Cohere vs Google DeepMind: Revenue, Profit and Business Model
A full-year revenue figure is unavailable here for Cohere. Google DeepMind had ~$2B of annual revenue in FY2023.
Latest financial snapshot
Cohere
- Latest annual revenue
- Unavailable here
- Net income
- Unavailable here
- Net margin
- —
- Revenue growth
- —
Google DeepMind
- Latest annual revenue
- ~$2B (FY2023)
- Net income
- Unavailable here
- Net margin
- —
- Revenue growth
- +22.8% a year, FY2020–FY2023
Financial summary
Cohere
Cohere is private and does not publish audited financials, so its figures come from investor communications and press reports. Annualized revenue was about $13 million at the end of 2023, roughly $100 million by mid-2025, and $240 million ARR at the end of 2025, ahead of a $200 million target (The Globe and Mail, CNBC, February 2026). Its valuation rose from $2.2 billion (Series C, June 2023) to $5.5 billion (Series D, July 2024), $6.8 billion (August 2025, $500 million raise) and about $7 billion after a $100 million extension in September 2025. The April 2026 Aleph Alpha combination and a concurrent Series E, anchored by Schwarz Group, were reported to value the company near $20 billion, and in September 2026 The Globe and Mail reported talks to raise a further $2 billion to $3 billion. Cohere has not disclosed net income.
Google DeepMind
Alphabet does not report Google DeepMind separately. The best public data comes from DeepMind Technologies Limited's UK accounts, which show revenue, mostly R&D fees charged to other Alphabet companies, rising from ~$1.09 billion (£826 million) in 2020 to ~$1.8 billion (£1.365 billion) in 2021, dipping to ~$1.43 billion (£1.081 billion) in 2022 and reaching about $2.02 billion (£1.53 billion) in 2023, with pre-tax profit of ~$196 million (£148.4 million) that year. These numbers measure Alphabet's internal funding of the lab rather than the commercial value of Gemini, which Google earns through Search, subscriptions and Cloud. Google DeepMind operates as a crown jewel subsidiary of Alphabet Inc., heavily driving Google's multi-trillion dollar market capitalization.
Revenue and profit by year
Cohere
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 run-rate | $240M | — | — | — | Source |
| FY2024 run-rate | $62M | — | — | — | Source |
| FY2023 run-rate | $13M | — | — | — | Source |
Google DeepMind
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2023 | ~$2B | — | — | +41.6% | Source |
| FY2022 | ~$1.4B | — | — | -20.8% | Source |
| FY2021 | ~$1.8B | — | — | +65.3% | Source |
| FY2020 | ~$1.1B | — | — | — | Source |
Where the revenue comes from
Cohere
- Model API and cloud marketplace usage
Not disclosed
Per-token fees for Command, Embed and Rerank through Cohere's API and partners such as Oracle Cloud Infrastructure, Amazon Bedrock and Microsoft Azure.
- Private deployment and North subscriptions
Not disclosed
Annual contracts for running Cohere models and the North agent platform in customer VPCs, on-premise or in sovereign clouds.
- Custom and sovereign AI projects
Not disclosed
Custom model development and deployment work for governments and large enterprises, such as Japanese-language models with Fujitsu.
Google DeepMind
- R&D services to Alphabet companies
Not formally reported
DeepMind Technologies Limited's reported revenue comes mainly from research and development services billed to other Alphabet group companies.
- Gemini in Google products (booked by Google)
Not formally reported
Search ads supported by AI Overviews and AI Mode, Gemini app and Google One AI subscriptions, Workspace, and Gemini APIs on Google Cloud. Alphabet does not disclose how much of this is attributable to Google DeepMind.
Business model and strategy
Cohere
How it makes money
Cohere makes money by selling AI to businesses, not consumers. Customers pay per token to call its Command, Embed and Rerank models through Cohere's own API or cloud marketplaces such as Oracle Cloud Infrastructure, Amazon Bedrock and Microsoft Azure.
Growth strategy
Cohere's growth strategy has shifted from selling raw model APIs to selling complete, privately deployable AI systems. Key moves include the North agent platform (2025), acquisitions of Ottogrid (2025), Reliant AI (May 2026) and the pending Aleph Alpha merger, new offices in Paris and Seoul, and partnerships with cloud and software vendors including Oracle, Fujitsu, OpenText and Schwarz Group's STACKIT.
Competitive advantage
Cohere's main edge is deployability. Its models are built to run on as few as two GPUs (Command A, and Command A+ released in May 2026) and can be installed in a customer's private cloud, on-premise data center or air-gapped environment, rather than only through a shared API. That matters for regulated buyers and governments pursuing sovereign AI.
Google DeepMind
How it makes money
Google DeepMind does not sell products under its own name. It is a cost center inside Alphabet that builds the models Google monetizes: Gemini powers AI Overviews and AI Mode in Search (supporting ad revenue), the Gemini app and Google One AI subscriptions, Gemini for Workspace, and pay-per-token Gemini APIs on Google AI Studio and Vertex AI in Google Cloud.
Growth strategy
The lab's priority is staying at the frontier with Gemini, including Gemini 3 and the Gemini 4 generation Hassabis mentioned in August 2026, while pushing Flash models and Gemma open models to developers. Under Koray Kavukcuoglu it is more tightly tied to Google's product teams, with Hassabis focusing on AGI strategy and Isomorphic Labs' drug discovery work.
Competitive advantage
Google DeepMind's main edge is the full Google stack around it: in-house TPU chips, Google Cloud, and distribution through Search, Android, YouTube and Workspace. It also has a deep research bench and a record of scientific results, from AlphaGo to the Nobel-winning AlphaFold, that few rivals can match.
Questions about Cohere vs Google DeepMind
Which company has higher revenue — Cohere Inc. or Google DeepMind?
Google DeepMind had ~$2B (FY2023). A comparable annual revenue figure for Cohere Inc. was unavailable here.
How do Cohere Inc. and Google DeepMind make money?
Cohere Inc. and Google DeepMind generate revenue in fundamentally different ways. Cohere Inc.: Cohere makes money by selling AI to businesses, not consumers. Google DeepMind: Google DeepMind does not sell products under its own name.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Cohere vs Google DeepMind overview