Private Markets, Angel and Secondary Investing, Sacra

Sacra

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 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>Unmentioned in OpenAI’s recent announcement of their $500B Stargate build-out was Crusoe, the Founders Fund-backed GPU cloud startup that will spend ~$12B through 2026 to build and co-own Stargate’s first data center in Abilene, Texas (with financing from Blue Owl and JPMorgan)—and then lease it to Oracle, which will operate it and rent the compute to OpenAI.</li><li>With the build-out of the Abilene site, Crusoe projects that it will grow revenue 262% to $998M in 2025, up from Sacra-estimated 2024 revenues of $276M—broken out as $887M from its AI cloud business, $100M from cryptocurrency mining via projects with companies like Kraken ($1.5B revenue in 2024, up 128% YoY), and $11M from leasing out its Abilene infrastructure to Oracle.</li><li>At scale, CoreWeave ($12B+ raised) and Crusoe ($5B+ raised) can operate flexibly as pure data center infrastructure providers (as in Crusoe's Oracle deal) and as full-stack compute providers (as in CoreWeave's direct GPU rental business)—in addition to offering GPU cloud services—a flexibility that becomes increasingly valuable as AI labs like xAI and OpenAI pursue every avenue to 5-10x their compute capacity in order to train the next biggest models.</li></ul>

Unmentioned in OpenAI’s recent announcement of their $500B Stargate build-out was Crusoe, the Founders Fund-backed GPU cloud startup that will spend ~$12B through 2026 to build and co-own Stargate’s first data center in Abilene, Texas (with financing from Blue Owl and JPMorgan)—and then lease it to Oracle, which will operate it and rent the compute to OpenAI.With the build-out of the Abilene site, Crusoe projects that it will grow revenue 262% to $998M in 2025, up from Sacra-estimated 2024 revenues of $276M—broken out as $887M from its AI cloud business, $100M from cryptocurrency mining via projects with companies like Kraken ($1.5B revenue in 2024, up 128% YoY), and $11M from leasing out its Abilene infrastructure to Oracle.At scale, CoreWeave ($12B+ raised) and Crusoe ($5B+ raised) can operate flexibly as pure data center infrastructure providers (as in Crusoe's Oracle deal) and as full-stack compute providers (as in CoreWeave's direct GPU rental business)—in addition to offering GPU cloud services—a flexibility that becomes increasingly valuable as AI labs like xAI and OpenAI pursue every avenue to 5-10x their compute capacity in order to train the next biggest models.

Crusoe

Unmentioned Stargate Partner