ARR Multiples of AI Harness Companies

Harvey, Legora, and Sierra each surpassed $100m ARR within 9 months, while Ramp and Decagon fall within this range at levels of $1.4b and $35m, respectively.

Valuation Multiples

• Currently trading at 25–125x ARR multiples, with recent multiples rising further.
• Although multiples typically compress as scale increases, these companies tend to trade within 1–2 bands despite their growth.

Market Trends

In January 2026, multiples for Legora, Sierra, and Ramp accelerated. This may be the result of sustained acceleration similar to Databricks, or a more favorable fundraising market environment.

A 100x ARR multiple was a premium valuation in 2021, but five years later, the market has returned to the same level, with growth rates approximately 3x faster.

Data Sources and Limitations

• Harvey announced surpassing $100m on August 4, 2025; Sierra achieved $100m in 7 quarters on November 21, 2025; Legora announced exceeding $100m on April 2, 2026.
• Valuations are based on post-money figures from the round immediately preceding each milestone (e.g., Harvey $5b Series E, Sierra $10b, Legora $5.6b Series D).
• Ramp's revenue includes card interchange fees, making fintech comparisons more appropriate; Decagon has not disclosed revenue since late 2024, so the 129x figure should be viewed as an upper bound.
• All companies are private and unaudited, and figures below $100m are estimates, so focus should be on identifying directional trends.