On March 10, 2026, Stockholm-based Legora closed a $550 million Series D led by Accel, vaulting the three-year-old legal AI startup to a $5.5 billion valuation and tripling the price tag investors paid just five months earlier. By April 7, the round had already reshaped the competitive map of vertical AI: Legora is now the second-most-valuable legal AI company on Earth, behind only San Francisco’s Harvey, which itself confirmed an $11 billion valuation on March 25 after a $200 million top-up co-led by Sequoia and GIC. Two rounds, fifteen days apart, $750 million in fresh capital, and a combined enterprise value north of $16.5 billion for a software category that barely existed in 2023. The momentum has not slowed since: on October 21, 2026, Legora announced a $550 million Series E led by Atreides Management at an $8.8 billion post-money valuation, which supersedes both the Series D mark and the “$50 million round at $0.5 billion” framing in this article’s title.
The numbers behind Legora’s raise are not the kind that show up in seed-stage decks. The company crossed $100 million in annual recurring revenue less than 18 months after its general launch – a milestone Legora confirmed in April 2026 alongside surpassing 1,000 customers for the first time, when it also disclosed that ARR had rocketed from $50 million at the end of 2025 to $100 million in roughly four months, according to Sacra. That pace has not slowed: Contrary Research put Legora’s ARR at roughly $150 million in Q2 2026, a 50 percent quarter-over-quarter jump, and Legora said on October 21, 2026 that annual recurring revenue had exceeded $200 million. The platform now deploys software to lawyers at more than 1,200 law firms and in-house legal teams in 50+ markets as of June 2026, per Recatools, and counts magic-circle giants White & Case, Cleary Gottlieb, Goodwin, Bird & Bird, Linklaters, Deloitte Legal, and Dentons among paying customers. Headcount has rocketed from 40 to over 400 in roughly twenty-four months. That climb traces back through an $80 million Series B closed in May 2025 – co-led by ICONIQ and General Catalyst at a $675 million valuation, per Legora’s own funding disclosures – and Accel’s check followed a $150 million Series C closed in October 2025 at $1.8 billion and led by Bessemer Venture Partners – meaning the Swedish company has tripled its valuation in five months and grown by a factor of nine in less than a year.
This article unpacks the deal: the cap table, the product, the head-to-head with Harvey, the analyst reaction, the legal-tech market context, the regulatory headwinds, and what the next twelve months look like for the most over-funded vertical inside the AI boom.
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Legora’s $550 Million Series D: The Deal Mechanics
The Series D round was announced on March 10, 2026, at a $5.55 billion valuation that Accel itself confirmed alongside the raise, and according to Legora’s own newsroom, the lead check came from Accel, with participation from Benchmark, Bessemer Venture Partners, General Catalyst, ICONIQ, Redpoint Ventures, Y Combinator, Alkeon Capital, Bain Capital, Firstmark Capital, Menlo Ventures, Sands Capital, Starwood Capital, and Salesforce Ventures. That is fourteen named institutional investors on a single round – an unusually crowded cap table that signals both pent-up demand for legal AI exposure and Accel’s willingness to share allocation to keep secondary pressure off the founders.
According to Crunchbase News, total capital raised by Legora across all rounds has climbed to roughly $866 million as of April 2026, once the Series D’s $600 million total extension is folded in – putting it within striking distance of the $1 billion lifetime-funding mark that has become a common benchmark for vertical-AI category leaders. The Series C closed in October 2025 at a $1.8 billion valuation, meaning Series D investors are paying a 3.06x markup after just five months on the same business – an aggressive step-up that only ARR growth above 100 percent quarter-over-quarter can defend.
Accel partner Andrew Braccia, who led the deal, framed Legora’s rise as the second wave of legal-tech adoption: “We have moved past the proof-of-concept phase. The platforms that win the next five years will be the ones that automate the work, not the ones that summarize a brief. Legora’s customer cohort retention and net-revenue-retention metrics make a compelling case that they are doing the former.” Net revenue retention figures were not formally disclosed, but a person familiar with the round told Crunchbase that the number sits “well above 150 percent.”
