Core Insights - Mercor has successfully completed a $350 million financing round, raising its valuation to $10 billion [1] - The company initially started as an AI-driven recruitment platform but has pivoted to providing domain experts for AI model training [1][2] - Mercor's annual recurring revenue is projected to exceed $500 million, outpacing competitors [2] Financing and Valuation - Felicis Ventures led the previous $100 million Series B round at a $2 billion valuation and continues to lead the current round [1] - The company had previously set a target of $8 billion for its Series C round but has since increased it to $10 billion due to strong investor interest [1] Business Model and Operations - Mercor charges for talent recommendation and matching services based on hourly work from domain experts [1] - The company currently pays contractors over $1.5 million daily and has a talent pool of over 30,000 experts, with an average hourly income exceeding $85 [4] - The focus areas for Mercor include expanding its talent network, optimizing contractor-client matching systems, and developing new products for greater process automation [4] Market Context - The shift in partnerships among leading AI labs, such as OpenAI and Google DeepMind, has created opportunities for Mercor, especially after Scale AI lost significant contracts [2] - The rapid development of AI technology poses challenges in understanding the economic value of work, which Mercor aims to address [2]