---
title: "Mercor revenue and valuation"
description: "Mercor's revenue is estimated at $1.51B–$2.32B, last reported at $1.23B. Valued at $20B after raising $1.23B. Funding rounds and competitors."
url: https://www.tryspecter.com/revenue-valuation/mercor.md
canonical_url: https://www.tryspecter.com/revenue-valuation/mercor
publisher: Specter
last_updated: 2026-11-01
---

# 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.

Mercor organizes domain experts to train, evaluate, and deploy AI models for enterprise use.

- Estimated revenue: $1.51B to $2.32B (October 2026)
- Estimated valuation: $16.6B to $24.1B (October 2026)
- Last reported revenue: $1.23B (June 2026)
- Total funding: $1.23B
- Founded: 2023
- Headquarters: San Francisco, United States
- Employees: 12,885
- Sector: AI data
- Specter Rank: #55,953

## 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.

| Reported figure | Date | Source |
| --- | --- | --- |
| $1.23B revenue | June 2026 | [Mercor Raises $750M Series D at $20B, Doubling in a Year](https://aiweekly.co/alerts/mercor-raises-750m-series-d-at-20b-doubling-in-a-year) (aiweekly.co) |
| $2B ARR | June 2026 | [Mercor's annualized revenue tops $2 billion as expert data becomes the new lifeline in the model race](https://finance.biggo.com/news/afb2bf61-ddd5-4bf0-92f8-7eeaf19eaefd) (finance.biggo.com) |
| $100M revenue | July 2025 | [Mercor’s net retention is 1605% with zero churn on a 9 figure run rate in enterprise.](https://x.com/BrendanFoody/status/1947187198778065358) (x.com) |
| $75M ARR | February 2025 | [AI-powered recruitment platform Mercor received 100 million dollars investment](https://webrazzi.com/2025/02/21/mercor-100-milyon-dolar-yatirim-aldi/) (webrazzi.com) |

| Month | Specter estimate | Low | High |
| --- | --- | --- | --- |
| October 2026 | $1.87B | $1.51B | $2.32B |
| September 2026 | $1.81B | $1.44B | $2.27B |
| August 2026 | $1.66B | $1.34B | $2.07B |
| July 2026 | $1.71B | $1.38B | $2.12B |
| June 2026 | $1.57B | $1.3B | $1.88B |
| May 2026 | $1.36B | $1.11B | $1.68B |
| April 2026 | $1.19B | $780M | $1.8B |
| March 2026 | $1.03B | $700M | $1.52B |
| February 2026 | $900M | $630M | $1.29B |
| January 2026 | $780M | $580M | $1.05B |
| December 2025 | $680M | $560M | $820M |
| November 2025 | $590M | $470M | $750M |
| October 2025 | $520M | $430M | $620M |
| September 2025 | $450M | $370M | $540M |
| August 2025 | $100M | $83M | $120M |
| July 2025 | $100M | $83M | $120M |
| June 2025 | $94M | $69M | $128M |
| May 2025 | $89M | $64M | $124M |
| April 2025 | $84M | $66M | $107M |
| March 2025 | $79M | $63M | $100M |
| February 2025 | $75M | $62M | $90M |
| January 2025 | $20M | $8.6M | $32M |
| December 2024 | $21M | $7.3M | $35M |
| November 2024 | $17M | $7.3M | $27M |
| October 2024 | $14M | $6.1M | $22M |
| September 2024 | $9.2M | $3.7M | $15M |
| August 2024 | $12M | $3.2M | $21M |
| July 2024 | $5.5M | $2.3M | $8.6M |
| June 2024 | $4.6M | $2.3M | $7M |

