AI training startup Mercor is reportedly in talks to raise a round at a valuation of $20 billion, sources told Bloomberg. That would be a big jump from its last holding in October, when it raised a $350 million Series C at a $10 billion valuation.

Talks for this latest round are in the early stages, the outlet noted, but reported that Mercor told investors it has already received a term sheet with the new valuation. This report also comes as founder and CEO Brendan Foody took to X to say the company’s annualized revenue run rate surpassed $2 billion, a 100% increase from just four months ago.

Mercor also announced Thursday that it would buy Deeptune, a company that helps train AI agents. The entire Deeptune team will join Mercor as part of the acquisition, according to its press release. Revenue numbers, acquisitions and possible new financing indicate that Mercor may have put its difficult problems from early 2026 behind it. Earlier this year, the company suffered a data breach and several of its contract workers filed lawsuits, Business Insider reported.