Harvey, Legora, and Sierra each hit $100M ARR in nine months, and multiples track category position rather than growth.

Tomasz Tunguz put them side by side on August 9: Harvey ~$100M at $5B (50x), Legora ~$100M at $5.6B (56x), Sierra ~$100M at $10B (100x). The fastest grower priced near the bottom of the range, so growth rate doesn't explain a 2x spread. He also notes these companies aren't showing the multiple compression at scale that traditional SaaS reliably showed, and 2026 multiples have climbed back to 2021 levels with roughly 3x faster underlying growth. Figures blend company statements with third-party estimates, so trust the direction more than the decimals.