fully powered site in South Korea.
• Stake Sale Explored at a Valuation Well Above Fundamental Estimates: Between early 2026 and the current date, Digital Edge scaled its capital structure and operational footprint to meet elevated hyperscale demand, while its sponsor Stonepeak reportedly began exploring a strategic stake sale that could value the platform at up to US$10.0b.
• Strengthening Fundamentals, Stricter Sustainability Benchmark: The pvtIQ Fundamental SmartScore© edged higher, led by a widening market opportunity as regional cloud-sovereignty demand compounds with accelerating AI infrastructure needs, and by improving governance following the addition of experienced non-executive directors.

• OpenAI model mentions reached 13K/day, with GPT-5.6 representing 84% of current model-family mentions.

• GPT-5.6 reached 11K mentions/day, up 119.9% WoW and 300.9% MoM. Within the GPT-5.6 family, Sol leads at 3K/day, increasing 113.4% WoW and 76.5% MoM.

• Meanwhile, older model families have declined, with GPT-5.5 down 72.0% MoM and GPT-5.4 down 49.0% MoM.

• Sacra estimates that Wrtn generated $33M in revenue in 2025, up 15x from $2.2M in 2024, as it introduced paid character chat in Korea and expanded its interactive storytelling model into Japan.
• Wrtn is targeting $145M in full-year 2026 revenue across Crack, Kyarapu, OOC and its early-stage enterprise AI business.
• Wrtn closed its Series C on August 26, 2026, raising approximately $100 million.

• Sacra estimates that EliseAI hit $200M in annual recurring revenue (ARR) in May 2026, up from $150M at the end of 2025.
• EliseAI raised a $250M Series E in August 2025, led by Andreessen Horowitz, with participation from Bessemer Venture Partners, Sapphire Ventures, Point72 Private Investments, Koch Real Estate Investments, DivcoWest Ventures, JLL Spark, and Navitas Capital.
• EliseAI automates the high-volume communication and workflow tasks that accumulate in leasing offices and medical front desks.

• Factory closed a $150M Series C in April 2026 at a reported $1.5B post-money valuation.
• Factory has raised $220M in total disclosed funding across four rounds.
• Factory competes in a converging market as AI IDEs, autonomous coding agents, model providers, source-control platforms, and DevOps vendors expand toward an enterprise control plane for autonomous software production.

• Eaton’s $75M strategic investment in March 2026 represented approximately 7% ownership, implying a transaction valuation of roughly $1.07B.
• SPAN replaces the conventional residential electrical panel, the metal breaker box that distributes grid power to a home’s circuits, with a software-controlled energy-management platform.
• SPAN uses a B2B2C hardware and software model.

Executive Summary

• Thesis Update: AI Supercycle Accelerates While Green Funding Faces Regulatory Friction. Vantage Data Centers continues to capture artificial intelligence infrastructure demand, evidenced by a recent high-density deployment agreement in South Wales. However, the firm’s sustainable development model is encountering increased regulatory friction, highlighted in Texas by both a voluntary commitment to new state standards on independent funding for power and water infrastructure, and a separate state-ordered halt on new grid connections pending audit.
• Corporate and Industry Developments: AI Demand Drives US$100.0b Valuation Target and Regulatory Scrutiny. Operational momentum and the broader artificial intelligence cycle have prompted the company and its primary backers to explore a potential initial public offering or stake sale as early as 2027, targeting an estimated US$100.0b valuation. Concurrently, the firm navigated heightened resource scrutiny by committing to stringent new data centre standards in Texas and expanded its European footprint through a strategic partnership with Nebius.
• SmartScoring Update: At initiation, the pvtIQ Fundamental SmartScore© reflected a single snapshot in time, offering no basis to distinguish a temporary fluctuation from a sustained directional shift. As of this report, the score has since softened, with declines across seven of eight categories, led by Market Opportunity and Competition, and with Moat newly scored. The companion pvtIQ Sustainability SmartScore© held flat over the same period, reflecting a reporting lag rather than genuine stagnation.

• While v0 has lost app-building share to Lovable & Replit, Vercel has emerged as a default deployment layer for agentic coding, with agents initiating more than 50% of deployments by June 2026.
• Capturing hosting spend for vibe coded projects by standalone agents, Sacra estimates Vercel hit $340M in annualized revenue in February 2026, +112% year-over-year in 2025, valued at $9.3B as of its September 2025 Series F for a roughly 35x multiple on $265M in September annualized revenue.
• Across four acquisitions in the past twelve months, Vercel has bolstered its ability to host agentic apps, extending its framework and server tooling from React and Next.js into Vue and Nuxt through NuxtLabs (July 2025).