The Cap Table at a Glance: Accel, Benchmark, and 12 Others
Below is the cleanest picture available of Legora’s funding history through April 7, 2026, with valuations and lead investors at each stage.
| Round | Date | Amount | Valuation | Lead Investor |
|---|---|---|---|---|
| Seed | 2023 | ~$3M | n/d | Y Combinator |
| Series A | Q1 2024 | $13M | ~$80M | Benchmark |
| Series B | Q4 2024 | $80M | ~$675M | Redpoint Ventures |
| Series C | Oct 2025 | $150M | $1.8B | General Catalyst, ICONIQ |
| Series D | Mar 10, 2026 | $550M | $5.5B | Accel |
| Total | – | ~$816M | – | – |
The pacing is notable. Legora has raised four priced rounds in under two years, and the Series D alone is larger than the company’s combined Seed-through-Series-C history – a history that culminated in the $150 million Series C, which Legora itself confirmed closed in October 2025 at a $1.8 billion valuation – a figure independently corroborated by Latka. Legora itself put the round at $550 million against a $5.55 billion valuation, and the number kept climbing: Sacra reported in April 2026 that Legora had already extended the Series D by another $50 million – with Nvidia’s corporate venture arm, NVentures, joining the extension, per CNBC – pushing total lifetime funding to roughly $600 million at a valuation near $5.6 billion. Investors have been willing to pay step-ups of 8.4x, 2.7x, and 3.06x at successive stages – a pattern that almost exclusively shows up in markets where buyers fear being shut out of the eventual category winner. The same pattern played out at Harvey, which moved from a $5 billion valuation in June 2025 to $8 billion in December and $11 billion by March 2026, as confirmed in TechCrunch’s coverage of Sequoia’s follow-on.
From a 40-Person Stockholm Startup to 800 Law Firms
Legora was founded in 2023 in Stockholm. By the close of 2024 the team was 40 strong; by April 2026 headcount has surged past 400, including engineering hubs in Stockholm and London plus go-to-market offices in New York, Houston, and Chicago. The company opened its first U.S. office in March 2025, and the New York operation alone now accounts for what management characterizes as Legora’s single largest revenue region – a notable inversion of the traditional European software arc, where U.S. revenue is typically a multi-year afterthought. Legora is still hiring aggressively on the ground: the company is targeting more than 300 U.S. employees across its New York, Houston, and Chicago offices by the end of 2026, according to CNBC. The $550 million Series E announced on October 21, 2026 is intended to support expansion in North America, Europe, and Asia-Pacific, alongside further development of Legora aOS.
Customer count is the more aggressive line. Legora started 2025 with fewer than 100 paying law firms, then, per Business Insider, grew from roughly 250 to more than 400 customers across more than 40 markets by November 2025. By April 2026, Legora itself confirmed that number had surpassed 1,000 customers across more than 50 markets, with tens of thousands of individual lawyer seats deployed – a figure corroborated by an independent April 2026 market teardown from SystemAIC, which also pegged Legora’s web traffic at roughly 636,678 monthly visits. By June 2026, that count had climbed past 1,200 law firms and in-house legal teams across the same 50-plus markets, according to a review from Recatools. The list of brand-name customers reads like a skim of Chambers Global rankings: White & Case, Cleary Gottlieb Steen & Hamilton, Goodwin Procter, Bird & Bird, Linklaters, Deloitte Legal, Dentons, and – significantly – Barclays, which doubles as both a customer and an investor through its strategic-investments arm.
Product: A Workflow Platform, Not a Chat Wrapper
Legora’s product positioning is deliberately narrow: it is a collaborative, multi-user workflow platform for lawyers, not a single-prompt chatbot. The four headline modules are research, review, drafting, and workflow automation, and each is tuned around a specific deliverable – a memo, a redline, a turn of a draft contract, a closing checklist – rather than around an open-ended conversation with a model. Legora extended that core in November 2025 with Portal, a branded, client-facing workspace that lets firms share work product directly with their own clients under firm branding, with general availability originally planned for early 2026, according to Business Insider. In its October 21, 2026 announcement, the company identified Legora aOS, described in reporting as its agentic AI operating system, as the current platform, with agentic intake, horizon scanning, and legal research products being brought to it.
The platform reads document corpuses up to several thousand pages, runs cross-document comparisons (an industry-standard demand from M&A teams), and stitches together output back into the law firm’s preferred work product format – typically Microsoft Word with track changes intact. Legora has publicly disclosed that paralegals using the platform reclaim more than four hours per lawyer per week on average, a figure that – even at conservative blended billing rates – implies six-figure annual use per associate.
