内容来源：https://techcrunch.com/2025/09/09/sources-ai-training-startup-mercor-eyes-10b-valuation-on-450-million-run-rate/

内容总结：

AI训练服务初创公司Mercor正以超100亿美元估值进行C轮融资谈判。据TechCrunch获取的市场文件及知情人士透露，这家为OpenAI、Meta等科技巨头提供领域专家进行AI模型训练匹配的平台，已获得多家风投机构的超额认购报价。

现有投资方Felicis考虑在本轮加倍投资。若融资顺利完成，其估值将较两个月前80亿美元的目标估值提升25%。该公司今年2月完成的B轮融资估值仅为20亿美元，短短数月估值激增凸显市场对AI训练服务赛道的高度追捧。

值得关注的是，Mercor在实现高速增长的同时已实现盈利。据《福布斯》报道，其上半年净利润达600万美元，年度经常性收入（ARR）逼近4.5亿美元。公司采用"中介抽成"商业模式，通过为科技企业匹配科学家、医生、律师等领域专家参与AI训练，按小时收取匹配服务费。

尽管面临Scale AI等竞争对手的诉讼挑战（指控其窃取商业机密），Mercor仍在积极拓展强化学习软件基础设施，并计划构建AI招聘市场。公司三位联合创始人均为20岁出头的哈佛辍学生，为加强管理团队，近期任命前Uber首席产品官Sundeep Jain担任首任总裁。

行业分析指出，随着OpenAI等巨头开始自建专家训练平台，第三方服务商需持续证明其不可替代性。目前该赛道竞争日趋白热化，竞争对手Surge AI据传正以250亿美元估值进行融资。

中文翻译：

据TechCrunch获悉的一份市场文件及两位知情人士透露，初创公司Mercor正与投资者就C轮融资进行洽谈。该公司专注于为OpenAI和Meta等企业匹配领域专家，用于训练和优化其基础人工智能模型。

两位消息人士称，老牌投资机构Felicis正考虑在本轮融资中加倍注资。Felicis拒绝置评。

一位知情人士透露，该公司目前目标估值定为100亿美元或更高，较数月前80亿美元的估值目标有所提升，但最终交易条款仍可能变动。据悉Mercor已向潜在投资者表示获得多个投资意向。据The Information此前报道，多家风投机构已主动接洽该公司，提出估值达100亿美元的投资方案。

TechCrunch还了解到，Mercor已通过特殊目的收购公司（SPV）引入至少两家新投资者为潜在交易募资。该公司上一轮融资于今年2月完成——由Felicis领投的1亿美元B轮融资，当时估值20亿美元。

一位消息人士称，这家成立于2022年的公司年化经常性收入正逼近4.5亿美元。Mercor曾在2月向TechCrunch透露，其年收入（按最近月收入乘以12计算）已达7500万美元。而三月时公司CEO布伦丹·富迪在X平台发文称年度经常性收入（ARR）已达1亿美元。

据熟悉内情的消息源透露，该公司告知投资者其达成5亿美元ARR里程碑的速度将快于开发AI编程助手Cursor的初创公司Anysphere。Anysphere在产品发布约一年后即实现5亿美元ARR，但目前仍处于亏损状态。而据《福布斯》报道，Mercor在今年上半年已实现600万美元盈利。

Mercor的盈利模式是通过为企业提供科学家、医生、律师等专业领域专家进行AI模型训练，按小时收取人才匹配服务费。该公司声称已为亚马逊、谷歌、Meta、微软、OpenAI五家顶级AI实验室，以及特斯拉和英伟达提供数据标注服务。消息人士称，其大部分收入来源于部分核心客户，包括OpenAI。

为拓展商业模式多元化，Mercor告知投资者正在加强强化学习领域的软件基础设施建设——这是一种通过验证或质疑模型决策使其持续优化的训练方法。公司还计划最终构建AI驱动的招聘市场平台。

不过Mercor面临着Surge AI（传闻正以250亿美元估值进行融资）、Turing Labs以及Scale AI等同样拓展强化学习服务的数据标注公司的竞争。有观点认为，OpenAI新近推出的招聘平台可能促使该AI巨头自建人类专家驱动的强化学习培训服务。

富迪在接受TechCrunch问询时表示："我们从未主动寻求融资"，并称"每月都会拒绝投资要约"。他同时指出公司ARR已超过4.5亿美元，但澄清该收入包含客户支付总额（未扣除专家分成部分），强调这是审计机构推荐且竞争对手Surge AI、Scale AI普遍采用的会计实践。

