Europe's rapidly growing vibe-coding startup, Lovable, tells TechCrunch it has surpassed a $500 million annualized revenue run rate. The last time it discussed revenue was in February when it reported crossing $400 million. In August 2024, Lovable projected it could hit $1 billion in annualized revenue within 12 months. While it may not be on track to double that figure by summer, it is still reporting jaw-dropping growth; founded in late 2023, Lovable hasn't yet hit its three-year anniversary. The company also claims it has been used to build over 50 million projects and says usage has accelerated to one million new projects a week. According to a survey of those projects on the company's blog, Lovable says its users are primarily non-technical, yet are increasingly building software they intend to monetize or use in their businesses. Its users include founders, designers, and salespeople building websites and e-commerce storefronts, as well as internal tools like CRMs, inventory systems, and HR platforms. This list tells a story: AI vibe-coding platforms have been seen as a threat to legacy SaaS software. Why buy expensive annual contracts when you can just vibe code it yourself? Lovable's survey appears to provide data that this is indeed happening. Of course, Lovable—and therefore most of the projects built on it—aren't old enough to answer the harder question about vibe-coded software: Will such an approach prove short-lived? That's because the problem isn't the initial building part—it's the maintaining part. Software operates almost like a living organism: Even well-written, well-designed code that's not AI slop runs atop an ever-shifting stack of dependencies, third-party services, and infrastructure—all of which is constantly being updated, which means end-user software is always breaking. That's why so many companies choose to buy instead of build. They want others to be responsible for keeping it running. We'll have to see if Lovable and other vibe coders will transparently report abandoned projects as their platforms mature—aka the not-as-flattering stuff. If those abandonment rates are low, that will be the true indication that the so-called SaaSpocalypse is here and here to stay.
Blogger's Review: Lovable's rapid growth showcases the potential of vibe coding, but its long-term sustainability remains to be tested. As users increasingly shift toward self-built software, the challenges of maintenance and updates will be crucial for future assessments, complicating corporate decisions on whether to build or buy.