Cohere revenue, valuation & funding

At a glance

• Valuation: C$35.7 billion if its Series E reaches C$7 billion, announced October 2026. Bloomberg put it at $20.5 billion before the new money.
• Revenue: $240 million in annual recurring revenue in 2025, per an investor memo reported in February 2026. Cohere said ARR grew 165% year over year to the end of Q3 2026.
• Status: private. No stock ticker. Its CEO said in November 2026 that IPO timing depends on market conditions and the company's readiness.
• Founded: 2019, by Aidan Gomez, Ivan Zhang and Nick Frosst.
• CEO: Aidan Gomez.
• Investors: Schwarz Group, Nvidia, Inovia Capital, Radical Ventures, Prosperity7 Ventures, the Government of Canada, Salesforce and AMD, among others.
• Products: Command models including Command A Reasoning, Embed 5, Rerank 5, the North workplace tool and Cohere Labs research.
• Headquarters: Toronto, with Berlin planned as a second headquarters once the Aleph Alpha merger closes.
• On Real Alpha: 14 moments of its people talking, from 2 interviews.

Is Cohere public? Can you buy its stock?

No. Cohere is a private company. Its shares don't trade on any stock exchange, and it has no ticker symbol. No listing has been announced.

In October 2025 Aidan Gomez said Cohere was targeting an IPO "soon", The Logic reported. In November 2026 he told the Wall Street Journal that timing depends on market conditions and the company's readiness, as FourWeekMBA relayed. In October 2026 CFO Francois Chadwick declined to comment to Bloomberg on listing plans, according to The Next Web.

Gomez has said he wants a listing so private citizens can own Cohere and its finances face public scrutiny. Until then, its shares are held by its founders, staff and investors. In October 2025 it ran a secondary offering that let employees sell shares to investors, The Logic reported. This page reports facts and gives no investment advice.

Valuation, round by round

Its valuation rose from $6.8 billion in August 2025 to $20.5 billion in October 2026 by Bloomberg's count, about three times in just over a year.

Cohere states the Series E in Canadian dollars, and its final size isn't known yet. Sacra lists a $40 million Series A in 2021 and a $125 million Series B in 2022, but no primary report confirms either. Sacra also estimates an April 2026 Schwarz Group commitment of about $600 million.

Revenue

Cohere doesn't publish results. Its annualized revenue was a reported $100 million in August 2025 and $150 million in October, and an investor memo put 2025 ARR at $240 million.

A run rate is a month's revenue times twelve. It isn't a year's audited revenue, and Cohere gave no dollar figure with its 165% ARR growth for Q3 2026.

How Cohere makes money

Cohere sells its models to companies and governments. Sacra says its revenue combines usage-based API fees with fixed model licensing subscriptions.

Gomez told the Wall Street Journal in November 2026 that revenue has doubled each year for the past three years, as FourWeekMBA relayed.

• Private deployments. Sacra estimates about 85% of revenue comes from private deployments, with large customers on multi-year contracts. Sacra
• Pay as you go. Per Sacra, the Production Plan costs $1.50 per 1 million input tokens and $2.00 per 1 million output tokens. The Enterprise Plan has custom pricing. Sacra
• Customer hardware. Gomez said in October 2025 that margins are "really good" because customers run its models on their own hardware. The Logic
• Gross margins. An investor memo reported by CNBC said Cohere averaged 70-percent gross margins in 2025, up 25 basis points on the year before. BetaKit
• Profit goal. Gomez said at a Bloomberg Tech conference in October 2025 that he eyed profitability by 2029. BetaKit

Products

Cohere builds models and agents for enterprises.

• Command A Reasoning (August 2025). A reasoning model tuned for enterprise customer-service workflows. Sacra
• Command A+. One of its enterprise models, released as open source.
• Embed 5. A new family of embedding models, according to Cohere's site. Cohere
• Rerank 5. A retrieval model for search that uses fewer tokens, with a feature called Context Focus. Cohere
• North. A tool that lets nontechnical staff build chat-based automations with approved tools, as Gomez describes it.
• Cohere Labs (June 2022, first called Cohere For AI). A nonprofit research lab, now overseen by Joëlle Pineau. Wikipedia
• Cohere Cyber. Planned around a proposed deal to acquire AISLE, announced October 15, 2026. AISLE builds systems that find and fix unknown flaws in software. Cohere

Customers

Cohere said in October 2026 that its customer count rose 20 times in a year, to 300, The Next Web reported. Customers include Bell Canada, Fujitsu, RBC, TD Bank, PwC and TKMS.

Sacra lists Oracle, LG and Notion among its large customers on multi-year contracts.

• Bell Canada agreed in July 2025 to deploy Cohere's technology in its data centres and offer it to clients. Wikipedia
• Hanwha Ocean contracted with Cohere in January 2026 to use generative AI in ship design and procurement. Wikipedia

Leadership

• Aidan Gomez, co-founder and CEO. He co-authored the Transformer paper, Attention Is All You Need.
• Nick Frosst, co-founder. He did research at Google Brain with Geoffrey Hinton before Cohere.
• Ivan Zhang, co-founder. Sacra
• Joëlle Pineau, chief AI officer since August 2025. She headed AI research at Meta before joining. The Logic
• Francois Chadwick, chief financial officer since August 2025, based in San Francisco. The Logic
• Phil Blunsom, chief scientist. Wikipedia
• Ilhan Scheer, co-chief of Aleph Alpha, set to become chief operating officer under the September 2026 merger agreement. Reuters (via Euronext)

Who owns Cohere?

