Legal AI Arms Race: Legora Eyes $10B, Harvey Nears $15.5B in One Month

Swedish legal AI startup Legora is negotiating a fresh round that values it above $10 billion, roughly double its valuation four months earlier, after crossing $100 million in annual recurring revenue in April 2026 and serving 100,000 users across 1,200 law firms in over 50 markets; the company relies on Microsoft Azure’s EU‑region data residency and a model‑agnostic architecture that integrates Claude, OpenAI and Google models to meet GDPR requirements and enable multi‑step legal workflows, giving it a structural edge for European law firms. US‑based Harvey, with more than $350 million in annualized revenue and a proposed $15.5 billion valuation, is raising at least $500 million at a 40 % increase from its March 2026 $11 billion round, leveraging custom‑trained models for large US law firms and processing over 12 trillion tokens per month; its strategic investors include Goldman Sachs, JPMorgan, and other financial institutions, signaling confidence that its deep integrations and high token consumption will capture a significant share of the projected $5.2 billion legal AI market in 2026 and $40.9 billion by 2034.

(Source：Techtimes)