How to Buy Cohere Stock Before the IPO

Cohere has quietly become one of the most valuable AI companies you’ve probably never heard of. While OpenAI and Anthropic dominate headlines with consumer chatbots, Cohere has built a $5.5 billion business focused entirely on enterprise AI—helping companies like Oracle, Salesforce, and McKinsey deploy large language models in their operations.

The company was co-founded by Aidan Gomez, one of the authors of the legendary “Attention Is All You Need” paper that invented the transformer architecture powering every modern AI system. That pedigree, combined with backing from NVIDIA, Oracle, and Salesforce, makes Cohere one of the more credible bets in the AI space.

The short answer: accredited investors may be able to access Cohere shares through secondary market platforms, though availability is limited and minimums are high. Retail investors have no direct path but can get indirect exposure through Cohere’s strategic investors—all of which are publicly traded.

Quick Summary

What Is Cohere?

Cohere builds large language models specifically designed for enterprise deployment. Unlike OpenAI’s ChatGPT or Anthropic’s Claude—which target both consumers and businesses—Cohere focuses exclusively on B2B applications where security, compliance, and customization matter most.

Founded: 2019 in Toronto, Canada

Key Founders:

• Aidan Gomez (CEO) — Co-author of the transformer paper at Google Brain
• Nick Frosst — Former Google Brain researcher
• Ivan Zhang — Co-founder

The transformer paper, published in 2017, introduced the architecture that powers GPT-4, Claude, Gemini, and virtually every modern AI system. Having one of its authors leading Cohere provides genuine technical credibility in a field full of hype.

Core Products:

Enterprise Focus: Cohere’s differentiation is its exclusive focus on business applications. The company offers:

• Private cloud and on-premise deployment options
• Enterprise security and compliance certifications
• Custom model fine-tuning for specific industries
• Integration with existing enterprise software stacks

This focus has attracted partnerships with Oracle (cloud integration), Salesforce (CRM applications), and McKinsey (consulting deployments).

Can You Buy Cohere Stock?

For Accredited Investors: Possibly, through secondary market platforms.

Unlike some private companies where shares simply don’t trade, Cohere’s profile and investor base suggest secondary market activity may exist. However, availability is not guaranteed and requires direct verification with platforms.

How Secondary Markets Work:

1. Employees or early investors list shares for sale
2. Platform matches buyers with sellers
3. Accredited investors complete verification
4. Transaction closes (typically 2-4 weeks)
5. Buyer receives shares (often held by platform until liquidity event)

Key Considerations:

• Availability fluctuates based on seller interest
• Prices may differ significantly from last funding round valuation
• Transaction fees typically 2-5% of purchase price
• Shares may have transfer restrictions

For Retail Investors: No direct access.

The most practical path to Cohere exposure is through its strategic investors—NVIDIA, Oracle, and Salesforce—all of which are publicly traded.

Accredited Investor Requirements

To access secondary market platforms, you must qualify as an accredited investor under SEC Rule 501:

Income Test:

• $200,000+ annual income for the past two years (individual), OR
• $300,000+ combined with spouse
• Reasonable expectation of the same income this year

Net Worth Test:

• $1 million+ net worth, excluding primary residence

Professional Credentials:

• Series 7, 65, or 82 licenses
• Certain professional designations

Verification Process: Platforms typically require:

• Tax returns or W-2s (income verification)
• Brokerage statements (net worth verification)
• Third-party verification letter from CPA, attorney, or broker

Reality Check: Meeting accreditation requirements doesn’t guarantee access to Cohere shares. You still need shares to be available on platforms at prices you’re willing to pay.

Alternatives for Retail Investors

You can’t buy Cohere directly, but you can invest in companies with direct exposure to Cohere’s success.

1. Strategic Investors

These companies have invested directly in Cohere:

NVIDIA (NVDA): NVIDIA invested in Cohere as part of its broader AI ecosystem strategy. More importantly, NVIDIA’s GPUs power virtually all AI model training—including Cohere’s. If AI succeeds broadly, NVIDIA wins regardless of which AI company leads.

Oracle (ORCL): Oracle invested in Cohere and integrated Cohere’s models into Oracle Cloud Infrastructure. Enterprise customers can deploy Cohere models within Oracle’s cloud, creating a direct business relationship beyond the investment.

Salesforce (CRM): Salesforce invested through its venture arm and has explored integrating Cohere’s capabilities into its CRM platform. The company’s broader AI strategy (Einstein AI) benefits from partnerships with leading model providers.

The Caveat: Cohere represents a tiny fraction of these companies’ value. Even if Cohere 10x’d, the impact on NVIDIA, Oracle, or Salesforce stock would be minimal. You’re buying these companies for their broader businesses, not Cohere exposure specifically.

2. AI Infrastructure Plays

If you believe in Cohere, you believe in enterprise AI adoption. These companies benefit from that trend:

3. AI-Focused ETFs

For diversified AI exposure without picking individual winners:

Note: None of these ETFs hold Cohere directly (it’s private). They provide exposure to the public AI ecosystem.

