Harvey, the most prominent startup applying AI to the legal profession, is in talks to raise at least $500 million at a valuation of $15.5 billion including the new investment, according to The Information. The price would mark a 40% premium over the $11 billion valuation the company commanded in March, when it raised $200 million.
The discussions come as Harvey's annualized revenue has reportedly surged past $350 million, up from roughly $190 million in annual recurring revenue at the end of 2025. The company sells AI assistants and agents to law firms and corporate legal departments, automating everything from contract analysis and due diligence to document review and litigation research.
If completed, the round would cement Harvey's position as one of the most valuable vertical AI companies — a test case for whether focused, domain-specific AI startups can command valuations rivaling general-purpose AI labs. The growth reflects accelerating adoption of AI agents inside large law firms, a market investors increasingly view as one of the clearest near-term revenue pools in AI.
Harvey's backers include Sequoia Capital and OpenAI's Startup Fund. Neither the company nor its investors commented on the reports; details of the talks could still change, and the round has not been finalized.