The Multi-Model Routing Layer
Legora has not publicly tied its platform to a single foundation-model vendor. The company runs a routing layer that pushes specific tasks to the model best suited for the workload – long-context document analysis to one provider, redlining and short-form drafting to another, citation grounding to a domestic-law-trained variant. This routing approach has become the dominant architectural pattern in vertical AI; you can read more about how the leading models stack up in our Claude vs ChatGPT comparison and our broader Anthropic vs OpenAI breakdown.
Harvey vs Legora: Two Models, $15.5 Billion and $8.8 Billion Valuations
Legora’s Series D matters because of one company more than any other: Harvey, the San Francisco-based market leader founded by ex-OpenAI and Google DeepMind engineers. Harvey’s $11 billion valuation, confirmed in March 2026, has since been overtaken by its own mark: Harvey announced a $550 million financing at a $15.5 billion valuation on September 9, 2026. Legora answered with a $550 million Series E at an $8.8 billion valuation on October 21, 2026, so the two latest rounds are the same size even though Harvey’s valuation remains higher – and dollar-for-dollar, the smaller company is closing the gap on growth metrics.
| Metric (April 7, 2026) | Legora | Harvey |
|---|---|---|
| Valuation | $5.5B | $11.0B |
| Latest round size | $550M (Series D) | $200M (top-up) |
| Round date | Mar 10, 2026 | Mar 25, 2026 |
| Lead investor (latest) | Accel | Sequoia / GIC (co-leads) |
| Total raised lifetime | ~$816M | ~$1.0B+ |
| ARR | $100M+ | $190M (Jan 2026) |
| Customers | 800+ firms / IH teams | 1,300+ orgs |
| Lawyer seats | Tens of thousands | 100,000+ |
| Markets | 50+ | 60+ |
| Custom AI agents deployed | n/d | 25,000+ |
| HQ | Stockholm | San Francisco |
| Founded | 2023 | 2022 |
The clearest read is that Harvey is roughly twice as large on every operating metric – revenue, customers, lawyer seats, and lifetime capital – but Legora’s growth multiple is higher and the recent funding momentum has shifted toward Stockholm. Harvey’s revenue per dollar of equity raised currently sits at roughly $0.19, while Legora’s is closer to $0.12; that gap will likely close if Legora’s stated ARR growth above triple digits holds through year-end.
Anna Heim, who broke TechCrunch’s Harvey coverage, summarized the dynamic plainly: “The Harvey-Legora rivalry is now the closest analog the legal industry has to the OpenAI-Anthropic dynamic – two companies trading rounds and customer wins inside what is essentially a duopoly, with the rest of the field already an order of magnitude behind.”
Where Legora and Harvey Stand After the Series E
Legora announced a $550 million Series E led by Atreides Management at an $8.8 billion post-money valuation on October 21, 2026. The company said the financing is intended to support expansion in North America, Europe, and Asia-Pacific and further development of Legora aOS, described in reporting as its agentic AI operating system. Legora said annual recurring revenue had exceeded $200 million. The October 21 financing is presented as a new Series E round, not an acquisition, and Legora remains active and independent in the available reporting.
Harvey’s own materials point to a rival moving in a similar direction. Harvey announced a $550 million financing at a $15.5 billion valuation on September 9, 2026, and one of its own pages reads “We Raised $550M at a $15.5B Valuation to Help Legal Teams Own Their Intelligence”. Harvey appears to be expanding from a legal-AI workspace into a broader orchestration layer for legal and professional-services work. Legora, for its part, is repeatedly characterized as Harvey’s principal rival in legal AI.
For buyers, the practical question is which platform fits the work. Legora said on October 21, 2026 that it was bringing agentic intake, horizon scanning, and legal research products to the Legora aOS, and CEO and co-founder Max Junestrand explained the financing in an October 22, 2026 letter. Because Legora describes its pricing as consumption-based and no public price list is identified, teams comparing the two vendors should ask each for a quote tied to their own workload before committing.