• The charts below show the cumulative number of TickerTrends observations associated with Claude, ChatGPT, and Codex adoption within selected organizations over time.
• These observations provide a consistent measure of how frequently adoption evidence is appearing within each company.
• Salesforce currently has the largest number of cumulative Claude adoption observations among the organizations shown, reaching 690 observations as of August 21, 2026.

• Investment Theses Review: The baseline investment theses are tracking as expected or accelerating, driven by a US$856.0m green loan to fund Indonesian expansion and a 210 MW acquisition in India that pushes the regional portfolio toward 1.0 GW. However, this aggressive capital deployment into high-density artificial intelligence infrastructure introduces heightened leverage and refinancing risks in a tightening credit environment.
• Aggressive Capacity Expansion and Strategic Asset Rotation: The company executed significant footprint expansions across India and Indonesia while concurrently exploring a potential US$1.0b divestment of its 219.3 MW China portfolio. This asset rotation strategy aims to optimise capital allocation toward less geopolitically constrained Southeast Asian markets, though it underscores the persistent regulatory complexities of operating across fragmented sovereign jurisdictions.
• Commercial Quality Rising, Sustainability Held Back by Disclosure:

  PDG’s Fundamental score edged higher on genuine business gains, with stronger unit economics from premium long-dated AI contracts and deeper regional management, though a reportedly unsettled ownership register warrants caution. The Sustainability score fell only because our approach now weighs demonstrated execution against global best practice rather than design intent, so the environmental profile is constrained by disclosure rather than capability, a gap fuller reporting would close.

Executive Summary

• Licensed digital-only bank with a credit-first model: One of only six standalone digital banks licensed by the BSP, Tonik launched as the Philippines’ first neobank and has since become a standalone, cash-flow profitable digital bank through a high-margin, credit-led strategy targeting the country’s unbanked credit gap.
• AI-enabled consumer lending strategy: Tonik acquires customers through employer payroll loans, offline POS/BNPL finance, and digital cash loans, then layers on deposits and accounts to deepen engagement and fuel AI-driven underwriting, producing industry-leading unit economics.
• Scaling into an underpenetrated credit market: With the vast majority of Filipinos never having had a bank loan, Tonik converts underbanked customers into repeat credit users through data-driven underwriting, a strategy validated by its recent transition to cash-flow profitability as a standalone digital bank.

• Crypto-token-only investing is disappearing as a standalone strategy, with major specialist funds expanding into frontier tech, AI & robotics (Paradigm) and into public & private crypto equities (Multicoin) as much of the value created by tokens has accrued to businesses like Coinbase, Circle & Tether rather than to tokenholders.
• With liquidity & volume growing across every market from private secondaries (Augment, EquityZen) to tokenized equities (Robinhood, Kraken), tokens & perpetuals (Pump.fun, Hyperliquid), and prediction markets (Kalshi, Polymarket), a single worldview can now map to dozens of different assets, making the hard part figuring out what to actually buy.
• As conviction rather than access becomes the bottleneck, every investment app is launching its own AI agents, from brokerages (Composer, acquired by SoFi) to trading apps (Robinhood, Public) and research platforms (Artemis), bringing research, portfolio management & execution together with the upside of owning the core user interface for deciding what to invest in, building a portfolio, and managing it over time.

• Artemis raised a seed round in April 2022, with investors including Pear VC, Alameda Research, Blue Pool Capital, Mirana Ventures, and Fika Ventures.
• The newest layer is Artemis Analyst, an AI research assistant launched publicly in August 2026.
• Stablecoin supply tracked by Artemis crossed $315 billion in August 2026, and the use cases driving that growth, cross-border payments, treasury management, merchant settlement, and offshore dollarization, require more detailed instrumentation than generic on-chain dashboards provide.

