Cohere is in advanced talks for a follow-on Series E targeting $2-3 billion — $2.5 billion at midpoint — at a $20 billion valuation, per a Sept. 11 Globe and Mail report, which would be the largest round on record by a private Canadian startup; the deal has not finalized and terms could change, but could close as soon as next week, following a $500M raise at a $6.8B valuation in August 2025 and a $100M second close at a $7B valuation in September 2025. No key investors, revenue, client count, pipeline or employee metrics were disclosed in the article, with Cohere only confirming strong inbound investor interest in the Series E process. Planned use of funds is to scale operations across North America, APAC and EMEA to meet demand for its secure and sovereign AI platform designed to power agentic business operations for clients in finance, healthcare, manufacturing, telecommunications, energy and government.