AI talent platform Mercor is exploring a Series C funding round that would value the company at over $10 billion, marking significant growth from its $2 billion valuation just seven months ago. The startup, which matches domain specialists with tech giants like OpenAI and Meta for AI model training, has seen its revenue soar to approximately $450 million annually.
The company’s rapid financial trajectory is notable – from $75 million in annual revenue in February to potentially $450 million today. CEO Brendan Foody indicated the actual figure exceeds this amount, though he noted their accounting includes gross payments before contractor fees are distributed.
Mercor’s business centers on connecting AI companies with subject matter experts – doctors, scientists, lawyers – who help train and refine AI models. The platform charges hourly fees for these specialized matching services, with major clients including Amazon, Google, Microsoft, and Nvidia alongside OpenAI.
Related: Scale AI Sues Ex-Employee And Rival Mercor Over Alleged Client Poaching.
Founded by three Harvard dropouts in their early twenties, the company recently brought on former Uber executive Sundeep Jain as president to guide its expansion. Mercor is positioning itself to compete with established players like Scale AI and emerging rivals such as Surge AI, which reportedly seeks a $25 billion valuation.
The funding discussions come as Mercor faces legal challenges from competitor Scale AI over alleged trade secret theft by a former Scale employee who joined Mercor. Despite this, investor interest remains strong, with multiple venture capital firms reportedly making unsolicited offers to participate in the round.
The company plans to expand beyond talent matching into software infrastructure for reinforcement learning and eventually develop an AI-powered recruiting marketplace, diversifying its revenue streams in the competitive AI services sector.
