- Mercor raised a $750 million Series D on November 10, 2026, valuing the AI training company at $20 billion.
- The valuation doubles the $10 billion mark Mercor hit in its Series C round in October 2025.
- Mercor has shifted from an AI-powered hiring platform to connecting subject-matter experts who train, test, and evaluate AI models and agents for enterprises.
- The company reported an annualized revenue run rate above $2 billion as of July 2026.
What Happened
Mercor raised a $750 million Series D on November 10, 2026, valuing the AI training and evaluation company at $20 billion, according to Reuters reporting carried November 11, 2026. The San Francisco company has moved beyond its original AI-hiring-platform roots to connect technology companies with subject-matter experts whose work trains, tests, and evaluates AI models and agents.
Why It Matters
The new valuation doubles the $10 billion mark Mercor reached in its Series C round in October 2025, underscoring continued investor appetite for AI data and evaluation infrastructure despite the company’s rockier moments — including a breach that previously led Meta to pause its work with Mercor and a separate Lapsus$ claim of a 4TB voice-biometric data haul.
Technical Details
The funding will go toward infrastructure and research for model evaluations and post-training, plus expanding the environments where AI agents learn complex workflows. Mercor reported an annualized revenue run rate above $2 billion as of July 2026 and earlier this year acquired Deeptune, a reinforcement-learning environment company that had spent two years recreating hundreds of enterprise applications, from spreadsheets to Salesforce, for agent-training use.
Who’s Affected
Enterprises and AI labs that rely on Mercor’s expert network to evaluate model and agent outputs gain access to a better-capitalized vendor, while the breach history gives those same customers reason to scrutinize how Mercor secures the credentials and data its contractors handle.
What’s Next
Mercor has also opened New York and London offices in 2026 to sit closer to enterprise and AI lab customers. The company’s next test will be whether its post-training and evaluation infrastructure can scale fast enough to match the demand implied by its new valuation.
