Cohere

Amount: All-stock merger + €600M (approx. USD 650M) new investment; €600M (approx. USD 650M); Post-money valuation: USD 20B (merged entity); Led by Schwarz Group (new investor) | ⚠️ Valuation metrics must be strictly distinguished: This USD 20B is the valuation of the merged entity, not a 2.9x growth over Cohere's standalone valuation. Cohere's last standalone pricing was USD 7B in Sep 2025; the merged entity (Cohere + Aleph Alpha) is valued at USD 20B. The two cannot be mixed. Transaction structure: Cohere and German AI company Aleph Alpha merged via all-stock deal, while receiving €600M investment from Schwarz Group. Strategic...