Mercor raises $750M Series D at $20B valuation with employee tender

Mercor, a San Francisco company that uses human experts to train and evaluate AI models, announced a $750 million Series D on November 10, 2026, at a $20 billion valuation. The company says the round included an employee tender offer, but it has not disclosed how much of the total went to that share sale. According to The Next Web, the new valuation is double the $10 billion mark set after a $350 million Series C in October 2025. Thirteen investors or investor groups took part, including Benchmark, Felicis, General Catalyst, NVIDIA, Salesforce and Zoom, and Mercor did not name a lead.

The capital is meant for evaluations, post-training and environments where agents learn multi-step workflows. Earlier in 2026, Mercor acquired Deeptune, a reinforcement-learning environment company that spent two years recreating hundreds of enterprise applications as training settings, according to Unite.ai. Mercor also opened offices in New York and London this year and says its network includes more than five million experts paid to train frontier models. The company runs APEX, a public benchmark series that measures AI on economically valuable work. Mercor has not disclosed revenue.

Co-CEO Adarsh Hiremath framed the pitch around a question every adopter must answer: whether AI works for its own business, with an answer that differs by company. Co-founder Brendan Foody argued that agents will need to be trained and tested on each organization's own work. Source for the announcement: Mercor's Series D blog post and the Business Wire release carried by Yahoo Finance.