Mercor Raises $750 Million Series D at $20 Billion Valuation

Nov 10, 2026
AI training data company Mercor raised $750 million in a Series D at a $20 billion valuation, with Benchmark, Felicis, NVIDIA and Salesforce among its investors.

Mercor raised $750 million in a Series D that values the AI training data company at $20 billion. The round included an employee tender and investors including Benchmark, Felicis, funds managed by affiliates of Apollo, General Catalyst, NVIDIA, Salesforce and Sapphire Ventures.

Mercor pays more than five million experts to train frontier AI models with their domain knowledge. It said the capabilities it built for frontier labs are now used by big tech, open model developers, application companies and the Fortune 500, which it helps build custom evaluations and post-training based on their own workflows.

The funding will go into infrastructure and research for evaluations and post-training, and into more environments where AI agents can learn complex workflows. Mercor acquired Deeptune earlier this year for that work and has opened offices in New York and London. The company said it already spends three times as much on inference as on employee salaries.

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