AI model
Harvey's proprietary legal AI model, post-trained on Kimi K3, an open-weight base model from a Beijing AI lab.
A March 2026 update lifted usage and inverted Harvey's gross margin, from about 50% to minus 50%. Its answer is Tenet, a legal model post-trained on the open-weight Kimi K3 base and run on compute it controls.
Reality
The $15.5 billion price works out near 39 times annual recurring revenue above $400 million, and it rests on a margin claim Harvey has not quantified: that tuning Kimi K3 beats paying OpenAI per call.
Reality
The $15.5bn valuation is 38.75 times the $400m of annual recurring revenue Harvey disclosed, and the in-house model meant to defend that price is post-trained on a Beijing lab's open weights rather than on backer OpenAI's.
Reality
The $550mn round at $15.6bn gets the attention, but Harvey's fourth acquihire of the year bought a team whose product is testing how agents behave across a long run nobody watched. That is the part a buyer can use.
Reality
The final run on an open-weight base cost about 1.1% of the two-year program. The expensive part was the corpus and the expert hours, and the live product decision is which task goes to which model.
Reality