Cohere's Short-Term Returns Turn Positive at +2.07% as Saab Partnership Breaks Into Aerospace

Weekly Edition & Stock Spotlight

April 1, 2026

PM Insights provides independent, market-driven data for Private Growth and Pre-IPO companies, providing unparalleled transparency and helping asset managers, banks, consultants, investors, and regulators understand trading conditions and risk in this dynamic market.

This report examines Cohere’s position within the evolving enterprise AI landscape, highlighting its focus on secure, scalable large language models and enterprise-grade deployments. Backed by strong revenue growth and expanding enterprise adoption, Cohere is positioning itself as a key alternative to hyperscaler-led AI ecosystems. Its expansion into defense and aerospace, through a partnership with leading defense contractor Saab to integrate AI into mission-critical systems such as surveillance, maintenance, and data-driven operations, signals a strategic move into high-security, real-world applications. This collaboration reinforces Cohere’s role in delivering trusted, domain-specific AI for complex and regulated environments.

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Key Takeaways‍

Revenue Expansion: Cohere's revenue grew 380% year-over-year to $240 million in 2025 ‍
ROI Trends: Cohere recorded mixed performance, with returns of -26.50%, -13.37%, and +2.07% over the past 180, 90, and 30 days, respectively‍
Low Bid-Ask Volume: Bid-ask volume reached $27.10 million in 2026 Q1, the lowest level observed across recent quarters‍
Volatility: Cohere ended the period with a volatility level of 15.22%

ROI Private & Public

|| ROI from March 30, 2025 until March 30, 2026.

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_{The PM50 Growth tracks the performance of the 50 most active private names observed in the secondary market. It is an equal-weighted index, rebalanced on a monthly basis.}

_{This rebalancing of constituents over time gives way for more active names to participate in what we observe as "market performance," and in a more appropriate manner than static selections and weightings criteria.}

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Most Active Names Performance Across All Sectors

Data as of March 30, 2026.

90D Return △ - Trend of return on composite price

90D % △ - Change in composite price in terms of percentage

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_{Price (USD) estimated based on secondary market activity observed by PM Insights. Valuation is estimated based on said price and share count from state filings and/or news in the public domain. Note that share count in calculations may change as new filing documents are obtained.}

Stock Spotlight - Cohere

Visit official website

Sectors

AI Automation Cloud & Infra

Headquarters

Toronto, Ontario, Canada

CEO

Aidan Gomez

“Your next breakthrough, powered by AI”

Cohere is a Toronto‑based enterprise AI company that provides large language models and an end‑to‑end platform designed to help organizations embed private, secure, and customizable AI into their day‑to‑day workflows. Founded in 2019 and led by CEO Aidan Gomez, a co‑author of the transformer paper “Attention Is All You Need,” the company focuses on regulated and data‑sensitive sectors such as financial services, the public sector, healthcare, and other industries where data residency, compliance, and security are critical.

In a foundation‑model landscape where many competitors are consumer or developer first, Cohere positions itself as an enterprise‑first, cloud‑agnostic provider that can run on customers’ own infrastructure or across major public clouds and on‑prem environments, aligning closely with the emerging multi‑LLM and sovereign AI trends.

Business Model

Cohere generates revenue by selling access to its models through a tiered API offering and by licensing private deployments and dedicated instances for large enterprises. Developers and smaller teams can start on a free, rate‑limited plan, then graduate to pay‑as‑you‑go production pricing where usage is billed per token or per classification across endpoints such as text generation, chat, embeddings, classification, and reranking.

Larger organizations typically contract for enterprise plans that bundle higher support levels, custom model training, and flexible deployment options, including virtual private clouds, on‑premises environments, and dedicated Cohere‑managed model vaults that keep sensitive data within controlled boundaries.

These enterprise agreements, which often involve customers running models on their own infrastructure and signing multi‑year commitments, account for roughly 85% of revenue and support SaaS‑like gross margins in the roughly 70% to 80% range.

On top of its core foundation models, Cohere is building higher‑level offerings such as the North agent platform and Coral knowledge assistant to execute longer‑running workflows and deepen its footprint within each account.

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Scale and Growth

Scale & Volume: $240 million in ARR in 2025, with quarter-over-quarter growth of more than 50% throughout the year
Revenue Mix: Approximately 85% of revenue comes from private deployments and multi‑year licenses with enterprises such as Oracle, RBC, Fujitsu, and LG.‍
Capital & Valuation: Cohere’s valuation is about $7 billion, supported by recent funding rounds and government‑backed sovereign AI initiatives

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Targeted Impact

Cohere empowers businesses to unlock knowledge and drive innovation by making advanced language AI accessible, secure, and ethical.

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What Comes Next?

Cohere is expanding in Europe, scaling its North AI agent platform and multilingual models while preparing for an IPO.

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Who will benefit?

Enterprise technology teams, software developers, and businesses seeking advanced natural language AI solutions benefit from Cohere.

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Cohere's Timeline

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Cohere’s Competitive Landscape by Similarity and Market Cap

The chart below displays Cohere’s peer companies, with bubble size reflecting similarity to Cohere and each bubble labeled with its valuation based on PM Insights data as of March 30, 2026.

