Mercor Raises a $750M Series D at a $20B Valuation

Mercor said on November 10 that it raised a $750 million Series D at a $20 billion valuation. The company named no lead. The round is for the evaluation and post-training work Mercor built for frontier labs, sold this time to other enterprises.

The numbers

• $750 million at a $20 billion valuation. The Business Wire release and Brendan Foody's post both use those figures. Neither names a lead investor.
• Investors, as both the release and the post list them: 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.
• Foody's post says the round included an employee tender. The Business Wire release states the $750 million and does not mention a tender. Neither source says how much of the $750 million is new capital and how much buys shares from employees.
• SiliconANGLE put the prior mark at $10 billion, from a $350 million round in October 2025 that Felicis led. On the company's new figure, this round doubles that valuation. Mercor did not restate the old round in today's release.

Where the money goes

Mercor says the round pays for research, evaluation, and post-training, including environments where agents practice professional work. The company says its network has more than five million experts. Foody wrote that Mercor spent two years building that stack with frontier labs and is now selling the same work to enterprises. The release says the company is in San Francisco. The post says it opened New York and London offices this year.

The post says Mercor acquired Deeptune earlier this year, a team that spent two years recreating enterprise applications as places for agents to practice. SiliconANGLE reported the purchase was in July. Neither the release nor the post puts a price on Deeptune.

Every job in the economy will need its own AI agents, and every company will need a way to train and evaluate them on its own work.

Brendan Foody, co-founder and co-CEO, in the November 10 Business Wire release

Adarsh Hiremath, the other co-CEO, said in the same release that a model can score well on a public benchmark and still fail on the systems, policies, and edge cases of one business. Mercor builds a custom benchmark for that company, and post-training starts from the result. Sapphire's Jai Das said frontier labs have been the main buyers of this kind of data, and that enterprises will want the same work as open models get good enough to build on.

What we are watching

The $750 million and the $20 billion valuation are the company's figures. There is no lead. There is also no split between primary capital and the employee tender Foody described, so the release does not show how much cash landed on the balance sheet. A later note that separates those two amounts would settle it. The five million experts and the Deeptune purchase are as Mercor stated them.