# Sierra revenue, valuation & funding

Markdown copy of https://realalpha.app/companies/sierra/ on Real Alpha, the best minutes from long interviews with the people building AI. Cite and link the page, not this copy.

Sierra was valued at $15.8B after a $950M round in May 2026, and was reported then to have passed $150M in annual recurring revenue. It's a private company with no ticker, and it said in May 2026 that it plans to stay private for now.

Checked Nov 6, 2026

## At a glance

- Valuation: $15.8B after its $950M Series E in May 2026, led by Tiger Global and GV.
- Revenue: over $150M in annual recurring revenue, as reported in May 2026. Sacra estimates $200M that month.
- Status: private. No stock ticker. It said in May 2026 that it plans to stay private for now.
- Founded: February 2023 in San Francisco, by Bret Taylor and Clay Bavor.
- CEO: [Bret Taylor](https://realalpha.app/builders/bret-taylor/), co-founder.
- Investors: Tiger Global, GV, Greenoaks Capital, Sequoia Capital, Benchmark, Thrive Capital, Iconiq and SoftBank Vision Fund 2.
- Products: customer service agents built with Ghostwriter, Agent Studio, Horizon, Context Engine, Insights, Explorer and Channels.
- Headquarters: San Francisco, with offices in New York, Atlanta, London, Singapore, Tokyo, Paris, Madrid and Toronto.
- On Real Alpha: 12 moments of its people talking, from 2 interviews

## Is Sierra public? Can you buy its stock?

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

After its May 2026 round, Sierra planned to stay private for now, according to [Tech Startups](https://techstartups.com/2026/05/04/bret-taylors-ai-startup-sierra-raises-950m-at-15-8b-valuation-as-demand-for-ai-agents-surges/). An IPO was described as on the horizon, though Bret Taylor saw value in holding off. No IPO filing has been reported.

Until then, its shares are held by its founders and investors, including Tiger Global, GV, Greenoaks Capital, Sequoia Capital and Benchmark. This page reports facts and gives no investment advice.

## Valuation, round by round

Its valuation went from nearly $1B in February 2024 to $15.8B in May 2026, more than fifteen times in a little over two years.

- May 2026 · $15.8B · $950M · Tiger Global and GV · [Tech Startups](https://techstartups.com/2026/05/04/bret-taylors-ai-startup-sierra-raises-950m-at-15-8b-valuation-as-demand-for-ai-agents-surges/)
- Sep 2025 · $10B · $350M · Greenoaks Capital · [TechCrunch](https://techcrunch.com/2025/09/04/bret-taylors-sierra-raises-350m-at-a-10b-valuation)
- Oct 2024 · $4.5B · $175M · Greenoaks Capital · [SiliconANGLE](https://siliconangle.com/2024/10/28/generative-ai-agent-startup-sierra-technologies-raises-175m-4-5b-valuation/)
- Feb 2024 · about $1B · $110M · Sequoia Capital and Benchmark · [SiliconANGLE](https://siliconangle.com/2024/10/28/generative-ai-agent-startup-sierra-technologies-raises-175m-4-5b-valuation/)

Sierra's own post put the Series E valuation at over $15 billion, and the $15.8B post-money figure was reported by CNBC. No amount was given for SoftBank Vision Fund 2's investment in December 2025.

## Revenue

Sierra publishes no audited results. Its annual recurring revenue went from over $20M in October 2024 to over $150M by February 2026, more than seven times higher.

- May 2026 · $200M · Estimate · [Sacra](https://sacra.com/c/sierra/)
- May 2026 · $150M · Reported · [Tech Startups](https://techstartups.com/2026/05/04/bret-taylors-ai-startup-sierra-raises-950m-at-15-8b-valuation-as-demand-for-ai-agents-surges/)
- Feb 2026 · $150M+ · Company · [Sierra's blog](https://sierra.ai/blog/year-two-in-review)
- Nov 2025 · $100M · Reported · [TechCrunch](https://techcrunch.com/2025/11/21/bret-taylors-sierra-reaches-100m-arr-in-under-two-years/)
- Oct 2024 · $20M · Reported · [SiliconANGLE](https://siliconangle.com/2024/10/28/generative-ai-agent-startup-sierra-technologies-raises-175m-4-5b-valuation/)

ARR is a month's revenue times twelve, and it isn't audited revenue. The $200M figure for May 2026 is an estimate by Sacra, which puts ARR near $130M at the end of 2025.