Executive Summary

• Regional Omnichannel Credit Platform: Atome Financial (or “Atome”, comprising Atome and Kredit Pintar) operates a digital consumer finance ecosystem across four core Southeast Asian markets, transitioning from a pure-play buy-now-pay-later provider to a comprehensive lending platform. The company leverages proprietary artificial intelligence underwriting to serve underbanked demographics, recently processing over US$4.0b in gross merchandise volume for the 2025 financial year.
• Margin-Accretive Growth Trajectory: he investment thesis is anchored by the platform’s transition to sustainable unit economics, evidenced by reaching positive EBITDA and generating US$360.0m in operating income in FY2025 (+52% YoY). This profitability is supported by robust capital-raising capabilities, including a recent US$81.0m local-currency facility from Asia United Bank (July 2026) and a US$345.0m syndicated debt facility that provides the necessary liquidity to scale the capital-intensive consumer loan book.
• Regulatory Tightening and Competition: The company faces structural margin compression from well-capitalised regional super-apps that leverage captive e-commerce ecosystems to subsidise embedded credit offerings. Concurrently, the transition toward formalised consumer credit regimes across Southeast Asia imposes systemic compliance costs and restricts aggressive loan portfolio expansion.

• Gravis Robotics closed a $200M Series A led by SoftBank on August 17, 2026.
• The retrofit autonomy market for heavy earthmoving equipment is contested on three fronts: machine-guidance incumbents selling lower-risk operator-assistance tools, teleoperation-first startups targeting the same equipment budgets, and OEMs embedding autonomy into their own platforms.
• The nearest-term TAM lever is expanding the number of autonomous tasks the platform supports on machines already in the field.

• Regional Hyperscale Infrastructure Provider: SpaceDC operates as a carrier-neutral colocation data centre developer targeting the Southeast Asian digital economy. The company manages the ID01 campus in Jakarta, featuring Open Compute Project-ready architecture and sustainable power integration to support high-density enterprise workloads.
• High-Margin Recurring Revenue: The business model benefits from structural supply shortages in regional data centre capacity, driving demand from global cloud service providers. Once the upfront capital expenditure is deployed and facilities are tenanted, the company secures long-term lease agreements that yield predictable cash flows and high customer switching costs. 
• Anchor Tenant Vulnerability: The company relies heavily on a concentrated base of wholesale hyperscale customers to absorb its capacity expansions. A macroeconomic disconnect between artificial intelligence capital expenditures and realised software revenues exposes the firm to take-or-pay contract disputes and stranded unamortised fit-out costs if key tenants default.

• Pathway closed a $30M seed round in August 2026, led by Id4 Ventures with participation from TQ Ventures, Red Bridge Ventures, Kadmos Capital, and WS Investment Co.
• Pathway competes across two overlapping markets: real-time AI data infrastructure and post-transformer foundation models.
• Pathway's expansion logic runs on two rails: deepening the value of its existing live-data infrastructure stack and converting BDH from a research narrative into a commercial product.

• Etched’s most recent valuation is $10.3B, set in its Series C round of $300M announced on July 23, 2026, led by Sequoia Capital, with participation from Andreessen Horowitz, SK Hynix, Jane Street, and Diffusion.
• As of summer 2026, Etched’s A0 silicon had returned from TSMC on the N4P process node, first racks were shipping to customers, and the system had been validated against production traffic patterns including models such as DeepSeek, Qwen, Mamba, and Llama.
• Etched’s expansion logic is that inference is becoming the dominant AI compute workload, and that buyers with the highest inference demand are still early in building dedicated infrastructure.

• Vals AI raised a $40M Series A on August 13, 2026, led by Andreessen Horowitz (a16z), with participation from HRT Ventures, Next Ladder Ventures, and existing investors.
• Vals AI's expansion logic is to move from a benchmark publisher used for model selection into a quality infrastructure layer embedded across development, release, and production workflows.
• Vals AI's current customer base spans foundation model labs, large financial institutions, and hospital systems.

• Sacra estimates that Loop hit $44M in annualized revenue in March 2026.
• Loop raised a $95M Series C in April 2026, led by Valor Equity Partners and the Valor Atreides AI Fund, bringing total funding to $160M.
• Loop’s July 2026 launch of Loop Intelligence, a natural-language querying layer over its normalized shipment, contract, and invoice data, is its clearest move up the value stack.

