Mercor AI Cap Table – Executive Summary on Nov 14th, 2025

1. Founders – 66%. 22% each for the 3 cofounders of Mercor
   • Mercor Co Founders – Brendan Foody (CEO), Adarsh Hiremath (CTO), Surya Midha (Chairman of the Board)
   • Now, supposedly, the 3 youngest self made billionaires in the world
2. Seed Investors – 10%
3. Series A Investors – 12%
4. Series B Investors – 5%
5. Series C investors – 3.5%
6. Employees – 3.5% Perhaps

Interesting that employees have such a small share of Equity.

Please Note: This is based on publicly available information and might not be accurate.

Please Note: This cap table might change significantly as Mercor AI raises more investments and/or due to other reasons.

Mercor AI Funding Rounds

1. Seed Round in 2023 -> $3.6 Million raised at $36 Million valuation
   • General Catalyst led the round
   • Investors included Peter Thiel, Jack Dorsey, Adam D’Angelo
2. Series A in September 2024 -> $32 Million raised at $250 Million Valuation
   • Benchmark led the round
3. Series B in Jan 2025 -> $100 Million raised at $2 Billion valuation
   • Felicis Ventures led the round
   • Investors included Benchmark, General Catalyst, DTS Global, Menlo Ventures
4. Series C on Oct 31st, 2025 -> $350 Million at $10 Billion valuation
   • Felicis Ventures led the round
   • Investors included Benchmark, General Catalyst, Robinhood Ventures

Mercor AI History

The 3 co-founders met in high school in debate competitions. They continued to work together even as Hiremath went to Harvard and Foody and Midha went to Georgetown.

Mercor was launched in 2023 primarily to connected talented developers with US companies looking for coders.

Mercor pivoted to using AI to match experts in fields such as Law, Medicine, and Engineering with AI companies looking for subject area experts to train AI models.

This article has more details -> Youngest Billionaires: AI unicorn Mercor forges three new billionaires at 22

As does this one -> These 22-Year-Olds Are Now The World’s Youngest Self-Made Billionaires

2 interesting side notes

1. All 3 come from Silicon Valley, and from families of software engineers
2. All 3 are recipients of the Thiel Fellowship

How did Mercor AI become a $10 billion company in just 3 years?

Mercor AI pivoted from finding software developers for AI companies, to finding subject area experts to train LLMs for AI companies.

When Scale AI was acquired by Meta, there was a void and Mercor AI was able to step in and fill the surge in demand for finding subject area experts.

What happens when AI Models have trained enough to not need subject area experts?

Well, that would certainly be interesting. The demand for Mercor AI’s services would dry up.

Hopefully, Mercor AI is setting aside some of the funds it is raising for that eventuality. Might be 5 years away.

What happens if the AI Bubble bursts?

In that case, all AI companies will face a reckoning. I would suspect companies like Surge AI and Scale AI and Mercor AI would pivot into offshoring and near shorting and related areas.

Again, if they are smart they would set aside a lot of the money they are raising for the near-certainty that the AI Bubble will burst in the next 1 to 5 years.