COHERE·AIPre-IPO · Private

Cohere

ConvictionModerate

enterprise foundation-model platform · private B2B LLM + agent software (sovereign + multilingual)

Revenue

~$240M ARR exiting 2025per Feb-2026 investor memo reported by CNBC; Cohere declined to confirm). Beat its own $200M target. Audited financials not disclosed — company is private.

Rev growth

>50% quarter-over-quarter through 2025reported). If sustained, implies ~$360-400M ARR mid-2026 and ~$480-500M exit-2026 — an analyst extrapolation, not company guidance.

Gross margin

~70% gross margin2025 avg, +~25bps YoY, reported). High for a model lab; reflects the inference-efficient, deploy-in-customer-VPC model vs. consumer-scale rivals. Operating margin not disclosed; CEO targets profitability by 2029.

Op margin

Not disclosed

Capex intensity

Not disclosed

Valuation

~$20B implied by the Aleph Alpha merger + Series Eannounced 24 Apr 2026, anchored by Schwarz Group's ~$600M / €500M; round not yet closed — awaiting regulatory sign-off, expected later in 2026). Last *closed* priced round: Series D $500M at $6.8B (Aug 2025), extended +$100M to ~$7B (Sep 2025).

Valuation trail

~$20B (term sheet, not closed)9.1× since May 2023

7 marks · May 2023–Apr 2026

private — no public price

Priced round Secondary / SPAC mark

Series A (Sep-2021, $40M) and Series B (Feb-2022, $125M) valuations were never disclosed, so omitted. Apr-2026 ~$20B is a term-sheet/Series E figure tied to the Aleph Alpha merger and had not closed as of research date.

The read

Where our coverage leans

Coverage leans bullish

Members only

Full financial intelligence for Cohere

Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.

Income statement & margin structure
SWOT, moats & dependency map
Supplier–customer ecosystem graph
Signals, trends & valuation range

See plans

Not investment advice — analyst work product for a qualified professional.· intel vintage Q2 2026 (Jun 2026)· sign in (free) for the analyst summary; Pro unlocks full intelligence