ARR Leaderboard
Mercor ARR: ~$2B Gross Annualized Revenue.
Mercor, the AI training-data marketplace staffed by elite contractors, hit over $2 billion in gross annualized revenue in June 2026 — double its pace at the start of the year, and gross before contractor payouts. Every publicly reported revenue, funding and valuation number is collected below, each traced back to a source.
~$2B
Gross annualized revenue, Jun 2026
~$600M
Estimated net revenue (take rate)
24 months
From $1M to $2B gross ARR
~$20B
Valuation in talks, Jul 2026
The Mercor Gross Revenue Curve.
Reported gross annualized run rate in USD millions — revenue before contractor payouts — 2025 to June 2026. The run rate roughly doubled between January and June 2026.
$1M → $2B gross ARR
~24 months
Sacra
$760M → $2B gross ARR
~6 months
End 2025 → Jun 2026
$1B → $2B gross ARR
~4 months
Feb 2026 → Jun 2026
2025 net revenue
$361M
The Information
Every Reported ARR Milestone.
2023
$1M ARR
Founded by Brendan Foody and fellow Thiel Fellows; AI-vetted marketplace matches domain experts with AI labs. — Sacra
February 2025
$25M ARR
Raises a $30M Series A led by Benchmark at a $250M valuation. — Forbes
October 2025
$450M ARR
Raises a $100M Series B at a $2B valuation, led by Felicis with Methane and others; gross run rate climbing fast. — Forbes / Sacra
End of 2025
$760M ARR
Gross annualized revenue at roughly $760M; 2025 recognized revenue of $361M. — The Information
February 2026
$1B ARR
Passes $1B gross annualized revenue — roughly $1M to $1B+ in about 24 months. — Sacra
June 2026
$2B ARR
Over $2B in gross annualized revenue — double the start of the year. Net revenue is estimated closer to ~$600M given ~30% gross margins; H1 2026 recognized revenue was $614M. — The Information
July 2026
$2B ARR
In talks to raise $500M at a $20B valuation. Investors call $1M to $2B ARR in 24 months the fastest growth trajectory in history. — Forbes
Mercor by the Numbers.
Latest reported ARR
~$2B gross
The Information, Jun 2026
Basis
Gross, before contractor payouts
The Information
Estimated net revenue
~$600M
~30% gross margins, 2026
2025 recognized revenue
$361M
The Information
H1 2026 recognized revenue
$614M
The Information
Valuation in talks
~$20B
Forbes, Jul 2026
Series B
$100M at $2B
Oct 2025
Customers
Frontier AI labs incl. OpenAI, Anthropic
The Information
Founded
2023, San Francisco
Sacra
How Gross Bookings Became $2B.
Mercor operates a marketplace: frontier AI labs — OpenAI and Anthropic among them — buy expert human data for model training, and Mercor matches, vets and manages the contractors doing the work. The headline $2B figure is gross annualized revenue, meaning it counts what flows through the platform to contractors; Mercor's net take is estimated closer to ~$600M at roughly 30% gross margins.
The distinction matters when comparing Mercor to peers: $361M of recognized 2025 revenue and $614M in the first half of 2026 are the net numbers. Growth depends on keeping the contractor side elastic — recruiting frontier-domain experts (PhDs, lawyers, bankers) fast enough to feed lab demand for increasingly specialized training data.
Revenue Mix
- Gross marketplace volume~$2B annualized — total spend flowing through to contractors.
- Net take rate~30% gross margins put net revenue closer to ~$600M annualized.
- Frontier lab contractsExpert training data purchased by labs including OpenAI and Anthropic.
FAQ
Mercor Revenue, Answered.
What Is Mercor's ARR in 2026?
Why Is Mercor's ARR Reported as Gross?
How Fast Has Mercor Grown?
What Is Mercor's Valuation?
Who Are Mercor's Customers?
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