Overview

• Mercor is in active talks for a Series C and has fielded multiple preemptive offers, with a valuation target of $10 billion or higher, according to sources.
• The company reports roughly $450 million in annualized run rate; the CEO says ARR is higher and notes revenue is counted on a gross basis before contractor payouts.
• Felicis, which led February’s $100 million Series B at a $2 billion valuation, is considering increasing its investment, per source reporting.
• Mercor tells investors it is adding reinforcement‑learning software infrastructure and plans an AI‑powered recruiting marketplace to broaden its model.
• Competition is intensifying as Scale AI sues over alleged trade‑secret theft and rivals like Surge AI and Turing Labs expand into similar RL services.