• Platform and Ownership Transition: STT GDC operates a globally distributed digital infrastructure platform with 2.3GW of design capacity across 12 markets, of which roughly a quarter is currently in service. The pending S$13.8bn buyout by a KKR and Singtel consortium transfers control from founding shareholder ST Telemedia to sponsors with the balance sheet capacity to support a multi-gigawatt build-out, though the transaction is a secondary sale rather than a capital raise and remains subject to regulatory approval. Temasek retains indirect exposure through Singtel.
• Investment Case and Operating Leverage: The case rests on capturing hyperscale and AI-driven demand through long-term colocation contracts, with contracted future revenue rising from roughly S$4.5b to S$6.3b (as reported) over the year. FY25 marked the earnings inflection: revenue edged lower on reduced power recharges rather than weaker demand, with revenue net of power costs growing around 12%, while EBIT margin expanded from 9.6% to 16.9%. The improvement is not a pass-through artefact; measured net of power, the expansion is wider still, as the Singapore, India and UK/Europe segments each roughly doubled their contribution.

• Capital Intensity and Regulatory Risk: The principal risks are the platform’s capital intensity against S$3.8bn of borrowings and S$1.5bn of lease liabilities, with the bulk of design capacity still requiring construction. Revenue is highly concentrated, with two customers accounting for around 58% of FY25 revenue. Close to 30% of capacity is held by joint venture and minority partners, so headline capacity overstates economic interest. Tightening licensing and sustainability requirements, particularly in Singapore where new capacity is constrained, limit growth in the group’s highest-rate market and impose retrofit costs that are not recoverable from tenants.

Executive Summary

• Global Automated Retail Footprint: IJOOZ operates a decentralised network of over 3,000 autonomous fresh juice vending machines across 32 countries, achieving an 80% market penetration rate in its domestic Singapore market. The hardware-centric model leverages proprietary robotics and IoT monitoring systems to eliminate traditional retail labour and premium storefront rental overheads.
• Asset-Light Franchise Economics: Combining proprietary technology with an asset-light expansion model yields strong operating leverage, evidenced by a reported net profit of US$2.5m for the 2024 financial year. By shifting initial machine capital expenditure to franchisees, the company generates organic cash flow to fund continued international expansion.
• Agricultural Supply Chain Exposure:The business model is highly sensitive to the pricing and availability of fresh oranges, exposing operating margins to global agricultural yields and macroeconomic volatility. Recent supply chain pressures driving severe raw orange sourcing price inflation directly threaten unit profitability if consumer pricing remains fixed.

Executive Summary

• Platform Scale and the Shift to Omnichannel Commerce: The Parentinc, the parent company of TheAsianParent, operates a Southeast Asian digital parenting platform reaching 35.0m monthly active users, currently executing a structural transition from an asset-light digital media publisher into an integrated omnichannel commerce operator via D2C brands and physical retail acquisitions that now include China.
• Audience-Led Monetisation Backed by Strategic Capital: The core investment case rests on the platform’s ability to leverage its established community network to drive efficient top-of-funnel customer acquisition, monetising this audience through digital advertising and e-commerce integrations backed by nearly US$50m (estimated) in total funding (debt and equity) from strategic investors including Vertex Ventures and JD.com.
• Margin Compression and Working Capital Risk from Physical Expansion: The principal risk involves the potential for consolidated EBIT margin compression and increased working capital requirements as the company absorbs the physical supply chain and inventory overheads associated with its D2C expansion, compounded by the necessity to navigate fragmented data privacy regulations across its operational footprint.

• Sacra estimates Erebor hit $112M in annualized revenue in July 2026, up 38% MoM from $31M in March, in talks to raise at a $9.5B valuation for an 85x multiple.
• Erebor monetizes its ~500-600 large, capital-intensive customers primarily through interest on their deposits (68% of Q2 revenue), with the remaining 32% coming from its banking API business.
• Sacra estimates Erebor grew from $31M in annualized revenue at the end of March 2026 to $112M in July, growing at 38% month-over-month, with the company in talks to raise at a $9.5B post-money valuation for an 85x revenue multiple.

• Chinese open-source models have grown from a small fraction to 50%+ of OpenRouter usage.
• OpenRouter hit $140M in annualized revenue in July 2026, growing 29% MoM over the last four months.
• Stripe is reportedly in talks to acquire OpenRouter for roughly $10B, or about 71x Sacra-estimated $140M annualized revenue.

