Gordon Cassie(@gordon_cassie):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.

2026.09.22 18:46

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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