Mercor revenue and valuation
Specter estimates Mercor's annual revenue at $1.51B to $2.32B and its valuation at $16.6B to $24.1B. The company last reported $1.23B revenue in June 2026 and was priced at $20B in November 2026.
- Estimated revenue
- $1.51B–$2.32B
- Estimated valuation
- $16.6B–$24.1B
- Reported revenue
- $1.23B
- Total funding
- $1.23B
- Founded
- 2023
- Headquarters
- San Francisco, United States
- Employees
- 12,885
Mercor revenue
Mercor last reported $1.23B revenue in June 2026. Specter's model puts current revenue between $1.51B and $2.32B, anchored to four reported figures.
Monthly data
| Month | Specter estimate | Low | High | Reported figure |
|---|---|---|---|---|
| $1.87B | $1.51B | $2.32B | ||
| $1.81B | $1.44B | $2.27B | ||
| $1.66B | $1.34B | $2.07B | ||
| $1.71B | $1.38B | $2.12B | ||
| $1.57B | $1.3B | $1.88B | $1.23B | |
| $1.36B | $1.11B | $1.68B | ||
| $1.19B | $780M | $1.8B | ||
| $1.03B | $700M | $1.52B | ||
| $900M | $630M | $1.29B | ||
| $780M | $580M | $1.05B | ||
| $680M | $560M | $820M | ||
| $590M | $470M | $750M | ||
| $520M | $430M | $620M | ||
| $450M | $370M | $540M | ||
| $100M | $83M | $120M | ||
| $100M | $83M | $120M | $100M | |
| $94M | $69M | $128M | ||
| $89M | $64M | $124M | ||
| $84M | $66M | $107M | ||
| $79M | $63M | $100M | ||
| $75M | $62M | $90M | $75M | |
| $20M | $8.6M | $32M | ||
| $21M | $7.3M | $35M | ||
| $17M | $7.3M | $27M | ||
| $14M | $6.1M | $22M | ||
| $9.2M | $3.7M | $15M | ||
| $12M | $3.2M | $21M | ||
| $5.5M | $2.3M | $8.6M | ||
| $4.6M | $2.3M | $7M |
| Date | Reported figure | Source |
|---|---|---|
| $1.23B revenue | ||
| $2B ARR | ||
| $100M revenue | ||
| $75M ARR |
Mercor valuation
Mercor's valuation rose from $250M at its Series A in September 2024 to $20B at its Series D in November 2026. Specter's live estimate sits between $16.6B and $24.1B.
Monthly data
| Month | Specter estimate | Low | High | Reported valuation |
|---|---|---|---|---|
| $20B | $16.6B | $24.1B | ||
| $15.9B | $12.7B | $19.8B | ||
| $12.6B | $10.3B | $15.5B | ||
| $10B | $8.32B | $12B | $10B (press) | |
| $10B | $8.32B | $12B | $10B (press) | |
| $10B | $7.82B | $12.8B | ||
| $10B | $8.04B | $12.4B | ||
| $10B | $8.17B | $12.2B | ||
| $10B | $8.28B | $12.1B | ||
| $10B | $8.32B | $12B | $10B (press) | |
| $10B | $8.32B | $12B | $10B (press) | |
| $10B | $8.32B | $12B | $10B (press) | |
| $10B | $8.32B | $12B | $10B (round) | |
| $6.69B | $5.3B | $8.45B | ||
| $4.47B | $3.59B | $5.58B | ||
| $2.99B | $2.45B | $3.65B | ||
| $2B | $1.66B | $2.4B | $2B (press) | |
| $2B | $1.61B | $2.48B | ||
| $2B | $1.62B | $2.46B | ||
| $2B | $1.64B | $2.43B | ||
| $2B | $1.66B | $2.4B | $2B (round) | |
| $1.32B | $1.02B | $1.71B | ||
| $870M | $680M | $1.11B | ||
| $570M | $460M | $720M | ||
| $380M | $310M | $460M | ||
| $250M | $210M | $300M | $250M (round) | |
| $340M | $200M | $560M | ||
| $450M | $310M | $670M | ||
| $610M | $450M | $830M |
Mercor funding rounds
| Date | Round | Raised | Post-money valuation | Lead investors |
|---|---|---|---|---|
| Series D | $750M | $20B | Undisclosed | |
| Venture round | Undisclosed | Undisclosed | Undisclosed | |
| Series C | $350M | $10B | Felicis | |
| Series B | $100M | $2B | Felicis | |
| Series A | $31M | $250M | Benchmark | |
| Seed | $3.6M | Undisclosed | General Catalyst |
Mercor competitors
The enterprise AI market is divided between automated labeling platforms and human expert networks.
| Company | Revenue | Valuation |
|---|---|---|
| $1.51B–$2.32B | $16.6B–$24.1B | |
| $146M–$270M | $2.44B–$4.01B | |
| $1M–$3.1M | $8.7M–$38M | |
| $1.29B–$2.22B | $23B–$56.7B | |
| $200K–$700K | $16M–$21M |
Mercor revenue and valuation FAQ
What is Mercor's revenue?
Specter estimates Mercor's annual revenue at $1.51B to $2.32B as of October 2026. Mercor last reported $1.23B revenue in June 2026.
What is Mercor's valuation?
Mercor's latest post-money valuation is $20B, from a November 2026 Series D. Specter's live estimate is $16.6B to $24.1B.
What is Mercor's revenue multiple?
Mercor is valued at about 16.3× revenue, based on its $20B November 2026 valuation and $1.23B last reported revenue. That works out to roughly $95.3K of revenue per employee.
How much funding has Mercor raised?
$1.23B across six rounds, from a $3.6M Seed in September 2023 to a $750M Series D in November 2026.
Who invested in Mercor?
28 investors, including Benchmark, Felicis and General Catalyst.
Who are Mercor's competitors?
AfterQuery (YC W25), Human Edge AI, Scale AI and Ocular AI. Specter ranks 30 competitors for Mercor.