Mercor Raises $750M Series D at $20B, Doubling in a Year

Mercor raised $750 million in a Series D round that values the AI training data company at $20 billion, Reuters reported on November 10. That is twice the $10 billion the San Francisco firm hit after its $350 million Series C in October 2025.

Investors in the round include Benchmark, funds managed by affiliates of Apollo Global Management, General Catalyst, NVIDIA, Salesforce and Zoom.

Mercor sells the human half of frontier model development: a "network of more than five million experts who contribute professional knowledge to AI model training," evaluation and post-training programs. In the first half of 2026 it reported $614 million in gross revenue, with its annualized run rate crossing $2 billion by June.

NVIDIA's check is also a customer vote. "Nvidia used Mercor data in its two latest Nemotron models," with several Mercor employees now focused almost entirely on that account.

Co-founder and co-CEO Brendan Foody pitched the next act beyond the labs: "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."

The round lands as our funding tracker has logged 422 AI financings in the last 90 days, and keeps Mercor in the top tier of human-in-the-loop data suppliers alongside Scale AI and Surge.