Is Cohere trading at a premium or a discount to its last round?
Cohere's secondary mark is 27.4% below its last primary round, which valued the company at $7B (Series D extension, August 2025).
Enterprise + sovereign AI foundation models · Updated 6 August 2026
Cohere builds enterprise-grade large language models and AI agents, focused on secure, private, and sovereign deployments that can run inside a customer's own cloud or on-premises rather than only via public API. Its product line spans the Command generative models, embedding and reranking models for RAG, and the North agent platform.
Founders: Aidan Gomez, Nick Frosst, Ivan Zhang
Secondary Flow does not make buy or sell recommendations. What it does is lay out the evidence so you can reach your own view.
Cohere scores 100/100 on Secondary Flow's composite model, which weighs founder and investor quality, sector momentum, valuation against public comparables, and secondary-market pricing. Its implied valuation sits 18.1% above the level its public comparables would imply. The secondary mark is 27.4% below the last primary round, so a buyer today is paying less than the price the last institutional investors paid. Secondary-market demand reads 72/100 (hot).
See the methodology for how each factor is weighted and how the model is backtested against realised outcomes.
| Round | Date | Raised | Valuation | Step-up |
|---|---|---|---|---|
| Series C | June 2023 | $270M | $2.2B | - |
| Series D | July 2024 | $500M | $5.5B | +150.0% |
| Series D extension | August 2025 | $600M | $7B | +27.3% |
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Cohere's secondary mark is 27.4% below its last primary round, which valued the company at $7B (Series D extension, August 2025).
Secondary Flow does not give buy or sell recommendations. What it does give you is the evidence: Cohere scores 100/100 on the composite model, which weighs founder and investor quality, sector momentum, valuation versus public comparables, and secondary-market pricing. Its implied valuation sits 18.1% above the level its public comparables would imply. Read that alongside the price, the premium or discount to the last primary round, and the funding history on this page, and see the methodology for how each factor is weighted.
Cohere was last valued at $7B post-money in its Series D extension round (August 2025).
Secondary Flow is a research tool, not a broker-dealer or a marketplace, so it does not execute transactions in Cohere or any other private company. Private-company shares typically change hands through a company-approved tender offer, a direct transfer subject to the company's right of first refusal, or a regulated secondary marketplace, and most transfers require issuer consent. Secondary Flow tracks the resulting prices.
Not investment advice. Figures are compiled from publicly available sources believed reliable but not independently verified, and provided “as is” without warranty. Secondary-market prices are indications, not executed trades. Secondary Flow is an independent research tool, not a broker-dealer or investment adviser; company names and trademarks belong to their respective owners (no affiliation or endorsement implied).