Lovable reports $500M revenue, 1M weekly projects

Lovable, a European AI coding startup, has achieved an annualized revenue run rate of $500 million, a significant increase from $400 million reported in February. The company, founded in late 2023, is experiencing rapid growth, with over 50 million projects built on its platform and an acceleration to one million new projects weekly. Lovable's user base primarily consists of non-technical individuals creating monetizable software, including websites, e-commerce stores, and internal business tools. This trend suggests AI-powered coding platforms may be disrupting traditional SaaS by enabling easier, self-sufficient software development.