The $190M ARR Question: Why Harvey Still Leads on Revenue
Harvey crossed $190 million in ARR in January 2026, nearly doubling from the $100 million figure it disclosed in mid-2025. Legora’s ARR has since narrowed that gap: Contrary Research put Legora at roughly $150 million in ARR by Q2 2026, up 50 percent quarter-over-quarter, and Legora itself said on October 21, 2026 that ARR had exceeded $200 million, a figure above Harvey’s $190 million, though the two numbers are dated differently. The comparison is no longer clear-cut; what matters more for the next eighteen months is the direction of growth and the shape of contracts.
Harvey has a deeper foothold among AmLaw 100 firms in the United States, where average contract sizes are larger and procurement cycles are longer. Legora’s center of gravity is European magic-circle and silver-circle firms plus mid-market global outfits, where deal sizes are smaller but rollouts move faster. Industry analysts at Thomson Reuters Institute have observed that European law firms reached majority adoption of generative AI tools roughly six months ahead of their U.S. peers – a tailwind that Legora was unusually well-positioned to ride.
Why Accel Wrote the Largest Check on the Cap Table
Accel’s bet on Legora is the firm’s most concentrated legal-tech position to date and one of the larger single checks the firm has written in 2026. Three factors are likely behind the decision. First, Legora’s category is large; the global legal services industry is roughly $1 trillion by revenue, and even modest software penetration produces enormous recurring revenue. Second, the unit economics of legal AI compare favorably to horizontal AI plays: average contract values are higher, churn is lower because work is mission-critical, and gross margins above 75 percent are achievable once foundation-model pricing normalizes.
Third, Legora’s revenue mix is biased toward enterprise law firms paying low- to mid-six-figure annual contracts, built up seat by seat: buyer guides published in May and June 2026 put list pricing at roughly $3,000 per user per year with a 10-seat minimum, according to rlegaltech.com and a separate 2026 teardown from Vaquill, though Legora keeps no public pricing page – a June 2026 capture by UsagePricing found a 404 error at legora.com/pricing, underscoring how quote-based the sales motion stays at this contract size. Starting in June 2026, Legora also began layering in consumption-based pricing for its flagship Agent Pro product, according to Contrary Research, and by October 2026 the company described its pricing as consumption-based, meaning the amount paid varies with the work Legora performs, with no public price list or named public plans identified – a shift toward usage-linked billing that mirrors how other vertical-AI leaders are monetizing agentic workflows beyond flat per-seat fees. That profile produces stickier net-revenue-retention than the SMB and prosumer segments that have collapsed across the rest of the SaaS market – a dynamic we covered in detail in our analysis of the $2 trillion SaaS crash.
Sonali De Rycker, Accel’s London-based partner who has historically led the firm’s European AI deals, said in a media briefing the day after the announcement: “Legora has built the kind of distribution moat that vertical-AI investors have been searching for since 2023. They have proven that a European company can win the U.S. market not in spite of being European but because of it – the privacy posture, the regulatory rigor, and the multilingual support are increasingly procurement requirements at multinational firms.”
The Legal AI Market: $1 Trillion of Billable Work in the Crosshairs
Estimates of the legal AI market vary widely, but the directional consensus among research firms is that the addressable opportunity is enormous and accelerating. The Thomson Reuters 2025 Future of Professionals Report found that 95 percent of corporate legal departments expect AI to be central to their operations within five years, and 77 percent of large law firms have already deployed at least one generative-AI tool in production. Among AmLaw 200 firms, the average annual budget allocated to AI software has risen from less than $200,000 in 2024 to over $1.6 million by Q1 2026.
That spending growth is what makes the Harvey-Legora duopoly defensible in the near term. Both companies have racked up integrations, security certifications, and reference customers that smaller players cannot easily replicate. Even mid-market entrants like Spellbook, Robin AI, and Leya – strong products in their own right – are now competing for what is effectively the long tail of mid-sized firms and corporate legal departments rather than the apex AmLaw and magic-circle accounts.
Investor Lens: How $5.5 Billion Compares to Other 2026 Vertical-AI Rounds
Legora’s Series D arrives in the middle of a record quarter for vertical AI capital deployment. As we covered in our Q1 2026 venture capital roundup, total VC deployment hit $297 billion in the quarter, with 81 percent flowing to AI categories. Within that, vertical AI rounds – those focused on a single profession or industry – represented roughly $42 billion of investment, up from $11 billion in the same quarter a year earlier.
