Nvidia discusses Mercor at a $20B valuation

Nvidia is reportedly discussing an investment in Mercor at a $20 billion valuation, a potential doubling from the AI-data company’s $10 billion valuation in October 2025, according to the reported financing talks. Mercor supplies expert human data and evaluations for model developers, including work connected to Nvidia’s open models; the round is preliminary and not confirmed. For builders, the signal is that frontier-model economics are pricing scarce judgment—doctors, lawyers, engineers, and other specialists—as infrastructure, not annotation overhead; the physical-AI funding surge is the parallel capital-market read-through.