## How Sierra makes money

Sierra sells AI agents that handle customer service for large companies. It uses outcome-based pricing, so customers pay only for the value its agents deliver, according to [Sierra](https://sierra.ai). It publishes no price list.

- **A blend set per client.** Sacra says Sierra charges by volume for routine interactions and per resolution for more complex inquiries. · [Sacra](https://sacra.com/c/sierra/)
- **Paid proofs of concept.** Bret Taylor says Sierra usually charges for proofs of concept, to screen for customers with a real business mandate. Its team then shares the work of getting the agent into production.

From Sierra's interviews

- [Outcome pricing captures value beyond cost savings](https://realalpha.app/s/outcome-pricing-captures-value-beyond-cost-savings/) · Bret Taylor · The Logan Bartlett Show · Sep 12, 2025
- [Paid proofs of concept filter out AI tourism](https://realalpha.app/s/paid-proofs-of-concept-filter-out-ai-tourism/) · Bret Taylor · Grit · Mar 9, 2026
- [AI agents expand software into labor markets](https://realalpha.app/s/ai-agents-expand-software-into-labor-markets/) · Bret Taylor · The Logan Bartlett Show · Sep 12, 2025

## Products

Sierra builds a platform that companies use to create and run customer service agents. It has also bought startups to add to what its agents can do.

- **Ghostwriter** (March 25, 2026). An agent that creates and optimizes other agents. · [Sierra's blog](https://sierra.ai/blog/better-customer-experiences-built-on-sierra)
- **Horizon** (July 2026). Sierra's platform for long-horizon agents, built together with the team from Takeoff. · [Sierra's blog](https://sierra.ai/blog/sierra-acquires-takeoff)
- **Agent Studio, Context Engine, Insights, Explorer and Channels** round out the product line. Sacra describes the current platform, Agent OS 2.0, as eight products. · [Sacra](https://sacra.com/c/sierra/)
- **Fragment** (acquired April 2026). A Y Combinator-backed French startup that helps businesses bring AI into their workflows. Terms weren't disclosed. · [Yahoo Finance (TechCrunch)](https://finance.yahoo.com/sectors/technology/articles/bret-taylor-sierra-buys-yc-210000299.html)
- **Takeoff** (announced July 23, 2026). Sierra says Takeoff went from $0 in ARR to nearly 8 figures of revenue that year. · [Sierra's blog](https://sierra.ai/blog/sierra-acquires-takeoff)
- **Anon** (November 5, 2026). Its browser-agent technology lets AI agents sign in to websites and do work in services without APIs. · [Unite.AI](https://unite.ai/sierra-acquires-anon-to-help-ai-agents-complete-web-workflows)

From Sierra's interviews

- [Applied AI will rely on a portfolio of specialized models](https://realalpha.app/s/applied-ai-will-rely-on-a-portfolio-of-specialized-models/) · Bret Taylor · Grit · Mar 9, 2026
- [Applied AI companies need value beyond making the tech work](https://realalpha.app/s/applied-ai-companies-need-value-beyond-making-the-tech-work/) · Bret Taylor · The Logan Bartlett Show · Sep 12, 2025
- [AI's impact depends on task complexity and real-world bottlenecks](https://realalpha.app/s/ais-impact-depends-on-task-complexity-and-real-world/) · Bret Taylor · Grit · Mar 9, 2026

## Customers

Sierra said in May 2026 that it serves over 40% of the Fortune 50 ([Sierra](https://sierra.ai/blog/better-customer-experiences-built-on-sierra)). In November 2026 it said its agents handle billions of customer interactions each year, according to [Unite.AI](https://unite.ai/sierra-acquires-anon-to-help-ai-agents-complete-web-workflows).

Its customers skew large. In February 2026 Sierra said one in four of its customers has revenue over $10 billion, and 50% have revenue over $1 billion ([Sierra](https://sierra.ai/blog/year-two-in-review)).

It opened a Tokyo office in December 2025 and announced an expansion to France the same month.

- **ADT, Cigna, DIRECTV, Gap, Hyvee, Ramp, Rivian, Safelite and Sutter Health** were named as customers in a Sierra post in February 2026. · [Sierra's blog](https://sierra.ai/blog/year-two-in-review)

From Sierra's interviews

- [Sierra pairs enterprise experience with AI-native graduates](https://realalpha.app/s/sierra-pairs-enterprise-experience-with-ai-native-graduates/) · Bret Taylor · Grit · Mar 9, 2026

## Leadership

Bret Taylor and Clay Bavor first met while working together at Google ([Sierra](https://sierra.ai/about)).

