Mercor raises $750 million in Series D at $20 billion valuation

Mercor says it raised $750 million in a Series D at a $20 billion valuation.[2] Investors included Benchmark, Felicis, Fundomo and funds managed by Apollo affiliates.[2] NVIDIA, Salesforce, Sapphire Ventures, StepStone Group, XTX Ventures and Zoom also participated.[2] The round included an employee tender offer, and Mercor has not disclosed how much of the $750 million was fresh capital versus tender-offer proceeds.[1][3] That distinction matters to readers assessing how much new financing is available for the company’s expansion.

Mercor says its offering lets companies measure how reliably AI agents complete tasks and at what cost.[2] The company says it builds custom evaluations with enterprises based on their actual workflows.[1] It says a custom benchmark can become the starting point for post-training, which can adapt an existing model to improve performance on selected requirements.[2][4] This ties assessment to a possible next step: teams can use evaluation results to identify requirements for further model adaptation, rather than treating a benchmark as an end in itself.

Mercor says the funding will support research, evaluation and post-training infrastructure, including realistic environments for complex professional workflows.[2] Earlier in the year, it acquired Deeptune, whose team had spent two years recreating hundreds of enterprise applications as training environments.[2] Mercor says agents can practice professional workflows in those simulated applications.[1] The company says it builds on APEX, its public benchmark series for measuring AI performance on economically valuable work.[2] Mercor also says it has opened offices in New York and London.[1]

Mercor says its network includes more than five million experts and helps frontier AI labs, big tech, AI startups and Fortune 500 companies.[2] The company was founded in 2023 and is headquartered in San Francisco.[2] Its previous round was a $350 million Series C in October 2025 at a $10 billion valuation.[3] These figures provide company and financing context, but do not resolve how much of the new round is fresh capital.