Scale AI vs Cohere: employee equity compared
Secondary market prices, valuation trajectory, equity structure, and liquidity outlook for employees choosing between Scale AI and Cohere.
Scale AI
Data-labeling and AI infrastructure platform. Meta acquired a 49% stake at $29B implied valuation (Jun 2025). Secondary trades at ~50% discount reflecting client departures (Google, OpenAI, xAI) post-deal.
IPO uncertain. Meta's 49% stake limits independence; Founder Alexandr Wang moved to Meta as Chief AI Officer. Liquidity most likely via further Meta acquisition or tender offer.
Deep US government/defense contracts; ISO/NSO options; secondary at steep discount to primary — timing matters
Cohere
Enterprise large-language-model platform specialising in private cloud deployments and retrieval-augmented generation.
No near-term IPO expected. Secondary indication near primary round valuation. Company likely 2028+ at earliest; patient equity required.
High-growth AI play; ISO/NSO options; fast-moving valuations reward timing
Key differences for employees
Equity structure
Scale AI grants ISO/NSO with strike prices ranging from $35–$50 depending on your grant year. Cohere grants ISO/NSO with strike prices from $18–$28.
Secondary market signal
Scale AI has no recent verified secondary signal — only the primary round ($29B) is shown. Cohere has no recent verified secondary signal. A higher secondary premium typically signals stronger investor demand and potentially better near-term liquidity for employees looking to sell.
Revenue and growth
Scale AI runs at $1B ARR, growing +70% YoY (fast). Cohere runs at $0.1B ARR, growing +80% YoY (fast). Revenue growth rate matters for equity because it drives the peer-multiple valuation — the method most correlated with exit multiples.
Liquidity timeline
Scale AI: IPO uncertain. Meta's 49% stake limits independence; Founder Alexandr Wang moved to Meta as Chief AI Officer. Liquidity most likely via further Meta acquisition or tender offer.
Cohere: No near-term IPO expected. Secondary indication near primary round valuation. Company likely 2028+ at earliest; patient equity required.
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