Mercor is in early talks to raise fresh capital at a roughly $20 billion valuation, according to people familiar with the matter.
At least one investor has already submitted a term sheet at that valuation, giving the AI training startup a concrete marker for the discussions.
The process is still preliminary, and Mercor could ultimately skip the round or agree to different terms.
Mercor focuses on improving AI models with rich specialized data, a business area still drawing investor interest as demand for model training infrastructure expands.