AI Harness' ARR Multiples: 25-125x Range and Acceleration

AI Harness 的 ARR 倍数：25-125 倍区间与加速趋势

Harvey, Legora, and Sierra each crossed $100M ARR within nine months, priced at 50x, 56x, and 100x revenue. The fastest grower landed near the bottom, so the premium tracks category position, not growth rate. Multiples for Legora, Sierra, and Ramp accelerated in early 2026, driven by sustained growth and a friendlier fundraising market. The post notes all companies are private and unaudited; revenue figures mix company disclosures with third-party estimates, so the direction matters more than the exact level.

Why it matters: Tomasz Tunguz maps real fundraising data from five AI companies into a 25-125x ARR valuation band, with the counterintuitive finding that the fastest grower priced near the bottom. The data is unaudited private-company numbers, so I'm discounting slightly, but as a rare valuat...