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Cohere

Enterprise large-language-model platform specialising in private cloud deployments and retrieval-augmented generation.

AICanada·Founded 2019·ISO/NSO equity·cohere.com ↗
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Source-audited Jun 12, 2026
Reference estimate only
4 methods · Source-audited Jun 12, 2026Low confidence (34%)

The four valuation methods disagree significantly (3.7× spread). Treat this as a wide reference range only — not a reliable point estimate.

$7B
wide range · ~$5B – ~$11B
Implied per-share: $39.2 · vs last primary +10%

No verified public secondary-market signal available for Cohere. The estimate relies on last confirmed financing, peer multiples, sector momentum, and time decay.

Valuation basis:Last primary roundSource-audited Jun 12, 2026
Last primary round
$7B
Series D1 · 10mo ago
Secondary signal
—
No verified secondary signal

No verified public secondary signal is available. Hiive/Forge links are monitoring links only, not evidence of a current executable price.

Headcount
550
employees · LinkedIn+45%

LinkedIn count — directional proxy only. Historical figure sourced via Wayback Machine; treat ±15% as normal variance.

Revenue (est.)
$100M
annual run rate · est.

Complete company data

Every input we use, where we got it from, and how much we trust it.

✓

Source verification: Bloomberg / TechCrunch Sep 2025 · $7B Series D1 · manual-source-audit-2026-06

FieldValueConfidence
Company fundamentals
SectorAIhigh
HeadquartersCanadahigh
Founded2019high
Websitecohere.comhigh
Last primary round
Post-money valuation$7Bhigh
Round nameSeries D1high
Date2025-09-24 (10 months ago)high
Lead investorRadical Ventures / Inovia Capitalhigh
Amount raised$500Mmedium
Capitalization
Total fully-diluted shares196.429Mlow
Implied share price (illustrative only)~$39low
Primary equity type grantedISO/NSOhigh
Financials
Annual revenue (est.)$100Mmedium
EV / Revenue (implied)70.0xmedium
Headcount
Employees (now)550medium
Employees (12 months ago)380medium
12-month headcount growth+45%medium
Methodology inputs
Sector ETF proxyBOTZmedium
ETF annual return (trailing 3-yr)9%medium

Funding history

Primary rounds reported in Bloomberg, WSJ, TechCrunch, Reuters, or SEC Form D filings (efts.sec.gov). Linked per round below.

Valuation progression (equity rounds)
Valuation progression · equity rounds
$7.0Blatest · Series D1
Total growth
35×
Our estimate
$7.7B
$0.0B$2.3B$4.5B$6.8B$9.1BSeries ASeries B$2.2BSeries C$5.5BSeries DlatestSeries D1est.Est.
Primary round
Down round
Our estimate
Series D1+27%2025-09-24
$7.0B
Led by Radical Ventures / Inovia Capital · raised $500M
Source: Cohere blog · confirmed by Bloomberg / TechCrunch Sep 2025 ↗
Series D+150%2024-07-22
$5.5B
Led by PSP Investments / Cisco · raised $500M
Source: Bloomberg Jul 2024(historical ref.)
Series C+175%2023-06-08
$2.2B
Led by Inovia Capital · raised $270M
Source: TechCrunch Jun 2023(historical ref.)
Series B+300%2022-02-01
$0.8B
Led by Tiger Global · raised $125M
Source: TechCrunch Feb 2022(historical ref.)
Series A2021-05-18
$0.2B
Led by Index Ventures · raised $40M
Source: TechCrunch May 2021(historical ref.)

Secondary market signals

Secondary market signals: bid/ask/trade indications from Hiive (hiive.com), Forge Global, Caplight Index, and tender prices reported in the press.

No active listings found

We monitor Hiive, Forge Global, and EquityZen for Cohere listings. As of July 2026, no verified secondary market activity has been recorded.

Secondary listings for private companies appear without announcement and typically close within days. When a listing appears, it often signals an upcoming tender offer or funding round.

Primary round history as valuation signal

In the absence of secondary market data, the funding history below is the primary valuation anchor. Method C (time-decay) uses this data to estimate current value.

Series D1 · 2025-09$7B
Series D · 2024-07$5.5B
Series C · 2023-06$2.2B

Get notified when a listing appears

Pro subscribers get notified within 2 hours when a secondary listing for Cohere is detected. Most employees first hear about tender offers days after the market already knows.

Get listing alerts →

Check directly: Hiive ↗ · Forge Global ↗ · SEC Form D ↗

Public peer comparables

Public peer comparables: editorial selection of public companies with the closest business model. EV/Revenue and growth from public 10-Q filings and Bloomberg, refreshed quarterly.

