Mercor raises $750M Series D at a $20B valuation

Mercor said on November 10, 2026 that it raised a $750 million Series D valuing the company at $20 billion. The company said the round included an employee tender. It did not name a lead investor or say how much of the $750 million was new capital versus the tender.

The post lists participants including Nvidia, Benchmark, Felicis, Fundomo, funds managed by affiliates of Apollo, G Squared, General Catalyst, Glade Brook Capital, Salesforce, Sapphire Ventures, StepStone Group, XTX Ventures and Zoom. The same post does not state a prior valuation. In October 2025, Mercor confirmed to TechCrunch that it had raised a $350 million Series C at a $10 billion valuation. That is the last company-confirmed figure we have before this week's $20 billion mark; it is not a figure from the Series D announcement.

Mercor, which pays domain experts to train and evaluate AI models, says it is expanding the evaluation and post-training work it built for frontier labs to other enterprises, and that it acquired Deeptune earlier this year to recreate enterprise workflows for agents to practice. Those are company statements about strategy and a prior deal, not revenue or customer figures in the Series D post. Codema's AI Money hub tracks private raises and listings in this market, including Mavria's $130 million raise at a $1 billion valuation, disclosed a day earlier. What to watch is the unstated split between the employee tender and new capital, and whether Mercor later reports how much of the new money is going into enterprise evals versus the frontier-lab business it already has.