MongoDB is a pioneer in the COSS world and undoubtedly a COSS success story (license changes notwithstanding). As an early adopter of the COSS business model, MongoDB is one of the few companies founded as a COSS startup to have gone public. The journey of MongoDB gives us a rare look at the financials and revenue growth of a company with COSS roots:

MongoDB, Inc. Annual Revenue (Millions of US $)
2024	$1,683
2023	$1,284
2022	$874
2021	$590
2020	$422
2019	$267
2018	$166
2017	$115
2016	$65

On February 24, MongoDB announced its acquisition of Voyage AI, a provider of search and retrieval technology for unstructured data. MongoDB plans to make a splash in the AI race by augmenting is offerings with Voyage AI’s information ranking models:

Voyage AI’s embedding and reranking models dramatically improve accuracy through AI-powered search and retrieval. Their models are among the highest-rated on Hugging Face and are used by top AI companies like Anthropic, LangChain, Harvey, and Replit. By integrating these capabilities into MongoDB, we are making it easy for organizations to build trustworthy AI applications—without unnecessary complexity and cost.

At $220 million, this was MongoDB’s first nine-figure acquisition. Quite a milestone for a company that was among the first to go all-in on COSS.