Scale AI, the fast-growing data-labeling startup, missed its revenue and profit targets last year, but its investors are undeterred. The company is close to finalizing about a $150 million share sale, largely to existing investors, that values it at around $25 billion, up about 80% from a year ago.

Scale AI told prospective investors early last year that it expected to cross $1 billion in revenue in 2024 as the contract workers it managed became more essential to the artificial intelligence boom. It ended the year at about $870 million, about 15% short of the goal, documents shown to investors show.