Lovable valued at $13.3 billion – a doubling in under a year
The Swedish platform Lovable has passed $600 million in annualized run-rate revenue, according to co-founder Fabian Hedin. But the real news is how the company now positions itself: not as a code generator, but as a platform for products and business operations – with security scanning, model routing and named enterprise customers such as Deutsche Telekom.
The milestone
Lovable has passed an annualized run-rate of $600 million. That is according to the company's co-founder Fabian Hedin, speaking at the HumanX summit in Amsterdam on Thursday 24 September 2026, as reported by TechCrunch. In June, the company said the figure was around $500 million – growth of roughly $100 million in three months.
The number is a so-called run-rate: today's monthly revenue multiplied by twelve. It is a company-disclosed headline metric without an audit, not audited annual revenue. Both the June figure and today's number rest on the company's own statements. NDTV Profit reproduces the same figures but relies largely on TechCrunch and offers no independent confirmation.
Capital and valuation
Lovable has raised more than $700 million in two rounds in just eight months. In December, the company raised $300 million from Menlo Ventures and CapitalG at a $6.6 billion valuation. In August, it raised $400 million from Menlo Ventures and Scaleup Europe Fund, this time at $13.3 billion. The valuation has, in other words, doubled in under a year – a judgment resting on the company's own, unaudited revenue figures.
Not code, but products
Hedin draws a clear line against tools like OpenAI's Codex and Anthropic's Claude Code:
"You can use these tools [like Codex or Claude Code] to produce code. The difference is that Lovable doesn't produce code. The output is a product, and increasingly so, a business. We work a lot on hosting, deployment and scaling of apps. We have close to a billion visits a month on the apps we've made, which is an order of magnitude more than Lovable itself," he said, according to TechCrunch.
The points are two: first, Lovable sells not just a code assistant but the whole way from idea to a running, hosted application. Second, Hedin points out that the ecosystem of apps built on the platform has traffic an order of magnitude greater than Lovable itself – a sign that what gets built is actually used.
From "vibe" to "agentic"
The company is also distancing itself from the term that made it famous. "Describing the whole thing as a vibe doesn't feel quite right. So, you know, I prefer the term agentic coding," Hedin told The Next Web during an on-stage interview with Forbes editor Iain Martin on 23 September. According to the article, CEO Anton Osika said last week that the company is "past vibes".
The repositioning is not merely semantic. "Vibe coding" has become associated with fast, playful projects with little quality control. A company that wants to sell to the Fortune 500 needs a vocabulary – and a platform – that signals the opposite.
The enterprise market
Lovable says enterprise growth often starts from the bottom up: employees find the tool themselves and use it before the IT department gets visibility. According to Hedin, Lovable then helps companies gain insight into the apps and set the right data permissions.
Perhaps the clearest example is Deutsche Telekom, which according to Hedin has built more than 2,000 applications on Lovable for "load-bearing" purposes – that is, use cases that actually matter in operations, not just prototypes. TechCrunch also names Microsoft and Nvidia as customers.
Another example from Hedin: Rafael, a founder in Brazil who built an AI education platform on Lovable. His 50 employees use Lovable for all internal processes, and the company is on track for around $20 million in annual recurring revenue this year, according to Hedin. The example is supplied by the company itself and has not been independently verified.
Security as a differentiator
Security was no accidental theme at a summit where the CIOs in the audience ask the hard questions. Hedin said Lovable creates more than one million projects a week – too many to review manually. The company therefore uses AI to scan every project for security flaws, and scanning continues after users stop building. Critical flaws in dependencies are fixed automatically, while fixes for the rest are suggested. The tool is free for all users, and Hedin claimed it was the first of its kind.
In addition, Hedin revealed that the platform routes tasks across more than 100 models, weighing cost, speed and quality – an architecture that makes Lovable less dependent on any single model provider.
A central criticism of vibe coding has been precisely security: non-technical people building apps with vulnerabilities they cannot detect. If Hedin describes a real practice, that addresses a concrete counterargument against the whole category. But the description is the company's own, not independently verified.
What we don't know
Several caveats should follow the numbers onward:
- Run-rate is not annual revenue. $600 million is an annualization of recent monthly revenue, not audited financials.
- The Fortune 500 claim needed clarification. Hedin initially claimed that two-thirds of Fortune 500 companies use the product. TechCrunch subsequently clarified that it was people at two-thirds of the companies – not that the companies themselves are formal customers. There is a significant difference between employees' ad hoc use and paid enterprise contracts, and exactly where those boundaries lie is unclear.
- The outlets echo one another. Both TechCrunch and The Next Web rest on Hedin's own statements on stage, and NDTV Profit in turn builds on TechCrunch. None of the sources independently confirm the revenue figures, the visit counts or the security routines.
- The economics underneath are opaque. Churn, customer loyalty, headcount and the revenue mechanics from June to September have not been disclosed.
Why it matters
Even with the caveats, the story points to a clear shift in the AI coding market. Phase one was tools for developers. Phase two – which Lovable now occupies – is platforms where non-developers build, deploy and operate software that generates real revenue and handles enterprise work. When a telecom company like Deutsche Telekom reportedly builds more than 2,000 load-bearing apps, the "toy" label becomes harder to defend.
It also means sharpened competition. With a $13.3 billion valuation, a rising run-rate and security scanning free for everyone, Lovable is pressuring both established coding platforms and traditional low-code tools. How much of the growth holds up once churn and real enterprise contracts become known is something no one in the source material can answer – yet.
Sources: TechCrunch, The Next Web, NDTV Profit