The Toronto-based company sells AI models to governments and businesses in regulated industries, offering customers control over their data and where the technology is deployed. Executives shared the revenue figures at a media roundtable on Thursday.

Cohere has completed the initial close of a Series E round targeting up to C$7 billion, or about US$5 billion. Backed by Nvidia and the Canadian government, the round would value the company at around US$25 billion. Prime Minister Mark Carney announced a C$1.6 billion government investment last week, describing it as part of an effort to build Canada’s AI sovereignty.

The company is also pursuing demand for “sovereign AI”—technology that gives governments and businesses more control over their systems and data. That goal is central to Cohere’s planned merger with Germany’s Aleph Alpha, announced earlier this year. The companies have presented the combination as an option for countries seeking less reliance on U.S. and Chinese technology providers.

Gomez said customers in Asia-Pacific have historically placed greater emphasis on sovereignty and technology control than customers in Europe and Canada. Cohere plans to expand its presence in the region fourfold by the end of 2027 through investment, local partnerships and additional offices.

Expansion depends in part on access to computing capacity, which Gomez described as “genuinely insane” in demand. He said some providers are holding blind auctions for capacity. Cohere, he added, is prioritizing margins and its balance sheet rather than paying any price to secure computing power.