这家初创公司由泰尔奖学金获得者、哈佛辍学生布伦丹·富迪（CEO）、阿达什·希雷马特（CTO）和苏里亚·米达（COO）于2023年联合创立，三位联合创始人目前均年仅二十出头。据《福布斯》报道，为提升公司治理水平，Mercor近日任命拥有数十年经验的前优步首席产品官桑迪普·贾恩为首任总裁。

该公司近期遭竞争对手Scale AI起诉涉嫌窃取商业机密。根据TechCrunch获取的诉讼副本，Scale AI指控其前员工在加入Mercor时"窃取超过100份涉及客户策略的机密文件及其他专有信息"。

（记者马克斯韦尔·泽夫对本文亦有贡献）

英文来源：

Mercor, a startup that connects companies like OpenAI and Meta with domain experts needed to train and refine their foundational AI models, is in discussions with investors for a Series C round, according to a marketing document viewed by TechCrunch and two sources familiar with the deal talks.
Felicis, a returning investor, is considering doubling down on the company for the Series C, according to two sources. Felicis declined to comment.
The company is currently targeting a valuation of $10 billion or more, one person said. That’s up from an $8 billion target valuation that the company discussed a couple of months ago, one person said. However, terms of the final deal could still change.
The company has told potential investors that it already has multiple offers. VCs have been reaching out to Mercor preemptively with offers valuing the company at as much as $10 billion, the Information previously reported.
TechCrunch also understands that the company has brought on at least two new investors to raise funds for the potential deal through special purpose vehicles (SPVs).
The company’s previous round was announced in February – a $100 million Series B at a $2 billion valuation led by Felicis.
Founded in 2022, Mercor is approaching $450 million in annualized run-rate revenue, one person said. The company told TechCrunch in February that its annual revenue (calculated by multiplying the latest month by 12) had reached $75 million at that time. In March, Mercor CEO Brendan Foody posted on X that ARR was $100 million.
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The company has told investors it is on track to hit the $500 million ARR milestone faster than Anysphere, the startup that makes AI coding assistant Cursor, according to one source familiar with the situation. Anysphere famously hit $500 million in ARR about a year after its product launched. Unlike Anysphere, which is still burning cash, Mercor generated $6 million in profit in the first half of the year, Forbes reported.
Mercor earns revenue by providing companies with specialized domain experts to perform AI model training — such as scientists, doctors, and lawyers — and charging an hourly finder’s fee and matching rate for their work.
The company claims to supply data labeling contractors to five top AI labs, including Amazon, Google, Meta, Microsoft, and OpenAI, as well as to Tesla and Nvidia. According to sources, an outsized portion of its revenue is coming from a subset of those brands, including OpenAI.
To further diversify its business model, Mercor has been telling investors that it is adding more software infrastructure for reinforcement learning – a training method where a model or agent’s decisions are verified or disputed, enabling it to incorporate feedback and improve over time. The company also intends to eventually build an AI-powered recruiting marketplace.
Still, Mercor faces competition from companies like Surge AI, which is reportedly in talks to raise funding at a $25 billion valuation, as well as from Turing Labs and other data labeling firms like Scale AI that are also expanding into RL services. Some believe that OpenAI’s recently launched hiring platform could lead the AI giant to create its own human-expert-powered RL training service.
When reached for comment, Foody told TechCrunch, “We haven’t been trying to raise at all,” and, “We turn down offers every month.” He also said the company’s ARR is higher than $450 million. However, he clarified that the company’s revenue includes the total amount that customers pay Mercor for services before its contractors receive their portion. He added this is a common accounting practice recommended by audit firms and used by competitors Surge AI and Scale AI.
The startup was co-founded in 2023 by Thiel Fellows and Harvard dropouts Brendan Foody (CEO), Adarsh Hiremath (CTO), and Surya Midha (COO). All three co-founders are still in their early twenties. To take the company to the next level, Mercor recently appointed Sundeep Jain, a former chief product officer at Uber with decades of experience, as its first president, Forbes reported.
Mercor was recently sued by competitor Scale AI for misappropriation of trade secrets. Scale AI alleges that one of its former employees who later joined Mercor “stole more than 100 confidential documents concerning Scale’s customer strategies and other proprietary information,” according to a copy of the lawsuit TechCrunch previously reviewed.
Maxwell Zeff contributed reporting