• From Enterprise Colocation to Regional AI Infrastructure: BDx Data Centers is transitioning from a traditional enterprise colocation provider into a hyperscale, AI-ready digital infrastructure platform across the Asia-Pacific region, anchored by the largest secured power commitment held by any operator in Indonesia and by joint ventures with domestic telecommunications partners. The power position matters because grid access, rather than capital or land, has become the binding constraint on development in the market, while the local partnerships provide anchor tenancy and eligibility for regulated workloads closed to operators without a domestic presence.
• Structural Demand Growth Matched by Funded Development Capacity: The core case rests on the company’s ability to capture regional cloud and generative AI adoption at a point when demand is expanding faster than available capacity across South East Asia. Institutional sponsorship provides governance discipline and access to capital, while a recent syndicated facility led by domestic Indonesian banks funds the development pipeline and refinances existing borrowings on improved terms, indicating that lenders with the closest visibility on local risk have repriced it downward.
• Earnings Compression and Rising Leverage Pending Lease-Up: The dominant underwriting risk is the gap between capital deployed and revenue recognised, with pre-tax earnings contracting sharply in the most recent financial year while total liabilities more than doubled. This pattern is characteristic of a platform carrying the depreciation, financing and operating costs of an expanding asset base well before that capacity is commissioned, contracted and billing, and it is compounded by disclosure that measures secured power and design potential rather than let and revenue-generating load. The investment therefore turns on disciplined execution, converting committed investment into sustainable operating leverage.

Executive Summary

• Accelerating TAM Expansion and Revenue Scale: The firm’s TAM and revenue scale growth trajectories are accelerating, validated by the March 2026 consolidation of its Chinese regulatory framework and the April 2026 strategic enterprise designation in Hong Kong. While the company continues to execute its geographic rollout without requiring dilutive external capital, it must sustain its targeted 15% to 20% EBITDA margins amidst intense sector competition.
• AI-Native Product Rollouts and Travel Sector Deepening: Product innovation advanced materially with the June 2026 launch of the Sunrate.AI infrastructure and deepened integrations with travel platforms Sabre and Repayd. Although these developments and a July 2026 global rebrand position the firm to capture enterprise workflow automation, the company faces the ongoing operational burden of competing against heavily funded regional rivals.
• pvtIQ SmartScore© and pvtIQ Alt-Data Score© Progression: The prior initiation report established baseline composite scores for both the pvtIQ SmartScore© and pvtIQ Alt-Data SmartScore©, reflecting strong fundamental health balanced against moderate digital brand authority. Between March and August 2026, the SmartScore© advanced on broader-based gains while the Alt-Data SmartScore© held steady, reinforcing the company’s fundamental strength even as digital brand visibility remains an area for improvement.

• Scaled Micro-Merchant Platform Rotating from Commerce into Logistics and Embedded Finance: GrowSari operates a B2B digital commerce and logistics platform serving over 150,000 micro-merchants across approximately 700 Philippine municipalities, generating a management-guided US$300.0m in revenue. While the legacy commerce unit accounts for over 90% of the top line, its growth has decelerated to low-single-digit percentages, prompting a strategic pivot towards higher-margin logistics and embedded finance services.
• Owned Delivery Network Underwriting Credit Quality and the Path to EBITDA Breakeven: The primary investment case is anchored by the company’s proprietary physical delivery network, which establishes a capital-intensive barrier to entry and enables efficient face-to-face cash collection for its lending arm. This integrated infrastructure contains non-performing loans at approximately 50 basis points and supports management’s trajectory toward near-term EBITDA neutrality as the business scales third-party logistics and enterprise distributorships.
• Constrained Philippine Exit Environment Compounded by Diversification Execution Risk: The principal underwriting risk centres on the highly constrained exit environment within the Philippine public markets, alongside the execution friction of diversifying revenue beyond traditional retail formats. Securing a liquidity event for institutional backers will likely necessitate a strategic trade sale or cross-border acquisitions to facilitate an offshore listing, while operational viability depends on scaling new enterprise partnerships without degrading the current credit and margin profile.

• Chinese open-source models have grown from a small fraction to 50%+ of OpenRouter usage.
• OpenRouter hit $140M in annualized revenue in July 2026, growing 29% MoM over the last four months.
• Stripe is reportedly in talks to acquire OpenRouter for roughly $10B, or about 71x Sacra-estimated $140M annualized revenue.

• Sacra estimates that Payhawk hit $100M in annual recurring revenue (ARR) in July 2026, up from $80M in 2025.
• Payhawk became the first Bulgarian unicorn in March 2022 after closing a $100M Series B extension led by Lightspeed Venture Partners, bringing total funding to $239M.
• The ARR trajectory was $25M in 2023, $41M in 2024, $80M in 2025, and $100M in July 2026.