Three AI companies—Harvey, Legora, and Sierra—each crossed $100m in annual recurring revenue within nine months of each other, with valuations at 50x, 56x, and 100x revenue, respectively.

Growth rate alone does not explain the wide spread: the fastest-growing company was priced near the bottom. The premium instead reflects category position.

The market values AI harness companies between 25x and 125x current ARR at scale, with multiples recently accelerating further.

Unlike typical compression with scale, these companies trade within a narrow range of bands despite significant ARR growth.

In January 2026, multiples for Legora, Sierra, and Ramp accelerated, partly due to sustained growth (similar to Databricks) and a more favorable fundraising environment.

The author notes this marks a return to 2021-level 100x multiples, but with roughly 3x faster growth underneath. Ramp and Decagon bracket the group at $1.4b and $35m ARR, respectively.