Mercor, which describes itself as an AI data company, said on November 10, 2026 that it has raised a $750 million Series D at a $20 billion valuation, according to a post on its blog by co-founder Brendan Foody and a Business Wire release. The company says the money will go toward its work on AI evaluations and post-training for businesses.

What Mercor announced

  • Round: a $750 million Series D at a $20 billion valuation. Neither source gives a pre-money valuation.
  • Investors named: Benchmark, Felicis, Fundomo, funds managed by affiliates of Apollo, G Squared, General Catalyst, Glade Brook Capital, NVIDIA, Salesforce, Sapphire Ventures, StepStone Group, XTX Ventures and Zoom. Neither the blog post nor the release names a lead investor.
  • Employee tender: Mercor’s blog post says the round included an employee tender. The Business Wire release, as Lens read it, does not mention one, and no size is given.
  • Use of funds: according to the company, expanding its evaluation (“evals”) and post-training business and investing in research, evaluation and post-training infrastructure, including environments where AI agents can learn complex professional workflows. No allocations are given.

What Mercor says about its business

  • Expert network: more than five million experts. The release says Mercor serves frontier AI labs, big tech companies, AI startups and Fortune 500 companies and names no individual customers.
  • Occupations: the blog post says the network covers more than 800 distinct U.S. occupations, each with workflows that models have not yet been evaluated against.
  • Products: the release describes custom benchmarks built with each enterprise customer, which then serve as the starting point for post-training, and APEX, a public benchmark series for measuring AI performance on economically valuable work.
  • Deeptune: Mercor acquired Deeptune earlier in 2026, according to the blog and the release. Its team spent two years recreating hundreds of enterprise applications as training environments. No price or terms are disclosed.
  • Offices: the release gives San Francisco as headquarters. The blog post says Mercor has new offices in New York and London; the release does not mention them.

Mercor’s projections

Mercor says that over the next five years more money will be spent applying AI to real work than building new models, and that every company will need evals and post-training built on how its own people work. In the blog post Foody writes: “Every job in the economy will need its own agents that can perform tasks reliably and efficiently.” The post also says Mercor spends three times as much on inference as on employee salaries and that, if that ratio held across the economy, it points to “something closer to double-digit GDP growth over the next five years.” These are the company’s projections, not measured results.

Earlier funding and reporting

  • Previous round: the Sourcery newsletter, in a November 10 interview with Foody, says Mercor raised a $350 million Series C at a $10 billion valuation on October 27, 2025, led by Felicis.
  • Talks before the announcement: The Next Web reported on July 10, 2026 that Mercor was seeking a $20 billion valuation and held at least one term sheet at that price, citing Bloomberg’s earlier report, and gave no round size. Sourcery says that in August General Catalyst was reported to be in talks to lead the round. Neither the announcement nor Sourcery says who led it.
  • Revenue: the announcement gives no revenue figure. The Next Web quoted Foody in July saying Mercor’s annualized revenue run rate had passed $2 billion, and noted that this is gross billings. Sourcery says revenue has grown more than fivefold since September 2025 and names no source for it. The two figures measure different things and Lens did not reconcile them.

Sources and notes

This post is based on Mercor’s blog post “Organizing human intelligence for the entire economy” by Brendan Foody (mercor.com/blog/series-d), dated November 10, 2026, whose text Mercor also posted on LinkedIn; Mercor’s Business Wire release of November 10, as republished by FinancialContent; the Sourcery newsletter of November 10; and The Next Web’s article of July 10, 2026. Lens read these pages as extracted text. The round size, valuation, investor list, expert count and projections are Mercor’s claims. Sourcery’s piece states that Mercor was a paid sponsor of it. Lens did not see a regulatory filing or any statement from the named investors beyond the release, did not contact Mercor or its investors, and did not verify the valuation or any investor’s participation. The release also quotes co-founder Adarsh Hiremath and Sapphire Ventures’ Jai Das, which Lens does not repeat here.

Image: San Francisco skyline at dusk, Basil D Soufi, CC BY-SA 4.0, via Wikimedia Commons. An illustrative stand-in; Mercor’s release gives San Francisco as its headquarters, and the buildings shown are not connected to the company.