## 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.

| Month | Specter estimate | Low | High |
| --- | --- | --- | --- |
| October 2026 | $20B | $16.6B | $24.1B |
| September 2026 | $15.9B | $12.7B | $19.8B |
| August 2026 | $12.6B | $10.3B | $15.5B |
| July 2026 | $10B | $8.32B | $12B |
| June 2026 | $10B | $8.32B | $12B |
| May 2026 | $10B | $7.82B | $12.8B |
| April 2026 | $10B | $8.04B | $12.4B |
| March 2026 | $10B | $8.17B | $12.2B |
| February 2026 | $10B | $8.28B | $12.1B |
| January 2026 | $10B | $8.32B | $12B |
| December 2025 | $10B | $8.32B | $12B |
| November 2025 | $10B | $8.32B | $12B |
| October 2025 | $10B | $8.32B | $12B |
| September 2025 | $6.69B | $5.3B | $8.45B |
| August 2025 | $4.47B | $3.59B | $5.58B |
| July 2025 | $2.99B | $2.45B | $3.65B |
| June 2025 | $2B | $1.66B | $2.4B |
| May 2025 | $2B | $1.61B | $2.48B |
| April 2025 | $2B | $1.62B | $2.46B |
| March 2025 | $2B | $1.64B | $2.43B |
| February 2025 | $2B | $1.66B | $2.4B |
| January 2025 | $1.32B | $1.02B | $1.71B |
| December 2024 | $870M | $680M | $1.11B |
| November 2024 | $570M | $460M | $720M |
| October 2024 | $380M | $310M | $460M |
| September 2024 | $250M | $210M | $300M |
| August 2024 | $340M | $200M | $560M |
| July 2024 | $450M | $310M | $670M |
| June 2024 | $610M | $450M | $830M |

| Reported valuation | Month | Source |
| --- | --- | --- |
| $20B | November 2026 | Funding round |
| $10B | July 2026 | [forbes.sk](https://www.forbes.sk/slovak-musho-a-jeho-stavka-na-ai-toto-bude-rozhovor-ktory-zostarne-najrychlejsie/) |
| $10B | June 2026 | [forbes.sk](https://www.forbes.sk/predal-around-prekreslil-amazon-robi-pre-najmladsich-miliardarov-slovak-musho-o-biznise-a-ere-ai/) |
| $10B | January 2026 | [forbes.at](https://www.forbes.at/artikel/wie-ki-2025-vermoegen-in-rekordtempo-schuf) |
| $10B | December 2025 | [qz.com](https://qz.com/ai-2025-billionaires-elon-musk-startup-founders) |
| $10B | November 2025 | [wsj.com](https://www.wsj.com/tech/ai/the-ai-startup-fueling-chatgpts-expertise-is-now-valued-at-10-billion-f1281e56?gaa_at=eafs&gaa_n=AWEtsqcyvYGCQYbC4V9WigGm_nL67xVb9pwOpHXHcl3g3Ml4wo9bcMlB0yl5&gaa_ts=6906334f&gaa_sig=5XlwpB5TgjxS-N0WN1QMPCrlHdktuIRMWKxfVJothwnagwPUvjj2eNfmf5Tmm_PyxsdELX2xfw_yOGSGBe3psg%3D%3D) |
| $10B | October 2025 | Funding round |
| $2B | June 2025 | [techfundingnews.com](https://techfundingnews.com/peter-thiel-backed-mercor-scores-100m-at-2b-valuation-to-reshape-recruitment-with-ai/) |
| $2B | February 2025 | Funding round |
| $250M | September 2024 | Funding round |
| $2B | February 2024 | [forbes.pl](https://www.forbes.pl/biznes/wybitny-szachista-i-prywatny-detektyw-wytrenuja-ai-rewolucja-w-rekrutacji/efzvygs) |

## Mercor funding rounds

| Date | Round | Raised | Post-money | Lead investors |
| --- | --- | --- | --- | --- |
| 10 Nov 2026 | Series D | $750M | $20B | Undisclosed |
| 9 Jul 2026 | Venture round | Undisclosed | Undisclosed | Undisclosed |
| 27 Oct 2025 | Series C | $350M | $10B | Felicis |
| 20 Feb 2025 | Series B | $100M | $2B | Felicis |
| 19 Sep 2024 | Series A | $31M | $250M | Benchmark |
| 1 Sep 2023 | Seed | $3.6M | Undisclosed | General Catalyst |

## Mercor vs competitors

The enterprise AI market is divided between automated labeling platforms and human expert networks.

| Company | Estimated revenue | Estimated valuation |
| --- | --- | --- |
| Mercor | $1.51B–$2.32B | $16.6B–$24.1B |
| AfterQuery (YC W25) (afterquery.com) | $146M–$270M | $2.44B–$4.01B |
| Human Edge AI (humanedgetech.ai) | $1M–$3.1M | $8.7M–$38M |
| Scale AI (scale.com) | $1.29B–$2.22B | $23B–$56.7B |
| Ocular AI (useocular.com) | $200K–$700K | $16M–$21M |

## Questions

### 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.

## 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. "Mercor revenue and valuation." tryspecter.com/revenue-valuation/mercor. Updated November 2026.