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SambaNova Draws Buyers Despite 60% Series D-1 Drop
Weekly Edition & Stock Spotlight
February 10, 2025
PM50 Growth Index & Sectors YTD Performance
|| Return On Investment (ROI) from December 31, 2023 until February 10, 2025.
PM50 Growth: +37%
Automation: +22%
AI: +50%
Financial: +40%
Analytics: +4%

Most Active Names Performance
Data as of February 10, 2025.

* Price (USD) estimated based on secondary market activity observed by PM Insights (f/k/a ApeVue). Valuation is estimated based on said price and share count from state filings and/or news in the public domain. Note that share count in calculations may change as new filing documents are obtained.
PM50 Growth Privates versus Public Benchmarks/ETFs
|| ROI from December 31, 2023 until February 10, 2025.
PM50 Growth: +37%
Invesco Nasdaq-100 ETF: +30%
SPDR S&P 500 ETF Trust: +29%
RENAISSANCE IPO ETF: +26%

The PM50 Growth tracks the performance of the 50 most active private names observed in the secondary market. It is an equal-weighted index, rebalanced on a monthly basis.
This rebalancing of constituents over time gives way for more active names to participate in what we observe as "market performance," and in a more appropriate manner than static selections and weightings criteria.

AI Data Cloud & Infra SaaS
“AI is changing the world and at SambaNova, we believe that you don’t need unlimited resources to take advantage of the most advanced, valuable AI capabilities – capabilities that are helping organizations explore the universe, find cures for cancer, and giving companies access to insights that provide a competitive edge.”
SambaNova, co-founded by Kunle Olukotun, Rodrigo Liang and Chris Re in 2017 in Palo Alto, California, delivers advanced AI infrastructure by combining custom-designed hardware, integrated software, and pre-trained models. This comprehensive approach enables enterprises and government agencies to deploy large-scale AI workloads efficiently, whether on-premise or through dedicated cloud solutions. The company’s mission is to simplify AI adoption while ensuring robust performance and data security across industries
Business Model
SambaNova Systems is a Silicon Valley-based AI computing company offering a full-stack AI platform that combines custom hardware, software, and pre-trained models to support advanced AI (such as large language models) in enterprise environments. SambaNova’s mission is to deliver enterprise-grade AI infrastructure that organizations can deploy on-premises or via cloud services for high-performance AI workloads.
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SambaNova DataScale
DataScale is a fully integrated system that combines SambaNova’s custom Reconfigurable Dataflow Unit (RDU) chips, large memory architecture, and software stack. By using a dataflow architecture rather than traditional GPU-style processing, DataScale can execute AI workloads with higher parallelism and efficiency.
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SambaNova Suite
The SambaNova Suite refers to the comprehensive platform that includes the DataScale hardware plus integrated software and models for generative AI and can be deployed on-premises (with physical DataScale units) or in the cloud, giving customers flexibility.
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SambaNova's Growth Timeline
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SambaNova and Competition
SambaNova Systems is a leading innovator in AI infrastructure, competing with industry giants like NVIDIA, Cerebras, Graphcore, and Groq. Unlike NVIDIA, which dominates the AI market with its powerful GPUs and extensive software ecosystem, SambaNova differentiates itself with its full-stack AI platform, offering integrated hardware, software, and pre-trained models optimized for enterprise deployment. Cerebras, known for its massive wafer-scale chip, excels in training ultra-large AI models, while Graphcore’s Intelligence Processing Unit (IPU) focuses on parallel AI processing for high-speed computation. Groq, on the other hand, specializes in ultra-low-latency AI inference, targeting real-time AI applications. SambaNova's Dataflow architecture and memory-rich design allow it to efficiently handle large-scale AI workloads, offering an alternative to traditional GPU-based solutions. By combining cutting-edge hardware with an AI-as-a-Service model, SambaNova aims to simplify AI adoption for enterprises, competing not just on raw performance but on ease of use, efficiency, and scalability in the rapidly evolving AI market.
The table below is a replica of the table that was published by Karl Freund, Founder and Principal Analyst at Cambrian-AI Research LLC, to show the competitive landscape of AI chip vendors. To read the full Forbes article titled "AI Chip Vendors: A Look At Who's Who In The Zoo In 2024," click here.
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Prominent News
On SambaNova Cloud, Tülu 3 405B, A New Model Better than DeepSeek V3, February 4, 2025. - SambaNova announces the addition of Tülu 3 405B, an Ai2-developed Llama 405B fine-tune that outperforms DeepSeek V3 on SambaNova Cloud and achieves over 90 tokens/second through their RDU technology. Click here to read more.
Hugging Face Partners with SambaNova to Supercharge its Inference API Capabilities, January 28, 2025 - SambaNova's newly launched inference API enables Hugging Face developers to access fast inference speeds on RDU Hardware and utilize their full model lineup, including the Llama 3 series with Llama Guard and various Qwen models. Click here to read more.
Oak Ridge National Laboratory Selects SambaNova to Expand Its Research in Secure and Energy-Efficient AI, November 18, 2024 - SambaNova announces that the U.S. Department of Energy’s Oak Ridge National Laboratory has deployed SambaNova Suite for secure and energy-efficient AI research, marking another national laboratory adoption of their AI platform. Click here to read more.
Return on Investment (ROI)
ROI computed as of February 10, 2025.