- **[Bret Taylor](https://realalpha.app/builders/bret-taylor/),** co-founder and CEO. He was previously co-CEO of Salesforce, and he chairs the board of OpenAI. He also co-created Google Maps. · [Sierra](https://sierra.ai/about)
- **[Clay Bavor](https://realalpha.app/builders/clay-bavor/),** co-founder. He spent 18 years at Google, where he most recently led Google Labs. He started Project Starline and Google Lens. · [Sierra](https://sierra.ai/about)
- **Eric Eyken-Sluyters,** President of Field Operations, leading global sales, sales engineering and partnerships, according to Sacra. He came from Salesforce's Agentforce organization. · [Sacra](https://sacra.com/c/sierra/)

From Sierra's interviews

- [Leaders have to test internal stories against customers](https://realalpha.app/s/leaders-have-to-test-internal-stories-against-customers/) · Bret Taylor · Grit · Mar 9, 2026

## Who owns Sierra?

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

- **Tiger Global and GV** led the $950M Series E in May 2026, with Benchmark, Sequoia and Greenoaks participating. · [Tech Startups](https://techstartups.com/2026/05/04/bret-taylors-ai-startup-sierra-raises-950m-at-15-8b-valuation-as-demand-for-ai-agents-surges/)
- **Greenoaks Capital** led the $350M round at a $10B valuation in September 2025, and the round before it. · [TechCrunch](https://techcrunch.com/2025/09/04/bret-taylors-sierra-raises-350m-at-a-10b-valuation)
- **Thrive Capital and Iconiq** joined the $175M round in October 2024. · [SiliconANGLE](https://siliconangle.com/2024/10/28/generative-ai-agent-startup-sierra-technologies-raises-175m-4-5b-valuation/)
- **Sequoia Capital and Benchmark** put in Sierra's first $110M, at a valuation of nearly $1B. · [SiliconANGLE](https://siliconangle.com/2024/10/28/generative-ai-agent-startup-sierra-technologies-raises-175m-4-5b-valuation/)
- **SoftBank Vision Fund 2** invested in December 2025, as Sierra opened a Tokyo office. · [Sierra's blog](https://sierra.ai/blog/year-two-in-review)

From Sierra's interviews

- [Sierra chose financing partners over the highest valuation](https://realalpha.app/s/sierra-chose-financing-partners-over-the-highest-valuation/) · Bret Taylor · Grit · Mar 9, 2026

## Competitors

Sierra sells into contact centers. Bret Taylor puts spending on contact centers and BPOs before generative AI at about $400 billion a year. He says abundant venture money keeps many rivals independent.

- **[Decagon](https://realalpha.app/companies/decagon/),** which Sacra names as Sierra's direct competitor in AI customer service. Both were founded in 2023. · [Sacra](https://sacra.com/c/sierra/)

What its people said about the competition

- [AI is expanding contact-center demand while capital delays consolidation](https://realalpha.app/s/ai-is-expanding-contact-center-demand-while-capital-delays/) · Bret Taylor · Grit · Mar 9, 2026
- [Incumbents struggle most with the messy middle of a shift](https://realalpha.app/s/incumbents-struggle-most-with-the-messy-middle-of-a-shift/) · Bret Taylor · The Logan Bartlett Show · Sep 12, 2025
- [AI gains will fuel competition as well as efficiency](https://realalpha.app/s/ai-gains-will-fuel-competition-as-well-as-efficiency/) · Bret Taylor · Grit · Mar 9, 2026

