StartupsNov 11, 2026, 9:45 PM UTC·1 min read

Mercor Raises $750 Million at $20 Billion Valuation

AI training startup Mercor has closed a $750 million Series D round that values the company at $20 billion, with Benchmark, Felicis, Nvidia and Apollo-linked funds participating.

Illustration of a rising valuation chart beside an AI neural network graphic representing Mercor's $20 billion funding round. — Image: The Economic Times

Mercor, a startup focused on AI training, said on Tuesday that it has raised $750 million in a Series D funding round, valuing the company at $20 billion.

The round drew a mix of venture and strategic backers. Benchmark, Felicis, Fundomo and Nvidia took part, as did funds managed by affiliates of Apollo, according to the company. Mercor said the list of participants also includes other investors beyond those named.

A large valuation for a young category

A $20 billion price tag places Mercor among the most highly valued private companies working in the AI supply chain. The figure reflects how much investor appetite there is for businesses that support the training of AI models, rather than only for the model builders themselves.

The presence of Nvidia is notable. The chipmaker sits at the centre of the AI hardware market, and its participation in a Series D round signals interest in the companies that help improve the systems running on that hardware. The involvement of Apollo-affiliated funds adds a large institutional investor to a cap table that also includes established Silicon Valley venture firms such as Benchmark and Felicis.

What it means

For the wider market, the deal is another sign that capital continues to flow into AI-related startups at very large valuations. It also puts Mercor in a stronger financial position as competition for AI training services and talent intensifies.

The announcement did not, in the material available, set out how the company plans to deploy the new money or give detailed financial results. Those specifics will determine whether the valuation proves durable as the company grows.

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