Gulf News reported that a $750 million funding round valued U.S.-based AI services startup Mercor at $20 billion, lifting Forbes’ estimate of each founder’s fortune to $4.2 billion as the firm expands its AI model services.
Mercor initially matched freelance coders in India with employers in the United States, Gulf News reported. The company later added data labeling and AI training, bringing professionals such as doctors and lawyers into AI development projects. The outlet said the work allows AI developers to assess model performance and improve how systems handle professional tasks.
In a post on X, CEO Brendan Foody put the company’s gross revenue at an annualized $3 billion, compared with $1 million a little more than two years earlier. He also reported $250 million in gross sales for the latest month and said the customer base had more than doubled to over 100.
Gulf News reported that the funding would support expansion of Mercor’s evaluation and post-training business.
Forbes estimates that each of Mercor’s three founders holds a 21% stake. They are Adarsh Hiremath, Surya Midha and Foody. Gulf News reported that the Series D was announced Nov. 10 and included Benchmark, General Catalyst, Nvidia and Salesforce. Hiremath and Midha are both 23.
The company’s previous Series C was announced in October 2025, raising $350 million at a $10 billion valuation. Forbes then estimated each founder’s wealth at $2.2 billion.
Gulf News reported that Hiremath and Midha met through debate at Bellarmine College Preparatory in San Jose, California. Their team was the first from the school to win all three of the country’s major policy debate championships in one year. The founders were selected for the Thiel Fellowship, which provides $100,000 to young entrepreneurs. They established Mercor with Foody in 2023.
