Enterprise AI is producing real revenue — and the IPO race is on. On February 13, 2026, Cohere confirmed $240 million in annual recurring revenue, well ahead of its $200M target.
$240M
Annual Recurring Revenue
50%+
Quarter-on-quarter growth
$7B
Current Valuation
$600M
Most Recent Round
Why Cohere, Not OpenAI or Anthropic?
Cohere has always been explicitly enterprise-first — no consumer API, every customer a contract.
Enterprise-Only Distribution
No consumer API. Every customer is a contract producing predictable, high-value ARR.
Private Deployment
Regulated industries pay premiums for models they can deploy in their own cloud.
RAG Specialization
Command and Embed models optimized for enterprise search and retrieval with clear ROI.
C-Suite Hires
Ex-Uber CFO and Meta's Chief AI Officer signal IPO preparation.
The IPO Queue
| Company | ARR | IPO Readiness | Key Barrier |
|---|---|---|---|
| Cohere | $240M (confirmed) | High | Market conditions |
| Anthropic | ~$1.5B (est.) | Medium | Amazon structure |
| OpenAI | ~$4B (est.) | Medium | Corporate restructuring |
When chipmakers and enterprise software giants are co-investors, you're looking at a company that's been selected as critical infrastructure. That's a different quality of backing than pure venture capital.
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