SIERRA·Conversational AI / Enterprise AI Agents (customer experience automation)Pre-IPO · Private

Sierra

ConvictionContext

B2B SaaS with usage- and outcome-based pricing (pay per successful resolution / per conversation), multi-year enterprise contracts and high-touch implementation; model-agnostic orchestration layer on top of third-party LLMs

Revenue

~$200M ARRMay 2026, press estimate; up from ~$130M end-2025 and $26M end-2024

Rev growth

~5x YoY 2024->2025$26M->~$130M); ~54% in the ~5 months to May 2026 ($130M->$200M) - not audited

Gross margin

not disclosedAI-agent gross margin compressed by pass-through LLM inference COGS; peer software would be 70-80% but Sierra's is unconfirmed

Op margin

not disclosedassumed deeply negative - heavy R&D + implementation spend, growth-stage

Capex intensity

not disclosedasset-light; no owned data centers - relies on hyperscaler + model-provider compute

Valuation

~$15.8BSeries E post-money, May 2026

Valuation trail

$15.8B16× since Feb 2024

4 marks · Feb 2024–May 2026

private — no public price

Priced round

Four disclosed primary rounds; total ~$1.585B raised across the C/D/E (plus the ~$110M stealth-emergence round). ~16x valuation step from $1B (Feb 2024) to $15.8B (May 2026) in ~27 months, tracking the ARR ramp from ~$0 to ~$200M. The Feb-2024 ~$1B mark is press-reported and approximate; the Oct-2024, Sep-2025, and May-2026 marks are strongly sourced. No secondary or SPAC events.

The read

Where our coverage leans

Coverage leans bullish

Members only

Full financial intelligence for Sierra

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 financial advice — analyst work product for a qualified professional.