Superintelligence Plots

Cohere’s reported valuation climbed from about $2.2 billion at its Series C in June 2023 to about $7 billion after a September 2025 extension, then jumped to about $25.5 billion with the Series E announced October 29, 2026 — more than tripling in a single step. The Series E, targeting up to C$7 billion with the Government of Canada taking an equity stake of up to C$1.6 billion, is the largest private financing ever undertaken by a Canadian technology company, and it extends the SI News story of Canada’s sovereign-AI bet from a funding announcement into a valuation trajectory.

Sources & Notes

• Original story: Mistral Opens Large 4 Open Weights | Canada Takes Stake in Cohere’s Record Round | AWS Growth Hits 39% on AI Demand
• Data sources: Cohere (2026). Cohere Announces Series E Fundraise Targeting CAD $7 Billion to Meet Surging Global Demand for Secure, Sovereign AI — Cohere Series E announcement (via PR Newswire); TechCrunch (2025). Cohere hits $7B valuation a month after its last raise — TechCrunch; PitchBook (2025). Cohere’s new $6.8B valuation confirms that the AI frenzy isn’t over — PitchBook; Dow Jones Newswires via Morningstar (2026). Canada to Take Equity Stake in AI Firm Cohere — Morningstar
• Notes: Valuations are as reported at each dated milestone, not audited figures. The Series E point is the valuation at the full C$7 billion target (C$35.7 billion), converted to about US$25.5 billion at roughly C$0.71 per US$1 (the C$7 billion target is about US$5 billion per Dow Jones reporting); Cohere has announced only an initial close, has not disclosed how much was secured at that close, and has not disclosed whether the C$35.7 billion figure is pre- or post-money, so the final valuation will depend on how much of the target closes. Earlier valuations are reported post-money figures: Series C about US$2.2 billion (June 2023, TechCrunch), Series D US$5.5 billion (July 2024), August 2025 US$6.8 billion, September 2025 extension about US$7 billion. The connecting line joins successive dated valuations for readability; it does not imply valuations between those dates. The reported April/September 2026 talks of a US$20 billion valuation were not used, as they were unconfirmed reports rather than announced terms.