Lovable has reached a $500 million annualized revenue run rate, while its platform is now generating approximately 1M new projects every week

Europe’s rapidly growing AI coding startup, Lovable, has surpassed a $500 million annualized revenue run rate.

The last time Lovable publicly shared its revenue figures was in February, when it reported reaching a $400 million run rate. Back in August 2024, the company projected it could achieve $1 billion in annualized revenue within a year. While it may not reach that milestone by this summer, its growth remains remarkable. Founded in late 2023, Lovable has yet to celebrate its third anniversary.

The company also reports that users have created more than 50 million projects on its platform, with activity accelerating to roughly one million new projects each week. Based on a survey of projects featured on its blog, Lovable says most of its users are non-technical individuals who are increasingly building software intended for commercial use or to support their businesses.

According to the company, its user base includes founders, designers, and sales professionals creating websites, e-commerce stores, and internal business tools such as CRM systems, inventory management platforms, and HR software.

These trends highlight a broader shift in the software industry. AI-powered “vibe-coding” platforms are increasingly being viewed as challengers to traditional SaaS providers. If users can quickly build custom software themselves, the value proposition of expensive annual software contracts comes into question. Lovable’s survey suggests this shift may already be underway.

However, a key challenge remains unresolved: long-term software maintenance. Because Lovable and many of the applications built on its platform are still relatively new, it is too early to determine whether vibe-coded software can remain sustainable over time.

Building software is often the easy part. Maintaining it is significantly harder. Software exists within a constantly evolving ecosystem of dependencies, third-party services, and infrastructure. Even well-engineered applications require ongoing updates and support as underlying technologies change. This reality is one reason many organizations continue to purchase software rather than build it themselves—they prefer to outsource the responsibility of keeping systems operational.

As AI coding platforms mature, an important metric will be how many projects remain active versus how many are eventually abandoned. If companies like Lovable begin reporting low abandonment rates over time, it could provide stronger evidence that the much-discussed “SaaSpocalypse” is not just a temporary trend, but a lasting transformation of the software industry.