Mercor is in talks for a $20B valuation, up from $10B in October 2025, as its AI training platform approaches $2B in annualized revenue.

If the round closes as expected later this month, the startup’s three 23-year-old cofounders would be worth an estimated $4.3 billion apiece.

The acquisition comes as Mercor says it reached $2 billion in annual recurring revenue despite a high-profile cybersecurity breach in March.