Research / Harvey
Harvey Pre-IPO Research
Last updated: October 18, 2026. Valuation data as of October 12, 2026 (AG Dillon weekly pre-IPO valuations report).
Harvey is a private company, so its shares do not trade on a public stock exchange. AG Dillon's weekly pre-IPO valuations report lists Harvey's current implied valuation at $17.2 billion as of October 12, 2026, compared with its last primary round valuation of $15.5 billion (February 2026). The report shows secondary market pricing 10.8% above that round. Qualified investors can gain pre-IPO exposure through the private secondary market, including pre-IPO funds offered through financial advisors. AG Dillon has no relationship with any pre-IPO company.
How to invest in Harvey before an IPO
Until Harvey lists on a public exchange, its shares can only be bought in private transactions. The main routes are:
- Private secondary market. Existing shareholders, such as employees and early investors, sell shares to new buyers, either directly on the company's capitalization table or through a special purpose vehicle (SPV). Limited partners of single-stock special purpose vehicles (SPVs) also sell their exposure to pre-IPO stocks in the secondary market. Some private companies require company approval for transfers.
- Pre-IPO funds offered through financial advisors. AG Dillon offers single-company pre-IPO funds to qualified clients through financial advisors, and directly to qualified clients. The minimum investment is $2,500. AG Dillon solicits offers from institutional broker and VC firm counterparties on each trade and completes counterparty due diligence on the best offer. AG Dillon has no relationship with any pre-IPO company.
- Talk to your financial advisor. Your advisor can review whether pre-IPO stock fits your portfolio, verify your qualified-client status and work with AG Dillon on allocation.
Ask about current Harvey availability before you invest.
AG Dillon has no relationship with any pre-IPO company.
* NOTE: AG Dillon ("AGD") is not affiliated with any pre-IPO company in its funds. AG Dillon has no relationship with any pre-IPO company. Some pre-IPO companies require company approval for purchases (aka transfers). AGD has not been pre-approved by any pre-IPO company to purchase their stock. AGD purchases pre-IPO stocks in the secondary market and may gain exposure by directly purchasing the stock (on the company's capitalization table) and/or through a third party fund (aka special purpose vehicle, or SPV). When AGD purchases through a SPV the SPV general partner is responsible for obtaining the pre-IPO stock company approval, not AGD. This section is for informational purposes only and is not an offer to sell or a solicitation of an offer to buy any security.
Harvey valuation history
From AG Dillon's weekly pre-IPO valuations report (agdillon.com/reports). Valuations in US$ billions.
| Report date | Current implied valuation | Last primary round valuation | Last round date | Secondary since last round |
|---|---|---|---|---|
| October 12, 2026 | $17.2 | $15.5 | February 2026 | 10.8% |
| October 5, 2026 | $17.0 | $15.5 | February 2026 | 9.5% |
* Current Implied Valuation = Last Primary Round Valuation x ( 1 + ( ( Current 2ndary Price / Last Primary Round Price or 2ndary Price at Last Primary Round if Last Primary Round Price is not available ) - 1 ) )
Harvey in our Weekly Pre-IPO Market Insights
Our view on Harvey
The views below are the opinions of AG Dillon, summarized from our Weekly Pre-IPO Stock Secondary Market Updates, May to August 2026. They are not statements of fact or investment advice.
We see Harvey as the cleanest expression we have of the thesis that application companies sitting on foundation models, not the models themselves, capture the enterprise economics. In our view, its durable moat is the forward deployed engineer model: law firms are not technology organizations, so an engineer who embeds and builds a firm's entire workflow becomes structurally difficult to displace, and each additional automated workflow compounds into recurring revenue. The obvious bear case was total addressable market, and management has answered it by signaling expansion into financial services, insurance, accounting and tax.
- Adoption: Harvey's token usage jumped from 1 trillion in January to 14.5 trillion in June, a roughly 14.5x increase in five months.
- Margins: we think aggressive token optimization and intelligent model routing toward lower-cost inference drop directly to the bottom line while customer pricing holds.
- Partnership: Harvey's partnership with OpenAI, rather than a competitive posture against it, signals to us that the more likely equilibrium is a layered architecture of model providers and specialist application companies.
- Screening: Harvey screens well on our four criteria for AI application companies: enterprise focus, forward deployed engineers, open model architecture and outcome-based pricing.
Editions of the Weekly Pre-IPO Stock Secondary Market Update that cover Harvey:
- October 13, 2026Lambda, micro1, Reflection AI & Ghost | Compute, Data or Models: Where Does AI Value Land?
- August 21, 2026Etched Hits $21B, Anthropic's Run Rate Explodes to $65B, Higgsfield Raise, & Harvey AI New Product Features
- August 12, 2026Robinhood pre-IPO fund, Harvey AI's $15.5B round, Valar Atomics' $1B raise, and Unitree's $9B robotics IPO
Harvey is the cleanest public expression we have of the thesis that application companies sitting on foundation models, not the models themselves, capture the enterprise economics.
- July 29, 2026Why NVIDIA is fighting FOR open-source; OpenAI $250B backstop from Nvidia; Robots doing your dishes!
Glean, Harvey, and Lahzo screen well on these criteria at current valuations.
- June 24, 2026AI optimization, tokenmaxing, and the future of open-sourced AI large language models
- June 10, 2026SpaceX IPO ... public stock analysts are getting it wrong; AI prompts to AI skills and now AI "loops" ... it all means a lot of inference compute demand; exponential growth of AI, and the resulting demand for infrastructure, is hard to comprehend
- May 13, 2026Lambda Labs new financing; What is a Forward Deployed Engineer (FDE)?; Anthropic and OpenAI FDE efforts; AI infrastructure companies for 2H 2026
A company like Harvey, which has deployed AI workflows across multiple law firms and has accumulated granular knowledge of the model selection, error tolerance, and procedural requirements of legal practice, carries institutional depth that a general-purpose provider cannot efficiently replicate at a seventh or eighth client.
Harvey pre-IPO FAQ
Is Harvey a public company?
No. Harvey is a private company and its shares do not trade on a public stock exchange. Harvey is listed in AG Dillon's weekly pre-IPO valuations report as of October 12, 2026.
How can I buy Harvey shares before an IPO?
Because Harvey is private, shares change hands only in private transactions, such as secondary market sales by existing shareholders, often through special purpose vehicles (SPVs). Some private companies require company approval for transfers. AG Dillon offers single-company pre-IPO funds through financial advisors to qualified clients, with a $2,500 minimum. Contact AG Dillon to ask about current Harvey availability. AG Dillon has no relationship with any pre-IPO company.
What is Harvey's valuation?
AG Dillon's weekly pre-IPO valuations report lists Harvey's current implied valuation at $17.2 billion as of October 12, 2026, compared with its last primary round valuation of $15.5 billion (February 2026). The report shows secondary market pricing 10.8% above that round. Implied valuation is an estimate based on secondary market prices, not a public market price.
Who can invest in AG Dillon's pre-IPO funds?
AG Dillon funds accept qualified clients only: individuals or entities with a net worth of $2.7 million or more, excluding the value of their primary residence. Funds are offered under Rule 506(c), so qualified-client status is verified before investing. Financial advisors can work with AG Dillon on behalf of their clients.
What are the risks of investing in pre-IPO stocks?
Pre-IPO stocks are speculative and illiquid. A company may never go public or be acquired, may raise money at a lower valuation, or may fail, and you could lose your entire investment. Fund interests cannot be freely transferred, and secondary market prices are not public and may differ from primary round prices.