Cohere is raising $2-3B at $20B with both Canadian and German government money in the round.

Advanced talks for $2 to $3 billion at a $20 billion valuation, up from $6.8 billion when it raised $500 million in August 2025, with the German government also in talks to participate alongside Canada's. It would be the largest round ever raised by a private Canadian startup and could close within a week (The Globe and Mail). Two sovereign governments taking equity in the same private round moves sovereign AI from procurement to ownership.