## Timeline and latest news

- Nov 5, 2026 · Announced it had acquired Anon, a browser-agent startup. · [Unite.AI](https://unite.ai/sierra-acquires-anon-to-help-ai-agents-complete-web-workflows)
- Jul 23, 2026 · Announced it was acquiring Takeoff. · [Sierra's blog](https://sierra.ai/blog/sierra-acquires-takeoff)
- Jul 2026 · Announced Horizon, its platform for long-horizon agents. · [Sierra's blog](https://sierra.ai/blog/sierra-acquires-takeoff)
- May 4, 2026 · Raised a $950M Series E at a $15.8B valuation, led by Tiger Global and GV. · [Tech Startups](https://techstartups.com/2026/05/04/bret-taylors-ai-startup-sierra-raises-950m-at-15-8b-valuation-as-demand-for-ai-agents-surges/)
- May 4, 2026 · Said it serves over 40% of the Fortune 50. · [Sierra's blog](https://sierra.ai/blog/better-customer-experiences-built-on-sierra)
- Apr 2026 · Acquired Fragment, a French startup backed by Y Combinator. · [Yahoo Finance (TechCrunch)](https://finance.yahoo.com/sectors/technology/articles/bret-taylor-sierra-buys-yc-210000299.html)
- Mar 25, 2026 · Released Ghostwriter, an agent that builds other agents. · [Sierra's blog](https://sierra.ai/blog/better-customer-experiences-built-on-sierra)
- Feb 6, 2026 · Reported over $150M in ARR after its first $50M quarter. · [Sierra's blog](https://sierra.ai/blog/year-two-in-review)
- Dec 15, 2025 · Announced an expansion to France. · [Sierra's blog](https://sierra.ai/blog/year-two-in-review)
- Dec 4, 2025 · Opened a Tokyo office and said SoftBank Vision Fund 2 had invested. · [Sierra's blog](https://sierra.ai/blog/year-two-in-review)
- Nov 21, 2025 · Announced it had reached $100M in annual revenue run rate. · [TechCrunch](https://techcrunch.com/2025/11/21/bret-taylors-sierra-reaches-100m-arr-in-under-two-years/)
- Sep 4, 2025 · Raised $350M at a $10B valuation, led by Greenoaks Capital. · [TechCrunch](https://techcrunch.com/2025/09/04/bret-taylors-sierra-raises-350m-at-a-10b-valuation)
- Oct 28, 2024 · Raised $175M at a $4.5B valuation, led by Greenoaks Capital. · [SiliconANGLE](https://siliconangle.com/2024/10/28/generative-ai-agent-startup-sierra-technologies-raises-175m-4-5b-valuation/)
- Feb 2024 · Had raised $110M from Sequoia Capital and Benchmark at nearly $1B. · [SiliconANGLE](https://siliconangle.com/2024/10/28/generative-ai-agent-startup-sierra-technologies-raises-175m-4-5b-valuation/)
- Feb 2023 · Bret Taylor and Clay Bavor founded Sierra. · [Wikipedia](https://en.wikipedia.org/wiki/Bret_Taylor)

## In their own words, and what followed

- [Outcome pricing captures value beyond cost savings](https://realalpha.app/s/outcome-pricing-captures-value-beyond-cost-savings/) · Bret Taylor · The Logan Bartlett Show · Sep 12, 2025
  > “the closer you are to really valuable business outcome, the more your platform will be valued”
  Reported after · In November 2025 Sierra announced it had reached $100M in annual revenue run rate. · [TechCrunch](https://techcrunch.com/2025/11/21/bret-taylors-sierra-reaches-100m-arr-in-under-two-years/)

- [Sierra chose financing partners over the highest valuation](https://realalpha.app/s/sierra-chose-financing-partners-over-the-highest-valuation/) · Bret Taylor · Grit · Mar 9, 2026
  > “In fact, in all three of our rounds, we had higher valuations available that we didn't take.”
  Reported after · In May 2026 Sierra raised $950M at a $15.8B post-money valuation, led by Tiger Global and GV. · [Tech Startups](https://techstartups.com/2026/05/04/bret-taylors-ai-startup-sierra-raises-950m-at-15-8b-valuation-as-demand-for-ai-agents-surges/)

- [Sierra pairs enterprise experience with AI-native graduates](https://realalpha.app/s/sierra-pairs-enterprise-experience-with-ai-native-graduates/) · Bret Taylor · Grit · Mar 9, 2026
  > “We couple it though with a lot of very young people too.”
  Reported after · In May 2026 Sierra said it serves over 40% of the Fortune 50. · [Sierra's blog](https://sierra.ai/blog/better-customer-experiences-built-on-sierra)

## Questions people ask

### Is Sierra a public company? Can I buy Sierra stock?

No. Sierra is private and has no ticker, so its shares aren't sold on any exchange.

### When will Sierra IPO?

It hasn't set a date. After its May 2026 round it planned to stay private for now, and Bret Taylor saw value in holding off, according to [Tech Startups](https://techstartups.com/2026/05/04/bret-taylors-ai-startup-sierra-raises-950m-at-15-8b-valuation-as-demand-for-ai-agents-surges/).

