Tunguz: Harvey, Legora and Sierra Each Hit $100M ARR in Nine Months — and Multiples Track Category Position, Not Growth
In an August 9 post, Theory Ventures' Tomasz Tunguz put three AI application companies side by side: Harvey at ~$100M ARR and a $5B valuation (50x), Legora at ~$100M and $5.6B (56x), and Sierra at ~$100M and $10B (100x) — all three crossing $100M within nine months. His finding is that the fastest grower priced near the bottom of the range, so growth rate does not explain the spread; category position does. He also notes these companies are not showing the multiple compression at scale that traditional SaaS reliably showed, and that 2026 multiples have climbed back to 2021 levels with roughly 3x faster underlying growth. Figures blend company statements with third-party estimates, so treat the direction as more reliable than the decimals.
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