Funding Round in USD
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Series D-1 Valuation
<span class="date">2021-04-09</span>
<span class="value">$5.0B</span>
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Implied Valuation
<span class="date">2025-02-10</span>
<span class="value">$2.13B<span>
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Change Since Last Round
<span class="date">2021-04-09 → 2025-02-10</span>
<span class="value red">-57.48%</span>
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Quarterly Bid:Ask Volume Ratio
PM Insights highlights the quarterly bid:ask volume ratio where there were at least three institutionally-sized broker contributions within that period.
SambaNova received a high volume of bids and offers during Q3 of 2024 and has seen volumes trickle down since then. Between January 1, 2025, and February 10, 2025, SambaNova had $3M in total bid and ask volume, with bid and ask volumes being evenly distributed.

90D Activity
Activity at each date comprises the total unique broker contributions (bids/asks/trades) within a 90-day rolling window ending on that date. SambaNova's activity began increasing in Q2 of 2024 and peaked at 19 contributions by the end of 2024. As of February 10, 2025, the activity level stands at 12 contributions.

SambaNova Private Comparables in the AI & Hardware Sector
PM Insights highlights 6 active private companies that focus on AI hardware, custom chips, and enterprise AI solutions as of February 10, 2025.
Change in Valuation
PM Insights uses composite prices based on institutional-sized contributions within the last 90 days to compute implied valuations. The current implied valuations reported below were computed as of February 10, 2025, and are compared to each company's latest funding round valuation and valuation on December 31, 2024:
- Cerebras Systems has a current implied valuation of $8.58B, representing a 188.23% increase from its Series F-1 valuation of $2.98B in June 2024. The company's implied valuation was $8.34B on December 31, 2024.
- CoreWeave has a current implied valuation of $29.27B, representing a 54.07% increase from its Series C valuation of $19.0B in May 2024. The company's implied valuation was $26.15B on December 31, 2024.
- Groq has a current implied valuation of $3.14B, representing a 12.25% increase from its Series D valuation of $2.8B in August 2024. The company's implied valuation was $3.06B on December 31, 2024.
- Lambda Labs has a current implied valuation of $2.86B, representing a 3.78% increase from its Series D-1 valuation of $2.75B in December 2024. The company's implied valuation was $2.94B on December 31, 2024.
- SambaNova Systems has a current implied valuation of $2.13B, representing a 57.48% decrease from its Series D-1 valuation of $5.0B in April 2021. The company's implied valuation was $2.02B on December 31, 2024.

Activity
The plot shows the 90-day broker contribution activity as of February 10, 2025. CoreWeave leads with the highest activity at 27 contributions, while Cerebras Systems shows the lowest with only 2 contributions. SambaNova maintains a moderate level of activity with 12 contributions.

90D Bid and Ask Volume Ratio
The plot illustrates the bid and ask volume ratios for the period from November 13, 2024, to February 10, 2025, showing only companies with at least 3 contributions. Groq recorded the highest total volume at $149M, with 17.28% of that volume coming from the bid side. While SambaNova had the lowest total volume at $47M, it showed the highest bid-side ratio at 83.35%.

Change in Composite Price
The plot illustrates the 30-day change in composite prices for the period from January 11, 2024, to February 10, 2025. Lightmatter showed the strongest performance with a 6.79% increase, while Lambda Labs saw the steepest decline at 12.83%. SambaNova showed modest growth, with its composite price rising from $38.90 to $40.40.

Volatility of Composite Price
The volatility of the composite price is calculated based on price movements over the 90-day period ending February 10, 2025. SambaNova showed the highest volatility at 29.14%, while Groq demonstrated the most stability with the lowest volatility at 9.06%.

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