---
title: "Cohere revenue and valuation"
description: "Cohere's ARR is estimated at $290M–$740M, last reported at $240M. Valued at $25.5B after raising $9.31B. Funding rounds and competitors."
url: https://www.tryspecter.com/revenue-valuation/cohere.md
canonical_url: https://www.tryspecter.com/revenue-valuation/cohere
publisher: Specter
last_updated: 2026-11-01
---

# Cohere revenue and valuation

Specter estimates Cohere's annual revenue at $290M to $740M and its valuation at $22B to $31.7B. The company last reported $240M ARR in December 2025 and was priced at $25.5B in October 2026.

Cohere provides enterprise AI models and a secure platform for on-premises and cloud deployment.

- Estimated revenue: $290M to $740M (October 2026)
- Estimated valuation: $22B to $31.7B (October 2026)
- Last reported ARR: $240M (December 2025)
- Total funding: $9.31B
- Founded: 2019
- Headquarters: Toronto, Canada
- Employees: 1,271
- Sector: AI lab
- Specter Rank: #33,074

## Cohere revenue

Cohere last reported $240M ARR in December 2025. Specter's model puts current ARR between $290M and $740M, anchored to two reported figures.

| Reported figure | Date | Source |
| --- | --- | --- |
| $240M ARR | December 2025 | [Enterprise AI startup Cohere tops revenue target as momentum builds to IPO: Investor memo](https://www.cnbc.com/2026/02/13/ai-startup-cohere-revenue-ipo.html) (cnbc.com) |
| $150M ARR | December 2025 | [Crunchbase Predicts: 15 Companies That Could Go Public In 2026 As The IPO Market Gains Momentum](https://news.crunchbase.com/public/crunchbase-predicts-15-companies-ipo-ai-fintech-defense-forecast-2026/) (news.crunchbase.com) |

| Month | Specter estimate | Low | High |
| --- | --- | --- | --- |
| October 2026 | $460M | $290M | $740M |
| September 2026 | $360M | $210M | $630M |
| August 2026 | $340M | $191M | $590M |
| July 2026 | $360M | $196M | $660M |
| June 2026 | $290M | $181M | $460M |
| May 2026 | $280M | $186M | $420M |
| April 2026 | $260M | $185M | $380M |
| March 2026 | $189M | $150M | $240M |
| February 2026 | $184M | $147M | $230M |
| January 2026 | $188M | $155M | $230M |
| December 2025 | $190M | $158M | $230M |
| November 2025 | $173M | $137M | $220M |
| October 2025 | $158M | $117M | $210M |
| September 2025 | $144M | $109M | $190M |
| August 2025 | $132M | $105M | $165M |
| July 2025 | $120M | $97M | $148M |
| June 2025 | $110M | $90M | $134M |
| May 2025 | $100M | $83M | $120M |
| April 2025 | $100M | $81M | $123M |
| March 2025 | $100M | $81M | $124M |
| February 2025 | $100M | $79M | $127M |
| January 2025 | $100M | $77M | $130M |
| December 2024 | $100M | $76M | $132M |
| November 2024 | $100M | $75M | $133M |
| October 2024 | $100M | $78M | $128M |
| September 2024 | $100M | $71M | $141M |
| August 2024 | $100M | $57M | $175M |
| July 2024 | $100M | $64M | $156M |
| June 2024 | $100M | $62M | $163M |

## Cohere valuation

Cohere's valuation rose from $2.2B at its Series C in May 2023 to $25.5B at its Series E in October 2026. Specter's live estimate sits between $22B and $31.7B.

| Month | Specter estimate | Low | High |
| --- | --- | --- | --- |
| October 2026 | $26.4B | $22B | $31.7B |
| September 2026 | $20B | $16.6B | $24.1B |
| August 2026 | $20B | $17.5B | $22.9B |
| July 2026 | $20B | $16.7B | $24B |
| June 2026 | $20B | $17B | $23.5B |
| May 2026 | $20B | $16.8B | $23.8B |
| April 2026 | $20B | $16.6B | $24.1B |
| March 2026 | $17.2B | $13.2B | $22.5B |
| February 2026 | $14.8B | $11.7B | $18.7B |
| January 2026 | $12.8B | $9.99B | $16.3B |
| December 2025 | $11B | $8.87B | $13.6B |
| November 2025 | $9.45B | $7.73B | $11.5B |
| October 2025 | $8.13B | $6.73B | $9.83B |
| September 2025 | $7B | $5.82B | $8.42B |
| August 2025 | $6.8B | $5.66B | $8.18B |
| July 2025 | $6.34B | $4.9B | $8.2B |
| June 2025 | $5.9B | $4.78B | $7.28B |
| May 2025 | $5.5B | $4.57B | $6.61B |
| April 2025 | $5.5B | $3.62B | $8.37B |
| March 2025 | $5.5B | $3.68B | $8.23B |
| February 2025 | $5.5B | $3.87B | $7.81B |
| January 2025 | $5.5B | $4.06B | $7.44B |
| December 2024 | $5.5B | $4.23B | $7.15B |
| November 2024 | $5.5B | $4.11B | $7.36B |
| October 2024 | $5.5B | $4.18B | $7.24B |
| September 2024 | $5.5B | $4.36B | $6.94B |
| August 2024 | $5.5B | $4.47B | $6.77B |
| July 2024 | $5.5B | $4.57B | $6.61B |
| June 2024 | $5.63B | $4.04B | $7.85B |

