Lovable raises $400M at $13.3B valuation to take on Anthropic and SpaceX in AI race

Lovable, a Stockholm-based AI startup that lets people build apps by typing what they want in plain English, just closed a $400 million Series C round at a $13.3 billion post-money valuation. The company is positioning itself as a direct competitor to Anthropic and SpaceX, two of the most heavily capitalized private companies on the planet.

The numbers behind the rocket ship

Menlo Ventures and the EU-backed Scaleup Europe Fund, managed by EQT, led the round. Tencent also participated alongside other investors from Asia and Latin America.

Lovable’s valuation history reads like an exponential curve. The company raised a $200 million Series A at a $1.8 billion valuation in mid-2025. Six months later, it pulled in $330 million in its Series B at $6.6 billion in December 2025. Now it sits at $13.3 billion.

As of June 2026, Lovable reported hitting $500 million in annualized recurring revenue. The platform sees more than 200,000 new projects built on it every single day.

What Lovable actually does

The company’s core product falls into a category dubbed “vibe coding.” Users describe what they want an app or website to do using natural-language prompts, and Lovable’s AI handles the actual software development, automating the generation of production-ready TypeScript/React code and managing UI, backend structures, authentication processes, and deployment tasks.

Co-founded by Anton Osika, a former physicist at CERN, and Fabian Hedin, Lovable was established in late 2023 and reached unicorn status within approximately 18 months. The company has attracted enterprise clients including Uber, Zendesk, Klarna, and McKinsey.

Competing with the giants

Anthropic has raised billions to develop its Claude AI models and is valued well north of $60 billion. SpaceX’s valuation has been reported in the hundreds of billions. Lovable, at $13.3 billion, is competing for the same pool of AI researchers, investor dollars, and narrative positioning as the defining technology companies of this era.

The participation of Tencent in this round, alongside other Asian and Latin American investors, signals that Lovable’s ambitions extend well beyond Europe and North America. The EU’s involvement through the Scaleup Europe Fund reflects European policymakers’ stated priority of not ceding the AI race entirely to American and Chinese companies.

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