Harvey's fifth repricing in 19 months put it at $15.5bn

Five marks in nineteen months

Harvey raised $550 million at a $15.5 billion valuation in a round co-led by new investors Diffusion and Lightspeed Venture Partners, Reuters reported on September 9. On its own that is one large round. Against the ledger's record for the company, it is the fifth price put on Harvey since February 2025.

• February 2025: a $300 million Series D at $3 billion, led by Sequoia Capital (Harvey)
• June 2025: a $300 million Series E at $5 billion, led by Kleiner Perkins and Coatue (Sacra)
• December 2025: $160 million at $8 billion, led by Andreessen Horowitz (Sacra)
• March 2026: $200 million at $11 billion, co-led by GIC and Sequoia Capital (Harvey)
• September 2026: $550 million at $15.5 billion, co-led by Diffusion and Lightspeed (Reuters)

A sixth raise sits between the last two with no mark attached to it. In July, Goldman Sachs Alternatives and J.P. Morgan Growth Equity Partners took strategic stakes on undisclosed terms, disclosed alongside the company's first quarter adding more than $100 million of ARR (Harvey).

The capital and the mark move at different speeds. March and September together put $750 million into the company. Over those same six months the valuation moved $4.5 billion.

The comparison is against a figure the record has already replaced

Reuters sized the new valuation as roughly three times the $5.55 billion that rival Legora reached in March. The ledger carries a later Legora mark: in April it raised a $50 million Series D extension led by Nvidia's NVentures at $5.6 billion, having crossed $100 million in ARR eighteen months after launch (TechCrunch). The gap between the two companies is wide on either figure. The one used to measure it is five months old.

Three more of the same shape today

Today's investments digest carries three other rounds where the step-up is the larger number.

• Crusoe raised a $3 billion Series F at a $30 billion valuation, triple where it stood less than a year ago (Crunchbase News)
• Mistral AI raised €3 billion at a post-money valuation above €21 billion (TechCrunch), against the €11.7 billion set in its September 2025 Series C (Mistral AI)
• Wonderful closed $550 million at $5 billion led by Insight Partners, six months after a $150 million Series B that Insight also led (Yahoo Finance)

What the record does not carry

None of today's reports attach a revenue figure to the valuation they announce, so nothing here supports a multiple. For Harvey the most recent dated revenue on the record is $190 million of ARR as of January 2026 (CNBC), eight months before today's price. For Mistral AI it is more than $400 million as of February 2026 (TechCrunch). For Crusoe and Wonderful the ledger holds nothing at all.

That is the honest state of it. Five repricings of one company in nineteen months is a fact about how fast capital is willing to remark legal AI, and the ledger can show every step with a source. Whether $15.5 billion is the right number is a question none of today's sources answer.