AI training data startup AfterQuery has completed a new round of financing, with a post-money valuation reportedly reaching $3.2 billion, making it the fastest company in Y Combinator's history to become a unicorn from its founding.

The company announced in April that it had completed a $30 million Series A funding round, with a valuation of $300 million at that time; within five months, its valuation expanded more than tenfold, indicating that this round of capital has repriced its revenue growth and training data supply capabilities at a much higher rate than the previous round.

Y Combinator partner Gustaf Alströmer stated that AfterQuery set a YC record for the speed at which it surpassed a $1 billion valuation. The two founders are currently 22 and 23 years old, having only participated in the YC Winter 2025 batch 18 months ago.

AfterQuery disclosed in April that its annualized revenue run rate has reached $100 million; if this trend continues, the $3.2 billion valuation corresponds to about 32 times the annualized revenue, which falls within the high premium pricing range for high-growth AI infrastructure and data service companies.

The company has disclosed clients including NVIDIA, legal tech company Legora, and South Korean AI lab Motif Technologies. The client structure indicates that its revenue does not rely solely on a single model lab, but also covers chips, vertical software, and regional AI R&D institutions.

AfterQuery employs professionals such as doctors and lawyers to participate in model training, but its product goal is not merely to improve the accuracy of Q&A, but to encode the workflows, judgment paths, and reasoning patterns of professionals into the model and agent systems.

In market dynamics, buyers are large model labs, enterprise software companies, and computing power ecosystem participants that need to enhance AI agent task delivery capabilities; sellers are vendors capable of organizing scarce expert labor and converting implicit professional processes into trainable data. The financing event will continue to direct funds towards expert data recruitment, data production, and agent evaluation, putting pressure on similar service providers like Scale AI and Mercor in terms of talent and client competition, while chip companies, model companies, and enterprise software clients with large AI budgets will benefit from more executable agent capabilities.

Source: Public Information