The most useful comparable for Legora is not Harvey alone but the broader cohort of category-leading vertical players that closed at $5-15 billion valuations in Q1: Cursor (developer tools, $60B), Factory AI (enterprise coding agents, $1.5B), and a handful of healthcare AI plays in the $4-8 billion band. On a revenue-multiple basis, Legora’s $8.8 billion valuation against annual recurring revenue above $200 million sits near the median for top-decile vertical AI but below the multiples paid for the apex coding-tool comparables.
The Regulatory Overhang: EU AI Act, Bar Rules, and Privilege
Legal AI is one of the most heavily regulated software categories in the world. Three regulatory threads are particularly important for Legora’s trajectory through 2026 and into 2027.
First, the EU AI Act’s high-risk classifications now apply to many legal-workflow systems, with full enforcement of the high-risk obligations active since February 2026. Compliance requires conformity assessments, post-market monitoring, and detailed technical documentation. Legora’s Stockholm domicile means it has been designing toward this compliance regime since inception – a meaningful advantage over U.S.-first competitors that have had to retrofit their architectures.
Second, U.S. state bar associations have begun publishing detailed guidance on the use of generative AI in client work. The American Bar Association’s Formal Opinion 512, issued in 2024 and updated in 2025, requires lawyers to maintain “competent” supervision of AI outputs – a non-trivial obligation that has accelerated demand for tools with auditable reasoning chains and citation grounding, both of which are Legora and Harvey strengths.
Third, attorney-client privilege questions remain unresolved when matter-specific data is sent to third-party model providers. Both Legora and Harvey have responded with deployment options that keep customer data within tenant-isolated environments, with model inference run on dedicated infrastructure. Expect a Supreme Court case to test the boundaries of this regime within the next 18 months.
Three Risks That Could Re-Rate Legora’s Valuation
The bull case has been laid out already: enormous TAM, accelerating spend, defensible duopoly, sticky enterprise contracts, regulatory tailwinds for Europe-first vendors. The bear case has three legs.
Risk one – foundation-model commoditization. If frontier model capabilities continue to improve and prices continue to fall (as we documented in our latest model pricing comparison), the value of an application layer thins. Legora’s defense is its workflow integrations, training data, and customer process know-how – but a sufficiently capable general-purpose model could in theory do most of the same work directly with light scaffolding.
Risk two – law firm consolidation and pricing pressure. AmLaw 100 firms have begun adopting fixed-fee, productivity-linked pricing for AI-augmented matters, which compresses the billable-hour pool and indirectly compresses what firms will pay per seat. If a firm’s billable hours fall 15 percent, software budgets are typically the first to be questioned.
Risk three – Microsoft 365 Copilot legal SKUs. Microsoft has signaled increasing interest in vertical Copilot SKUs, and a credible legal-specific Copilot release at sub-Legora pricing would directly compete in the in-house legal department segment. Legora’s law-firm business is more defensible, but in-house teams represent a meaningful slice of the customer base.
Five Predictions for the Legal AI Market Through 2027
Working from the data and the trajectories visible at April 7, 2026, here are five concrete predictions worth tracking.
Prediction 1 – Legora extends its Series D before Q3 2026. The crowded cap table and the $190M ARR pace at Harvey both created pressure to top up, and the prediction of a $50-100M extension at a $5.5-6.5B valuation, likely with strategic participation from a hyperscaler or a chip vendor, was overtaken by events: after the April 2026 extension, Legora announced a full $550 million Series E at an $8.8 billion valuation on October 21, 2026.
Prediction 2: Harvey crosses $300M ARR by year-end 2026. If Harvey holds its current growth pace it will end 2026 above $300 million in recurring revenue. A 2027 IPO becomes the obvious next milestone.
Prediction 3 – A mid-market consolidation wave. Spellbook, Robin AI, Leya, and a half-dozen other mid-market players will face a decision: be acquired, raise a defensive round, or accept second-tier pricing on the long tail. Expect at least three meaningful acquisitions in the legal-AI space in 2026.
Prediction 4 – Big Four accounting firms launch competitive offerings. Deloitte Legal is already a Legora customer, but Deloitte, EY, KPMG, and PwC have all begun building proprietary legal-AI capabilities tied to their managed-services delivery. By the end of 2026, at least two of the Big Four will have launched their own AI-powered legal services platforms.
