Lovable Reports $500M in Annual Revenue, Launching 1 Million New Projects Every Week.

Lovable, the fast-growing vibe coding startup from Europe, has revealed to TechCrunch that it has exceeded an annualized revenue run rate of $500 million.

Previously, in February, Lovable shared that its revenue had surpassed $400 million. The company anticipates it could reach $1 billion in annualized revenue by August 2024. Though it might not double its revenue by summer, it continues to demonstrate remarkable growth, as it was established in late 2023 and has yet to mark its third anniversary.

Lovable reports enabling the creation of over 50 million projects, with usage climbing to one million new projects each week. A survey published on the company’s blog reveals that most of its users are non-technical individuals increasingly interested in software development for monetization and business purposes.

The user community includes founders, designers, and sales professionals who are developing websites, e-commerce platforms, and internal tools such as CRMs, inventory systems, and HR applications, according to the company.

This profile tells an intriguing story. AI vibe coding platforms are seen as contenders against traditional SaaS software. Why invest in expensive annual contracts when you can design it yourself using vibe coding? Lovable’s survey appears to support the notion that this shift is taking place. However, since Lovable — and consequently many projects built on its platform — is still quite new, it cannot yet address a more nuanced question regarding vibe-coded software: will this approach last over time? Initial creation is not the hurdle; ongoing maintenance is.

Software functions almost like a living organism: even well-designed and well-structured code exists within a constantly changing ecosystem of dependencies, third-party services, and infrastructure — all of which receive regular updates, leading to frequent software issues. This is why many companies prefer to buy rather than build; they prefer someone else to manage the upkeep. It remains to be seen whether Lovable and other vibe coding platforms will transparently disclose abandoned projects as their systems evolve — especially the less favorable features. If abandonment rates remain low, it would indicate that the anticipated SaaSpocalypse is indeed a reality poised to persist.