4. Wait for the IPO

Cohere has not announced IPO plans, but a public offering within 2-4 years is plausible given:

• $5.5 billion valuation suggests scale for public markets
• Enterprise focus provides predictable revenue (attractive to public investors)
• Strategic investors (Oracle, Salesforce) have public market experience
• AI sector interest remains high

Advantages of Waiting:

• No accreditation required
• Full liquidity
• Audited financials available
• Market-based pricing

Disadvantages:

• Timing uncertain
• IPO price may be higher than current valuation
• Early growth phase will have passed

Valuation History

Cohere has raised nearly $1 billion across multiple funding rounds:

Total Raised: Nearly $1 billion

Valuation Context: At $5.5 billion, Cohere is valued below OpenAI ($150B+) and Anthropic ($60B+) but represents a significant enterprise AI bet. The lower valuation relative to consumer-focused competitors may reflect:

• Smaller addressable market (enterprise only)
• Less hype/brand recognition
• More conservative investor expectations
• Or simply earlier stage of growth

Risks of Investing in Cohere

Liquidity Risk: Limited Exit Options

Secondary market shares are illiquid. You may not be able to sell until:

• An IPO occurs (timing unknown)
• An acquisition happens
• Another secondary buyer emerges

Plan to hold for 3-7 years with no ability to exit.

Valuation Risk: AI Multiples Are Elevated

AI companies trade at significant premiums. If the AI hype cycle cools—or if Cohere’s growth disappoints—the valuation could compress significantly. There’s no public market to provide price discovery.

Competition Risk: Giants Are Circling

Cohere competes against extraordinarily well-funded rivals:

Cohere’s enterprise focus provides differentiation, but these competitors also serve enterprises.

Execution Risk: Enterprise Sales Are Hard

Enterprise software sales involve:

• Long sales cycles (6-18 months)
• Complex procurement processes
• Integration requirements
• Ongoing support needs

Cohere must build enterprise sales capabilities while competing against established players like Microsoft and Google who already have enterprise relationships.

Regulatory Risk: AI Governance Evolving

AI regulation is developing globally. New rules could:

• Restrict certain AI applications
• Require expensive compliance measures
• Create liability for AI outputs
• Mandate transparency requirements

As a Canadian company serving global enterprises, Cohere must navigate multiple regulatory regimes.

When Will Cohere Go Public?

Official Position: Cohere has not announced IPO plans or timeline.

Estimated Timeline: 2-4 years based on:

• Current valuation ($5.5B) supports public market debut
• Enterprise focus provides revenue predictability investors like
• Strategic investors have public market experience
• AI sector interest remains strong

Signs to Watch:

• CFO hire with public company experience
• Auditor upgrade to Big Four firm
• Revenue milestone announcements
• Competitor IPOs (Anthropic, Databricks)
• Leadership comments about “optionality”

Comparable Timelines:

AI companies are staying private longer than previous tech generations. Cohere may follow this pattern.

The Bottom Line

Cohere represents one of the more accessible pre-IPO AI investments—if you’re an accredited investor willing to navigate secondary markets. The company’s enterprise focus, technical pedigree (transformer paper co-author as CEO), and strategic backing from NVIDIA, Oracle, and Salesforce provide credibility in a hype-filled sector.

If you’re an accredited investor: Check secondary market platforms for availability. Expect minimums of $25,000-$100,000+ and plan for multi-year holding periods with no liquidity.

If you’re a retail investor: NVIDIA offers the best indirect exposure—the company benefits from all AI development regardless of which AI company wins. Oracle and Salesforce provide additional exposure but with less AI concentration.

If you’re patient: Wait for the IPO. You’ll get access to audited financials, market-based pricing, and full liquidity. The timing is uncertain, but Cohere’s trajectory suggests a public offering is eventually likely.

Cohere may not have OpenAI’s brand recognition or Anthropic’s safety narrative, but its enterprise focus and technical leadership make it a serious contender in the AI race—and one of the few where pre-IPO access might actually be possible.

Frequently Asked Questions

Can you buy Cohere stock?

Accredited investors may be able to purchase Cohere shares through secondary market platforms like Hiive, EquityZen, or Forge Global. Retail investors cannot buy Cohere stock directly but can invest in strategic investors like NVIDIA, Oracle, or Salesforce.

Is Cohere publicly traded?

No. Cohere is a private company headquartered in Toronto, Canada. The company has not announced IPO plans.

How much is Cohere worth?

Cohere was valued at $5.5 billion in its June 2024 Series C funding round, with investors including Thrive Capital, NVIDIA, Oracle, and Salesforce.

Who founded Cohere?

Cohere was founded in 2019 by Aidan Gomez, Nick Frosst, and Ivan Zhang. Aidan Gomez, the CEO, is a co-author of the “Attention Is All You Need” paper that introduced the transformer architecture powering modern AI systems.

How does Cohere compare to OpenAI and Anthropic?

Cohere focuses exclusively on enterprise AI applications, while OpenAI and Anthropic serve both consumer and business markets. Cohere’s $5.5 billion valuation is lower than OpenAI ($150B+) and Anthropic ($60B+), reflecting its more focused market approach.

What companies have invested in Cohere?

Strategic investors include NVIDIA, Oracle, and Salesforce. Financial investors include Thrive Capital and other venture capital firms. These strategic partnerships provide both capital and go-to-market advantages.

Sources

• Cohere: Company website and newsroom — https://cohere.com
• SEC: Accredited Investor Definition, Rule 501
• Hiive: Secondary market platform — https://hiive.com
• EquityZen: Pre-IPO investment platform — https://equityzen.com
• Forge Global: Secondary market platform — https://forge.com
• Yahoo Finance: NVIDIA, Oracle, Salesforce stock data