Last month, vibe coding platform Lovable released The Build Economy report derived from anonymized platform 18-month activity data from its platform and a 1-month survey of over 14,000 users. The highlight of the report is that over 50 million apps have been created on its platform and about 35% are generating revenue. That’s remarkable since Lovable itself was founded just 3 years ago.
Lovable’s History and Financials
Stockholm-based Lovable was founded in 2023 by physicist and entrepreneur Anton Osika and his former colleague from Depict.ai – Fabian Hedin. Anton had developed a command-line interface (CLI) tool called gpt-engineer. Developers could use it to input a single text prompt to generate an entire, working directory of files on their computer. The tool became highly successful and popular with over 50,000 users. However, Anton realized that the true potential of the technology lay in democratizing software for non-technical creators—the 99% of people who have business ideas but cannot write code.
Anton then joined hands with his former colleague from Depict.ai, Fabian Hedin, to turn his tool into a scalable platform. They raised $8 million seed funding from venture fund Hummingbird in October 2023 to officially establish the company. In late 2024, they rebranded the tool to Lovable platform – the world’s first AI full stack engineer.
Within a year, Lovable reached 2.3 million users, 180,000 paying subscribers, $100M ARR, and raised a $200 million Series A round led by Accel at a $1.8 billion valuation. It raised a Series B for $330 million in December 2025 at a valuation of $6.6 billion.
Today, Lovable says it has crossed $500M in ARR with 146 employees, has about 320 million paying subscribers, and over 50 million projects.
The Build Economy Report
AI has fundamentally changed who gets to build software and a successful business. Vibe coding platforms like Lovable have demonstrated that creating an application is no longer reserved for professional developers. Some chief highlights of the report:
Global Scale: Users have built 50 million total projects, adding 1 million new ones weekly.
User Demographics: 80% are non-technical and 66% come from outside the tech sector, spanning education, finance, and healthcare.
Commercial Drive: Over 54% are building a business, and 80% build with monetization in mind. About 35% of builders have already successfully generated revenue from the apps they created on the platform.
Top Creations: Practical software dominates, led by websites (26.4%) and business operations tools (21.8%).
Geographic Spread: Active in nearly every country; the US (25%) and Brazil (12.8%) are the top markets.
Massive Reach: Lovable-built projects generate 720 million monthly visits.
The Challenge for Lovable
Those numbers tell an extraordinary story—but they also reveal an even bigger opportunity. If 35% of builders are monetizing, that means approximately 65% are not. Assuming 50 million projects have been created, that represents more than 30 million projects that have yet to become sustainable businesses.
Watch Churn
Meanwhile, a metric that Lovable needs to watch carefully is Churn. If 30 million subscriptions, or even a subset of that starts churning, the business is going to feel serious pain. Investors do not like high churn subscription businesses in general. High churn severely impacts growth.
A Possible Solution
The AI tooling ecosystem has become exceptionally good at helping people build. What’s still missing is a scalable way to help founders commercialize those products with guidance on customer discovery, market validation, positioning, pricing, go-to-market strategy, sales, and scaling.
Without these capabilities, many promising AI-built products remain side projects rather than successful companies.
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