Mercor
Incumbent
high confidence
Mercor is a venture-backed expert-marketplace and AI-training-data company that organizes a network of ~30,000+ domain experts (doctors, lawyers, bankers, engineers) to produce RLHF data, evaluations, and reinforcement-learning environments for frontier AI labs and enterprises. Originally an AI-recruiting platform, it pivoted to human-data/RL services and expanded its RL-environment capability via the February 2026 acquisition of Sepal AI.
Key facts
Headquarters
San Francisco, CA, USA (181 Fremont)
confirmed citeLast round
Series C, $350M, October 2025
confirmed citeDeployment
managed-hosted (managed service / marketplace; RL environments delivered as a service to labs)
estimated cite
Scale & velocity
Current headcount
LinkedIn public band 51-200 (full-time employees); separately operates a network of ~30,000+ contractors. Wikipedia cites ~300 'employees' (2025) but this likely blends staff and contractors; aggregator figures of 3,000+ clearly count the contractor network
reported cite
Research depth
Backgrounds
Founders Brendan Foody, Adarsh Hiremath, Surya Midha are Thiel Fellows and college dropouts (not research-lab veterans), Sundeep Jain (President, hired May 2025) ex-Uber CPO/SVP Eng and ex-Google VP Product
reported citePapers / benchmarks
APEX (AI Productivity Index), APEX-Agents, APEX-SWE, ACE (AI Consumer Index)
confirmed cite
Capital
Total raised
~$492M across 4 rounds (Seed ~$3M+, Series A $30M, Series B $100M, Series C $350M)
reported citeLast round
Series C, $350M, October 2025
confirmed citeInvestors
Felicis Ventures (led Series C and Series B), Benchmark, General Catalyst, Robinhood Ventures
confirmed citeValuation
$10B (Series C, Oct 2025)
confirmed citeRevenue signals
On track to ~$500M ARR (reported Oct 2025); pays contractors >$1.5M/day (implying ~$840M run-rate gross)
reported cite
Security & compliance
Other certifications
unknown
Security page
https://trust.mercor.com/
confirmed cite
Product
Deployment model
managed-hosted (managed service / marketplace; RL environments delivered as a service to labs)
estimated citeNotable customers
⚑OpenAI verified ⚑Anthropic verified ⚑Meta verified ⚑Google DeepMind verified cite
Buyer analysis
Best fit: Buyers needing large-scale, expert-validated human data, professional-domain evals, and RL environments staffed quickly through an established contractor network.
How we verified this
Re-verified the highest-risk claims against primary/third-party sources. Funding stack confirmed: Series C $350M at $10B valuation (Oct 2025), led by Felicis (which also led the $100M Series B at $2B), with Benchmark, General Catalyst, and new investor Robinhood Ventures, corroborated by TechCrunch and CNBC. Total ~$492M (Tracxn) is corroborated by the per-round press breakdown, kept at 'reported'. Founded 2023; SF HQ (181 Fremont) confirmed. The Sepal AI acquisition (Feb 6, 2026, RL environments + training data for frontier labs) is confirmed and supports the directory note 'expert marketplace, environments emerging', this is the correct company. MAIN CORRECTION: headcount_band downgraded from 200+ to 51-200, matching the LinkedIn public snippet; the ~300 and 3,000+ figures conflate Mercor's ~30,000 contractor network with its lean full-time staff (Contrary Research notes ~30-50 FT employees through early 2025). Customers OpenAI/Anthropic/Meta are independently named by TechCrunch and Google DeepMind by theaiinsider, so 'verified' frontier-lab ties are retained but re-sourced to third-party press. SOC2 left 'unknown', the trust center shows no extractable certification, and press reports that Mercor's compliance vendor (Delve) allegedly issued fraudulent SOC 2 reports, so any certification claim is not credibly verifiable. focus_areas all conform to the controlled vocabulary.
Sources
- www.mercor.com/ · 2026-06-07, Official site; positioning, APEX, SF HQ, trust portal reference
- www.mercor.com/research/ · 2026-06-07, RL environments 3-step approach, APEX/APEX-Agents/APEX-SWE/ACE benchmarks, 'top 5 AI labs and 6 of Mag 7'
- techcrunch.com/2025/10/27/mercor-quintuples-valuation-to-10b-with-350m-s · 2026-06-07, Series C $350M, $10B valuation, ~$500M ARR target, investors, 30k experts, $1.5M/day
- en.wikipedia.org/wiki/Mercor · 2026-06-07, Founded 2023, founders (Thiel Fellows), 181 Fremont SF HQ, ~300 employees + 30k contractors, OpenAI/Anthropic clients, 2026 data breach
- www.orrick.com/en/News/2026/02/Mercor-Acquires-Sepal-AI · 2026-06-07, Mercor acquired Sepal AI Feb 6 2026; Sepal specializes in training data, eval benchmarks, RL environments for frontier LLMs
- theaiinsider.tech/2025/10/29/mercor-raises-350m-to-scale-expert-driven-a · 2026-06-07, Customers OpenAI, Google DeepMind, Meta; 30k experts at avg $85/hr
- tracxn.com/d/companies/mercor/__764DkS7wJgmA1B8PuOw3_4HUbgJcaKjh8xY9UxvB · 2026-06-07, Total ~$492M over 4 rounds; Seed (General Catalyst), Series A $30M (Benchmark, $250M val), Series B $100M ($2B val), Series C $350M
- trust.mercor.com/ · 2026-06-07, Trust Center exists; specific certifications not extractable from public landing page
- techcrunch.com/2026/03/31/mercor-says-it-was-hit-by-cyberattack-tied-to- · 2026-06-07, March 2026 supply-chain breach via LiteLLM compromise
- techcrunch.com/2026/04/09/after-data-breach-10b-valued-startup-mercor-is · 2026-06-07, Breach fallout, lawsuits, ~4TB data exposure incl source code and API keys
- newsletter.semianalysis.com/p/rl-environments-and-rl-for-science · 2026-06-07, SemiAnalysis: incumbents (Scale, Mercor, Turing, Surge) leveraging contractor networks to move into environment/task creation
Last updated 2026-06-07 · Every quantitative field carries a source and a confidence tag. Fields we could not source publicly are marked
unknown, never estimated. See the
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