### Who owns Sierra?

Its founders and investors, including Tiger Global, GV, Greenoaks Capital, Sequoia Capital, Benchmark, Thrive Capital, Iconiq and SoftBank Vision Fund 2. Stakes haven't been disclosed.

### Who is the CEO of Sierra?

[Bret Taylor](https://realalpha.app/builders/bret-taylor/), who co-founded it. He was previously co-CEO of Salesforce and chairs OpenAI's board.

### Who founded Sierra?

Bret Taylor and Clay Bavor, in February 2023. They met while working together at Google.

### How much is Sierra worth?

$15.8B after its $950M Series E in May 2026, as reported by [Tech Startups](https://techstartups.com/2026/05/04/bret-taylors-ai-startup-sierra-raises-950m-at-15-8b-valuation-as-demand-for-ai-agents-surges/). Sierra's own post put it at over $15 billion.

### How much revenue does Sierra make?

It was reported in May 2026 to have crossed $150M in annual recurring revenue. [Sacra](https://sacra.com/c/sierra/) estimates $200M that month. In February 2026 Sierra reported its first $50M quarter.

### Is Sierra profitable?

Sierra doesn't publish results, and no figures on its profit or losses have been reported.

### How does Sierra make money?

It sells AI customer service agents to companies on outcome-based pricing, so customers pay for the value delivered. Sacra says it mixes volume pricing with pay-per-resolution pricing.

### Who are Sierra's customers?

Large companies. It said in May 2026 that it serves over 40% of the Fortune 50, and named customers include ADT, Cigna, Gap and Rivian.

### Where is Sierra headquartered?

Sierra began in San Francisco. It also has offices in New York, Atlanta, London, Singapore, Tokyo, Paris, Madrid and Toronto.

### Who are Sierra's competitors?

Sacra names [Decagon](https://realalpha.app/companies/decagon/) as its direct competitor in AI customer service.

## Every moment from Sierra's people

### How Sierra Is Pulling Ahead in the AI Race | Co-founder Bret Taylor
Grit · Mar 9, 2026

- [Leaders have to test internal stories against customers](https://realalpha.app/s/leaders-have-to-test-internal-stories-against-customers/) · 5 min
- [Applied AI will rely on a portfolio of specialized models](https://realalpha.app/s/applied-ai-will-rely-on-a-portfolio-of-specialized-models/) · 4 min
- [AI's impact depends on task complexity and real-world bottlenecks](https://realalpha.app/s/ais-impact-depends-on-task-complexity-and-real-world/) · 6 min
- [Paid proofs of concept filter out AI tourism](https://realalpha.app/s/paid-proofs-of-concept-filter-out-ai-tourism/) · 6 min
- [Sierra chose financing partners over the highest valuation](https://realalpha.app/s/sierra-chose-financing-partners-over-the-highest-valuation/) · 3 min
- [AI gains will fuel competition as well as efficiency](https://realalpha.app/s/ai-gains-will-fuel-competition-as-well-as-efficiency/) · 6 min
- [Sierra pairs enterprise experience with AI-native graduates](https://realalpha.app/s/sierra-pairs-enterprise-experience-with-ai-native-graduates/) · 3 min
- [AI is expanding contact-center demand while capital delays consolidation](https://realalpha.app/s/ai-is-expanding-contact-center-demand-while-capital-delays/) · 5 min

### Bret Taylor: A New Class of Software Winners
The Logan Bartlett Show · Sep 12, 2025

- [Outcome pricing captures value beyond cost savings](https://realalpha.app/s/outcome-pricing-captures-value-beyond-cost-savings/) · 8 min
- [Incumbents struggle most with the messy middle of a shift](https://realalpha.app/s/incumbents-struggle-most-with-the-messy-middle-of-a-shift/) · 8 min
- [AI agents expand software into labor markets](https://realalpha.app/s/ai-agents-expand-software-into-labor-markets/) · 5 min
- [Applied AI companies need value beyond making the tech work](https://realalpha.app/s/applied-ai-companies-need-value-beyond-making-the-tech-work/) · 2 min

## People on Real Alpha

- [Bret Taylor](https://realalpha.app/builders/bret-taylor/), Co-founder & CEO, Sierra; Chair, OpenAI
- [Clay Bavor](https://realalpha.app/builders/clay-bavor/), Co-founder, Sierra

## How this page is sourced

Each figure links to the filing, company statement or news report it came from, with its date. Run rates are what reporters were told, not audited results; estimates and unconfirmed reports are marked. Quotes are what each person said on the record, with the minute they said it.