/ Pre-IPO Risk Index / Cohere

Cohere

AI Models · Pre-IPO · $5.5B (Q3 2025)
C+

Mixed (C+) — Round Z Pre-IPO Risk Grade

Cohere is the leading enterprise-focused foundation model company, with strategic distribution partnerships with Oracle, SAP, and Salesforce. The enterprise focus produces a more conservative growth profile than consumer-AI peers but also a clearer revenue trajectory and lower regulatory exposure. Customer concentration with Oracle and a relatively static valuation since 2023 reflect category-positioning challenges.

66
Composite / 100
/ Subscore Breakdown · 5 Dimensions

Where this grade comes from.

Governance Risk
B
Valuation Methodology
C+
Secondary Liquidity
C
Financial Disclosure
C+
Exit Probability
C+
/ Public-Record Events

Key risk events & disclosures.

  • $500M Series D 2024 — flat valuation from 2023
  • Strategic partnerships: Oracle, SAP, Salesforce, NVIDIA
  • Embed-3 enterprise embedding model launch 2024
  • Customer concentration in financial services and enterprise IT

/ Best for

Investors seeking enterprise-AI exposure with lower consumer-AI volatility and clearer revenue trajectory.

/ Watch out for

Flat valuation between 2023 and 2025 funding rounds reflects category competitive pressure. Watch for downround risk in next funding cycle.