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Prominent News

Cohere, Saab Partner on Advanced AI in Aerospace, March 24, 2026 - Cohere partnered with Saab to integrate AI into aerospace systems, expanding into defense-focused, mission-critical applications. Click here to read more.

Cohere Reports $240M ARR Growth as Enterprise AI Strategy Points Toward IPO, February 13, 2026 - Cohere reported roughly $240M ARR growth, signaling accelerating enterprise traction and positioning the company toward a potential IPO. Click here to read more

SAP and Cohere Expand Partnership to Launch Sovereign AI Solutions Globally, Beginning in Canada, February 10, 2026 - Cohere and SAP expanded their partnership to launch sovereign AI solutions, enabling enterprises to deploy secure, region-specific AI within compliant cloud environments. Click here to read more.‍

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Revenue

The graph below displays the revenue and revenue growth of Cohere from 2022 to 2026.

Cohere's revenue grew 380% year-over-year to $240 million in 2025, with 2026 revenue forecasted at $264.90 million

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Return on Investment (ROI)

The graph below displays Cohere's ROI over the past 90, 60, and 30 days, computed as of March 30, 2026.

180D: ↓ -26.50% since October 02, 2025
90D: ↓ -13.37% since December 31, 2025
30D: ↑ +2.07% since March 01, 2026

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Funding Round in USD

Primary Funding Round: Cohere raised $600 million in Series D-1 on August 11, 2025, at a $7B valuation
Investors: Series D-1 saw participation from Amd Ventures, BDC, Healthcare Of Ontario Pension Plan, Inovia Capital, Nexxus Capital Management, Nvidia, Psp Investments, Radical Ventures, and Salesforce‍
Secondary Market Valuation: $5.08 billion on March 30, 2026, according to PM Insights

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Primary Round Valuation

2025-08-11
$7B

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Secondary Market Valuation

2026-03-30
$5.08B

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Valuation Change

primary → secondary
-27.50%

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Quarterly Bid-to-Ask Volume Ratio

PM Insights presents the quarterly bid-to-ask volume ratio of Cohere from 2024 Q1 to 2026 Q1. The stacked bar chart below shows total quarterly bid and ask volumes alongside their relative ratios, illustrating market activity.

Highest volume: $387.10 million in 2024 Q1
Lowest volume: $27.10 million in 2026 Q1

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Volatility of Composite Price

The volatility of the composite price is calculated based on price movements within a 90-day rolling window ending on each respective date. The graph below illustrates the trend in volatility of composite price for Cohere for a one year period from March 31, 2025 until March 30, 2026.

Volatility started at 14.78% on March 31, 2025 and declined steadily to a period low of 2.84% in early September.
It then increased sharply to 36.59% and reached a peak of 38.27% in early December 2025.
Within a few days, it dropped quickly to 10.68% in early December.
It then increased gradually, with intermittent spikes, ending the period at 15.22%.

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Cohere's Private Comparables

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PM Insights highlights five private companies, all active as of March 30, 2026, that are close competitors of Cohere. These companies either develop proprietary large language models or provide AI infrastructure and platforms, enabling enterprise deployments, model access via APIs, and scalable generative AI applications across industries.

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Change in Valuation

PM Insights uses composite prices based on institutional-sized broker contributions within the last 90 days to compute implied valuations. The current implied valuations reported below were computed as of March 30, 2026, and are compared to each company's latest funding round valuation and valuation on December 31, 2025.

Together AI's current implied valuation is $6.27B, a 90.07% increase from its latest valuation of $3.3B. Together AI's implied valuation was $5.72B on December 31, 2025.
Anthropic's current implied valuation is $499.13B, a 31.35% increase from its latest valuation of $380.0B. Anthropic's implied valuation was $347.0B on December 31, 2025.
Mistral AI's current implied valuation is $13.80B, a 0.01% decrease from its latest valuation of $14.0B. Mistral AI's implied valuation was $15.20B on December 31, 2025.
OpenAI's current implied valuation is $795.25B, a 6.66% decrease from its latest valuation of $852.0B. OpenAI's implied valuation was $585.0B on December 31, 2025.
Cohere's current implied valuation is $5.08B, a 27.5% decrease from its latest valuation of $7.0B. Cohere's implied valuation was $5.86B on December 31, 2025.
Writer's current implied valuation is $1.04B, a 45.19% decrease from its latest valuation of $1.9B. Writer's implied valuation was $1.41B on December 31, 2025.

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90D Bid and Ask Volume Ratio

The stacked bar chart below illustrates the bid and ask volume ratios for the period from December 31, 2025, to March 30, 2026, showing only companies with at least 3 contributions.

Highest volume: Anthropic, $13.17 billion‍
Lowest volume: Writer, $6 million
Cohere’s 90-day volume was $27.10 million

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Change in Composite Price

The bar chart below illustrates the 90-day change in composite prices for the period from December 31, 2025, to March 30, 2026.

Strongest gain: OpenAI's composite price was up +27.58%
Largest decline: Writer's composite price was down -26.10%‍‍
Cohere also experienced a moderate decline, with its composite price falling by -13.37%

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YTD Average Volatility of Composite Price

The volatility of the composite price is calculated based on price movements within a 90-day rolling window ending on that date. The bar chart below displays the mean volatility from January 1, 2026 until March 30, 2026.