Fabian Hedin used a stage in Amsterdam on Thursday to hand out a milestone rather than a product.
Run-rate revenue at Lovable, the vibe-coding platform he co-founded, has passed the $600M mark on an annualised basis. The comparable number in June was around $500M.
Enterprise deals are carrying the growth. Hedin said two-thirds of Fortune 500 companies now build on the platform, and he named Microsoft, Nvidia and Deutsche Telekom as customers.
He also argued that his product is not really a coding tool. Codex and Claude Code hand developers source files, he said. Lovable hands them a finished thing that runs, with hosting, deployment and scaling handled behind the curtain. Apps built on it draw close to a billion visits a month, which he described as an order of magnitude clear of rivals.
Capital has followed the category. Lovable raised $400M at a $13.3B valuation in August, then bought SLang, the language behind zero-infrastructure serverless backends, in September.
Durability is the open question. Code generation is the layer most exposed to improvements from the labs themselves, and each new run-rate record raises the bar for the next one.
