Legal AI is producing valuation whiplash. Sweden’s Legora, which closed a spring round priced at $5.6B, is now said to be chasing fresh capital at a mark above $10B, per a Financial Times report echoed by The Next Web and City AM.
The Financial Times first reported the talks, with The Next Web and City AM confirming the target. In March, Legora closed a $550M Series D at a $5.55B valuation, topping it up in April to around $600M at $5.6B with Nvidia’s venture arm joining. Hitting $10B-plus would mean the market nearly doubles the company’s worth before that earlier capital has had time to work.
The math explains the leap. Annual recurring revenue hit $100M around April, nearly double the $50M logged at the end of 2025 and a far cry from the $3M recorded a year earlier. Legora now serves more than 1,000 customers across some 50 markets, including Barclays, White & Case and Linklaters, and headcount has jumped from about 40 people to roughly 400 in a year.
Founded in 2023 and led by CEO Max Junestrand, Legora automates legal grunt work such as research, due diligence and contract review with model-agnostic agents that run on frontier systems from OpenAI, Anthropic and Google. Accel led the Series D, with Benchmark, ICONIQ, General Catalyst and Y Combinator also on the cap table.
The new target lands Legora in a direct pricing contest with US rival Harvey, which has raised capital at roughly a $15.5B valuation. Investors see legal work, expensive and paperwork-bound, as one of AI’s richest near-term markets.
