Mercor Eyes $20B Valuation as Deeptune Deal Caps Hyper-Growth Run

Mercor, an AI training and data platform that connects major AI labs with domain experts, is in discussions to raise a new funding round at a roughly $20 billion valuation, according to multiple reports based on Bloomberg’s coverage. The prospective valuation would double Mercor’s last priced round from October 2025, when it raised $350 million in a Series C at a $10 billion valuation. The company has told investors it has received at least one term sheet at the new level, but the talks are described as early and both the size of the round and the final valuation remain subject to change. No details have been reported on the exact funding amount, round label, or which investors are leading the transaction, and coverage from TechCrunch, Bloomberg, AI Weekly, and Crypto Briefing all note that the financing may still evolve or not close.

The funding discussions come as Mercor discloses that its annualized revenue run rate has reached around $2 billion, up sharply from prior periods, reinforcing investor interest in specialized AI training infrastructure. In parallel, Mercor announced its first major acquisition: Deeptune, an Andreessen Horowitz-backed startup that builds reinforcement learning environments and simulation spaces where AI agents can safely learn real-world tasks before deployment. Financial terms of the Deeptune deal were not reported, but the entire Deeptune team is joining Mercor, and the acquisition is framed as a strategic move to deepen Mercor’s capabilities in constructing realistic training environments for professional software workflows. Earlier in the year, Andreessen Horowitz led Deeptune’s $43 million Series A, underscoring institutional interest in the company’s approach to AI agent training. With Mercor’s potential $20 billion valuation talks and the Deeptune acquisition occurring in tandem, the company is positioning itself as a central player in AI training data and simulation infrastructure, though key financing terms such as round type, capital raised, lead investors, and precise valuation are not yet finalized or publicly disclosed beyond the indicative $20 billion figure.