As the top AI labs like Google, Anthropic, and OpenAI chase enterprise adoption, Canadian AI startup Cohere has been quietly cleaning up.

The startup told investors in a memo that it surpassed its $200 million annual recurring revenue target in 2025, hitting $240 million with quarter-over-quarter growth of more than 50% throughout the year, per CNBC.

Cohere was founded in 2019 and has the backing of enterprise tech investors like Nvidia, AMD, and Salesforce. The startup’s core tech is its Command family of generative AI models, which Cohere says are efficient enough to be deployed on limited GPUs — an attractive promise for enterprises looking to get a handle on cost and resource management. 

Last summer, Cohere launched North, a higher-level enterprise platform and AI workspace for secure, custom AI agents and workflows built on Cohere’s models. 

Cohere’s CEO Aidan Gomez said last October that the startup may IPO “soon.” If “soon” means in 2026, Cohere may be contending against OpenAI, Anthropic, and SpaceX/xAI, which are all reportedly weighing their own public debuts.

TechCrunch has reached out to Cohere for comment.