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 disclosedCapex intensity
Not disclosedValuation
~$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
$20B9.1× 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
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Coverage leans bullish
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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
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