Shanu Mathew
@ShanuMathew93
Energy Abundance, AI Power & Data Centers, NBA, & Rap posts. Background in equity & credit markets, startups, & IB. Personal views NOT employers. NOT advice.
Joined June 2019
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This is the danger of valuing things perpetually off revenue vs profits
Cc: VCs
In March 2026 Harvey raised at an $11b valuation at ~$200m ARR (50x revenue)
By June, for every $1 in revenue, Harvey was spending $1.50 with Anthropic (et. al.)
Meanwhile Anthropic raises at $965b valuation in May 2026 with $47b run rate (20x revenue)
I have so many thoughts here but I think it's the first crystal clear articulation of the double counting of revenue that's happening in VC land.
A single dollar flows into Harvey's , boosting their valuation at 50x ratio, then turns into $1.50 and flows into Anthropic where it boosts valuation at 20x.
$1m spend customer spend with Harvey was leading to $80m in valuation markup across Harvey and Anthropic.
I don't get it.
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