Mercor is reportedly in talks to double its valuation to $20 billion

Mercor, the AI training-data startup, is in early talks to raise new funding at a $20 billion valuation, people familiar with the discussions say. That would be double the $10 billion it reached in an October 2025 Series C round.

The talks, if they close, would rank among the fastest valuation jumps for an AI-services startup this year, and they surfaced the same day Mercor announced it was acquiring simulation-environment startup Deeptune.

Mercor has already received a term sheet at the new valuation, according to the reporting, and is said to be seeking about $500 million. Its earlier $10 billion valuation came in a $350 million Series C last October, meaning the company would be doubling its price tag in roughly nine months.

The discussions come as Mercor’s annualized revenue run rate crossed $2 billion in June 2026, up about 100% from four months earlier, according to figures attributed to the company. Mercor sells human expertise and data-labeling work to AI labs training frontier models and agents, a category that has drawn heavy investor demand.

Mercor has not publicly confirmed the funding talks, and early-stage discussions can shift terms or fall apart before a round closes. The company has separately confirmed its acquisition of Deeptune on the same day.