| Reported valuation | Month | Source |
| --- | --- | --- |
| $26.4B | November 2026 | [elreferente.es](https://elreferente.es/actualidad/cohere-busca-captar-4-500-millones-de-dolares-con-nvidia-schwarz-group-y-el-gobierno-de-canada-entre-sus-inversores/) |
| $25.5B | October 2026 | Funding round |
| $20B | September 2026 | [reuters.com](https://reuters.com/legal/transactional/cohere-aleph-alpha-combine-target-enterprise-ai-market-2026-09-16/) |
| $20B | April 2026 | [sifted.eu](https://sifted.eu/articles/aleph-alpha-strikes-20bn-merger-deal-with-canadas-cohere/) |
| $7B | September 2025 | Funding round |
| $6.8B | August 2025 | Funding round |
| $5.5B | May 2025 | [betakit.com](https://betakit.com/cohere-revenue-reports-paint-mixed-picture-of-growth/) |
| $5.5B | July 2024 | Funding round |
| $6.8B | October 2023 | [techcrunch.com](https://www.techcrunch.com/2023/10/27/cohere-hits-a-6-8b-valuation-as-investors-amd-nvidia-and-salesforce-double-down/) |
| $6.8B | June 2023 | [techcrunch.com](https://www.techcrunch.com/latest/cohere-hits-a-6-8b-valuation-as-investors-amd-nvidia-and-salesforce-double-down/) |
| $2.2B | May 2023 | Funding round |

## Cohere funding rounds

| Date | Round | Raised | Post-money | Lead investors |
| --- | --- | --- | --- | --- |
| 29 Oct 2026 | Series E | $5.1B | $25.5B | Schwarz Group |
| 20 Aug 2026 | Venture round | Undisclosed | Undisclosed | Undisclosed |
| 24 Apr 2026 | Series E | $2.5B | Undisclosed | Schwarz Group |
| 24 Sep 2025 | Series D | $100M | $7B | Business Development Bank of Canada, Nexxus Capital Management |
| 14 Aug 2025 | Series D | $500M | $6.8B | Inovia Capital, Radical Ventures |
| 17 Jun 2025 | Secondary | Undisclosed | Undisclosed | Undisclosed |
| 6 Dec 2024 | Grant | $170M | Undisclosed | Government of Canada |
| 22 Nov 2024 | Venture round | $1.2M | Undisclosed | Undisclosed |
| 22 Jul 2024 | Series D | $500M | $5.5B | Alumni Ventures, PSP Investments |
| 1 Dec 2023 | Secondary | $8M | Undisclosed | Undisclosed |
| 18 Jul 2023 | Corporate round | Undisclosed | Undisclosed | Undisclosed |
| 2 May 2023 | Series C | $270M | $2.2B | Alumni Ventures, Inovia Capital |
| 15 Feb 2022 | Series B | $125M | Undisclosed | Tiger Global Management |
| 7 Sep 2021 | Series A | $40M | Undisclosed | Index Ventures |

## Cohere vs competitors

Enterprise AI splits between general-purpose model providers and vendors prioritizing data-sovereign private deployment.

| Company | Estimated revenue | Estimated valuation |
| --- | --- | --- |
| Cohere | $290M–$740M | $22B–$31.7B |
| Mistral AI (mistral.ai) | $320M–$630M | $19.4B–$28.1B |
| OpenAI (openai.com) | $34.4B–$51.8B | $1.04T–$1.5T |
| Anthropic (anthropic.com) | $38.9B–$56.3B | $1.66T–$2.4T |
| AI21 (ai21.com) | $29M–$78M | $440M–$2.06B |

## Questions

### What is Cohere's revenue?

Specter estimates Cohere's annual recurring revenue at $290M to $740M as of October 2026. Cohere last reported $240M ARR in December 2025.

### What is Cohere's valuation?

Cohere's latest post-money valuation is $25.5B, from an October 2026 Series E. Specter's live estimate is $22B to $31.7B.

### What is Cohere's revenue multiple?

Cohere is valued at about 106× ARR, based on its $25.5B October 2026 valuation and $240M last reported ARR. That works out to roughly $189K of ARR per employee.

### How much funding has Cohere raised?

$9.31B across 14 rounds, from a $40M Series A in September 2021 to a $5.1B Series E in October 2026.

### Who invested in Cohere?

48 investors, including Business Development Bank of Canada, Government of Canada, Inovia Capital, Nexxus Capital Management, Radical Ventures and Schwarz Group.

### Who are Cohere's competitors?

Mistral AI, OpenAI, Anthropic and AI21. Specter ranks 30 competitors for Cohere.

## About this data

Specter models revenue and valuation monthly and anchors each estimate to reported figures and priced rounds. Method: https://www.tryspecter.com/revenue-valuation

Cite as: Specter. "Cohere revenue and valuation." tryspecter.com/revenue-valuation/cohere. Updated November 2026.