NVIDIA is in talks to participate in Mercor's next round, which would value the company at $20 billion, The Information reported, citing sources. The round is being led by General Catalyst, an existing investor; NVIDIA's stake and the terms of the deal are not being disclosed.
Mercor closed its last round in October: $350 million at a $10 billion valuation, led by Felicis. The company has raised approximately $520 million in total, and the new valuation doubles its previous valuation in less than a year.
Mercor connects labs with subject-matter experts: lawyers, doctors, financiers, and scientists prepare the data used to train models. Clients include OpenAI, Google, and Anthropic. Gross revenue for the first half of the year was $614 million, 70% higher than for all of 2025, and in June, the annual run rate exceeded $2 billion.
The company's relationship with NVIDIA is twofold. Last quarter, it paid Mercor tens of millions of dollars for expert data in legal, financial, and scientific fields, which is used to train Nemotron's open-source models. Mercor has a dedicated team dedicated to this client, and it is now discussing an equity stake.
In the past eighteen months, Mercor's valuation has increased tenfold: $2 billion in February last year, $10 billion in October, and $20 billion in the current round.