TickerCompanyEV / Revenue
CRWDCrowdStrike Holdings, Inc.39.66x
MDBMongoDB, Inc.11.22x
NETCloudflare, Inc.42.04x
NVDANVIDIA Corporation19.38x
PLTRPalantir Technologies Inc.59.21x

Confidence breakdown

How much we trust each of the four valuation methods for this specific company, and why.

Method A — Peer-multiple
weight 25%suppressed23% confidence
↳ Effectively excluded from the blend — this method is structurally unreliable for this company.
Growth-weighted peer EV/Revenue: 36.9x → 22% private-company discount → 28.8x on $100M revenue. Output implies less than half the recent market anchor ($7B) — this company is likely valued on optionality / non-revenue factors and Method A is structurally less reliable here.
Method B — Secondary-implied
weight 45%suppressed25% confidence
↳ Effectively excluded from the blend — this method is structurally unreliable for this company.
No verified secondary market data available — estimate relies on primary round, peer multiples, and sector momentum.
Method C — Primary time-decay
weight 20%→ $10.7B69% confidence
$7B round (2025-09-24) × 1.59× growth × 0.96× multiple decay over 0.8 years
Method D — Sector momentum
weight 10%→ $7.5B48% confidence
$7B × (1 + 9% p.j.)^0.8yr = $7.5B via BOTZ ETF-proxy
Overall confidence
34%
Weighted average of the four methods. Above 60% is high, 35–60% medium, below 35% low.
Low

Worked example for an employee

Illustrative mechanics only — this shows how the equity model works, not a reliable value estimate.

Illustrative mechanics only

This example shows equity mechanics only. It is not a reliable estimate of current value because model support is weak (confidence 34%, spread 3.7×).

Show illustrative values (not a reliable estimate) ▸
Profile: a hypothetical employee who joined Cohere 24 months ago (2024-07-10) with 2,000 options, on the standard 4-year vesting schedule with a 1-year cliff.
Vesting
1,000 of 2,000
50% vested at month 24
Implied share price (mid)
$39
weighted average of 4 methods — low confidence
Gross vested value
$39,202
vested shares × implied price
Net value
$39,202
no strike, gross = net
Tax (rough)
$4,472
US federal only · AMT risk: low
What if the next round is…
Up round +30%
$44,315
New round at +30% valuation, 15% new shares issued
Down round −30%
$22,868
New round at −30% valuation, 20% new shares (higher dilution in distress)
Secondary today
$33,322
Sale on the secondary market at the typical 15% discount to the mid estimate
These illustrative values use the same calculation engine as the live calculator, but the underlying model is low-confidence for Cohere. Use your own numbers as a starting point only. Try the calculator →

Transparent assumptions

What we assumed where exact data isn't available. If any of these don't match your situation, the numbers above will be off.

Fully-diluted share count
196.428571M shares
We don't have authoritative cap-table access for private companies. The number above is reconstructed from SEC Form D filings, secondary-market price-vs-valuation math, and leaked share-class summaries. Actual fully-diluted count (including unvested option pool and SAFEs) may differ by 5–15%.
Common-stock waterfall
1.0× to common
We assume a clean common-stock outcome — i.e. preferred-share liquidation preferences and ratchets do not extract value before common. In a down-exit, this assumption can be very wrong: preferred stack can take 30–70% of proceeds.
Private-company illiquidity discount
22% off public peers
Applied to Method A (peer-multiple). Per-company because category leaders with deep secondary markets and a clear IPO path warrant a smaller discount than early-stage names. The literature range is 10–35%; for Cohere we use 22% based on secondary-market depth, valuation history, and proximity to liquidity.
Revenue growth assumption (Method C)
80% YoY
Compounded forward from the last primary date to today to estimate the company's value drift. Set per-company based on disclosed or reported ARR trajectory. Method C is further capped at 1.3× the most recent secondary trade (if any) to stop runaway extrapolation when revenue growth outpaces what the market is actually paying.
Sector ETF momentum (Method D)
BOTZ @ 9%/year
Method D applies the trailing return of BOTZ as a market-proxy adjustment to the primary valuation. Crude — meant as a tiebreaker when peer and secondary data conflict, not as a primary signal.
Outlier auto-downweight
Methods >50% from median get ½ weight
Robust-statistics safety net: any method whose output strays more than 50% from the median of the other three methods has its confidence weight halved when computing the blended mid-point. Prevents a single bad extrapolation from dragging the headline.
Recency decay for secondary trades
180-day half-life (e⁻ᵈ/¹⁸⁰)
A trade from 30 days ago counts ~5× more than one from 180 days ago. Tunable; some platforms use shorter half-lives.
Tax estimate
US federal only, single filer
Uses 2024 US federal brackets, ignoring state tax, NIIT, AMT credit recovery, and any other deductions. Treat as a directional sanity check, not a tax bill.
All data from public sources. Not investment, tax, or legal advice. Not affiliated with Cohere. Last refreshed manually — see methodology for our update cadence.