Cohere is in advanced talks to raise between $2 billion and $3 billion at a $20 billion valuation, with financing from the Government of Canada and existing backers, according to a report by The Globe and Mail1. Bloomberg separately confirmed the company is in talks for up to $3 billion2.
The round would rank among the largest single fundraises by a Canadian AI company. The involvement of the Government of Canada marks a direct sovereign stake in the enterprise AI model provider.
ANALYSIS The participation of the Government of Canada alongside existing investors positions the round as both a commercial capital event and a national-interest bet on domestic AI infrastructure.
A $20 billion valuation at the midpoint of the reported range would place Cohere firmly among the highest-valued private AI companies globally, reflecting continued investor appetite for foundation-model builders focused on enterprise deployments.