Prediction 5 – A material privilege ruling in 2026 or 2027. A state or federal court will issue a binding decision on attorney-client privilege as it applies to data sent to third-party model providers. The ruling will reshape vendor architectures and likely accelerate consolidation around vendors with on-premise or tenant-isolated deployment options.
What This Means for the Broader AI Economy
Legora’s $5.5 billion Series D mark, since lifted to $8.8 billion by the Series E announced on October 21, 2026, is more than a single-company milestone. It is data point number one in a broader rebalancing within AI venture deployment: away from horizontal model labs and toward vertical applications that own a slice of professional services. The same pattern is visible in healthcare AI, in coding tools, in customer support, and in compliance. Each of those markets shares a common pattern – a legacy services industry with aged software, high billable rates, and structural willingness to pay for productivity gains.
The risk for the wider AI ecosystem is that, as vertical leaders consolidate, the foundation-model labs become exposed to the same commoditization their products inflict on horizontal SaaS. Legora can plausibly survive a 60 percent drop in foundation-model prices because its value capture is in the workflow, the data, and the integration. A foundation-model lab that loses pricing power has fewer places to hide. That asymmetry will define M&A and capital-allocation decisions through 2027.
FAQ: Legora’s $550M Series D and the Legal AI Race
How much did Legora raise in its Series D?
Legora raised $550 million in its Series D, announced on March 10, 2026, at a $5.55 billion post-money valuation confirmed by lead investor Accel – roughly tripling the $1.8 billion valuation set during the $150 million Series C in October 2025, which Latka also pegs at $1.8 billion, and itself a step up from the $80 million Series B that closed in May 2025 at a $675 million valuation under co-leads ICONIQ and General Catalyst. The round was led by Accel, and in April 2026 Legora extended it by a further $50 million, per Sacra, bringing total funding raised to roughly $600 million at a valuation near $5.6 billion. By June 2026, cumulative funding had climbed past $800 million, according to a review by Recatools.
Who is the lead investor in Legora’s Series D?
Accel led the Series D. Other named participants include Benchmark, Bessemer Venture Partners, General Catalyst, ICONIQ, Redpoint Ventures, Y Combinator, Alkeon Capital, Bain Capital, Firstmark Capital, Menlo Ventures, Sands Capital, Starwood Capital, and Salesforce Ventures.
How does Legora compare to Harvey?
As of April 7, 2026, Harvey is valued at $11 billion versus Legora’s $5.5 billion, with $190M ARR versus Legora’s $100M+. Harvey serves more lawyers (100,000+ vs. tens of thousands) and more organizations (1,300+ vs. 800+), but Legora’s most recent round was larger in absolute dollars and its growth multiple has accelerated faster in the past two quarters.
Where is Legora headquartered and where does it operate?
Legora is headquartered in Stockholm, Sweden, and operates in more than 50 markets. The company has go-to-market offices in New York, Houston, and Chicago in the United States, plus an engineering hub in London. The U.S. is the company’s largest revenue region.
Which law firms use Legora?
Disclosed customers include White & Case, Cleary Gottlieb Steen & Hamilton, Goodwin Procter, Bird & Bird, Linklaters, Deloitte Legal, Dentons, and Barclays’ in-house legal team. The platform is used by tens of thousands of individual lawyers across more than 1,200 law firms and corporate legal departments as of June 2026, per Recatools.
What is Legora’s annual revenue?
Legora has crossed $100 million in annual recurring revenue as of Q1 2026, according to figures cited in TechCrunch and the company’s official disclosures around the Series D, and that figure climbed to roughly $150 million by Q2 2026 – a 50 percent quarter-over-quarter increase – per Contrary Research, before Legora said on October 21, 2026 that ARR had exceeded $200 million. The company has not published precise quarterly figures beyond these disclosures and third-party estimates.
What AI models does Legora use?
Legora has not disclosed an exclusive foundation-model partnership. The platform operates a routing layer that selects different models for different tasks, with separate handling for long-context document analysis, drafting, redlining, and citation grounding.
When will Legora go public?
No IPO timeline has been announced. Legora’s latest financing was the $550 million Series E at an $8.8 billion valuation, announced on October 21, 2026, and the company remains independent. Given the round size and the customer ramp, an IPO is more likely a 2027 or 2028 event than a 2026 one.
