The legal tech universe was set ablaze last week after the news that Harvey, a company that touts itself as “generative ai for professional services,” was actively seeking new funding at a valuation of $2 billion. What’s unusual about this monumental valuation is that few within the industry have ever laid eyes on the product. Confirmed customers are few, and the product has not yet entered an “early access phase,” according to a recent interview with LawSites. Harvey hasn’t exhibited at legal tech conferences and isn’t offering demos to the media or industry experts. In fact, across my extensive network of legal professionals, I have not spoken to a single buyer who’s seen it.

So how can a company which seems to have few customers, limited revenue and an unknown product offering be valued at $2 billion?