Data Labels Get a Twenty Billion Price
Mercor raises $750 million as human-labelled training data becomes the scarce input.
Mercor said on 10 November 2026 that it raised $750 million in a Series D at a $20 billion valuation, roughly double its previous round within a year. Investors include Benchmark, Felicis and Nvidia, alongside funds associated with Apollo. The round sits at the opposite end of the market from Anthropic’s trillion-dollar listing: as model capability commoditises, the human expertise used to train and evaluate systems is being repriced upward. The caution is that data-labelling revenue quality varies considerably, and headline valuations in the category will need revenue confirmation.