Its founders, staff and investors. As a private company it doesn't publish who holds what, and no stake has been disclosed.

• Schwarz Group companies lead the Series E, first closed in October 2026. The Next Web
• The Government of Canada committed up to $1.14 billion in equity to the Series E, Bloomberg reported. AI Weekly
• Bell Ventures and Bullhound Capital joined as new investors in the Series E. The Fast Mode
• Radical Ventures and Inovia Capital led the $500 million round in August 2025. Inovia returned for the Series E. The Logic
• Nvidia, Salesforce, AMD and PSP Investments returned as backers in the August 2025 round. Nvidia invested again in the Series E. The Logic
• Prosperity7 Ventures returned for the Series E. The Next Web

Competitors

Aidan Gomez says Cohere builds models that companies can customize, and doesn't try to compete at the frontier. He has said open models look cheap until teams count infrastructure and upkeep.

He passed on a deal with a hyperscaler so Cohere could stay available across cloud providers. He also calls Chinese models capable and well resourced by their government.

Timeline and latest news

From its founding to the latest reports, newest first.

1. Nov 5, 2026Latest
   Gomez told the Wall Street Journal that IPO timing depends on market conditions and readiness. FourWeekMBA
2. Oct 29, 2026Latest
   Announced the first close of its Series E, aiming for up to C$7 billion at a C$35.7 billion valuation. The Next Web
3. Oct 15, 2026Latest
   Announced a proposed deal to acquire AISLE and launch Cohere Cyber. Cohere
4. Sep 16, 2026
   Signed a definitive merger agreement with Aleph Alpha. Reuters (via Euronext)
5. Apr 24, 2026
   Announced it would acquire Germany's Aleph Alpha, without disclosing terms. Sacra
6. Feb 13, 2026
   An investor memo reported by CNBC put its 2025 ARR at $240 million. BetaKit
7. Jan 2026
   Hanwha Ocean contracted with Cohere for AI in ship design and procurement. Wikipedia
8. Nov 2025
   A judge rejected Cohere's motion to dismiss the publishers' copyright case. Press Gazette
9. Oct 21, 2025
   Gomez said Cohere targets an IPO soon. The Logic
10. Sep 2025
    Raised another $100 million at a $7 billion valuation in a second close. PYMNTS
11. Aug 14, 2025
    Raised $500 million at a $6.8 billion valuation, led by Radical Ventures and Inovia Capital. The Logic
12. Jun 2022
    Launched Cohere Labs, then called Cohere For AI, as a nonprofit research lab. Wikipedia

Legal matters

In 2025 a group of North American media companies, including Forbes and the Toronto Star, sued Cohere over alleged copyright infringement. Cohere denies the allegations, BetaKit reports.

• Fourteen news and magazine publishers (filed February 2025, Southern District of New York). Copyright and trademark claims. In November 2025 Judge McMahon rejected Cohere's motion to dismiss in full, so the case goes ahead. Press Gazette

In their own words, and what followed

What people said about the business, with the minute they said it, and what was reported after.

Questions people ask

Is Cohere a public company? Can I buy Cohere stock?

No. Cohere is private and has no ticker, so its shares aren't sold on any exchange. It hasn't set a date to go public.

When will Cohere IPO?

No date is set. Gomez said in October 2025 it targets an IPO soon. In November 2026 he said timing depends on market conditions and readiness, per FourWeekMBA. 39:33

Who owns Cohere?

Its founders, staff and investors. Schwarz Group leads its Series E, and backers include Nvidia, Inovia Capital, Radical Ventures, Prosperity7 Ventures and the Government of Canada. Stakes haven't been disclosed.

Who is the CEO of Cohere?

Aidan Gomez, who co-founded Cohere in 2019 with Ivan Zhang and Nick Frosst. He co-authored the Transformer paper. 18:49

How much is Cohere worth?

Cohere says its Series E, first closed in October 2026, would value it at C$35.7 billion if it reaches C$7 billion. Bloomberg put it at $20.5 billion, as AI Weekly relayed.

How much revenue does Cohere make?

It reportedly hit $240 million in annual recurring revenue in 2025, per an investor memo reported by BetaKit in February 2026. Cohere said ARR grew 165% year over year to the end of Q3 2026.

Is Cohere profitable?

It doesn't publish profit figures. A memo reported by BetaKit said it averaged 70-percent gross margins in 2025. Gomez has said he eyes profitability by 2029.

How does Cohere make money?

It sells its models to enterprises through usage-based API fees and fixed licensing subscriptions, according to Sacra. Sacra estimates about 85% of revenue comes from private deployments. 3:18

How many customers does Cohere have?

300, after growing 20 times in a year, Cohere said in October 2026. They include Bell Canada, Fujitsu, RBC, TD Bank, PwC and TKMS, per The Next Web. 36:31

Where is Cohere headquartered?

Toronto. Once its merger with Aleph Alpha closes, it plans dual headquarters in Toronto and Berlin, Reuters reported.

Every moment from Cohere's people

14 moments from 2 interviews on 2 shows, newest first. Each one plays from the minute it starts.

People on Real Alpha

• Aidan Gomez, Co-founder & CEO, Cohere · 14 moments
• Joëlle Pineau, Chief AI Officer, Cohere
• Nick Frosst, Co-founder, Cohere

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