Lovable's third round of 2025 values the vibe coding startup at $6.6 billion

The round includes U.S. venture firm Accel, both sources said, a detail that had not previously been reported. Accel backed Lovable's previous round and has become a fixture in the current wave of AI deals. It also took part in billion-dollar rounds for Cursor maker Anysphere and Mira Murati's Thinking Machines. Khosla Ventures is participating too, one source told CNBC. All three parties were approached for comment and had not responded when the CNBC article went live. The sources spoke on condition of anonymity because the deal is private.

A valuation that moved fast

CNBC reported the $6.6 billion figure on 16 December. Lovable closed its most recent round in July at $1.8 billion, so the new number is more than triple what the company was worth five months earlier. It is Lovable's third round of 2025.

Forbes had reported in November that the round would value the company at "around" $6 billion. The final number came in above that earlier estimate. Late-stage valuations in this market are set by term sheets that move quickly, and reported figures can shift between the first leak and the close. The July fundraise picked up $200 million. Investors then included Creandum, Klarna founder Sebastian Siemiatkowski, ElevenLabs founder Mati Staniszewski and Synthesia founder Victor Riparbelli, according to CNBC.

$200 million ARR in under a year

Founded in 2023 and based in Stockholm, Lovable reported $200 million in annual recurring revenue in November, just under a year after it first hit $1 million in ARR. The company said 100,000 projects were being built on its platform every day when it announced those figures. Lovable's platform uses AI models from providers including OpenAI and Anthropic to let users build apps and websites from text prompts, without needing to understand code. It is opening offices in Boston and San Francisco.

That revenue trajectory is the core of the pitch, and it is the kind of number that gets a startup funded three times in twelve months. Whether it holds is a separate question. ARR at this stage of a company's life measures what customers are paying now, not what they will keep paying, and vibe coding is a category with fast-moving competition and low switching costs.

The category is expensive

Comparable rounds in the same space have been large. Anysphere, which makes Cursor, raised $2.3 billion at a $29.3 billion valuation in November. Replit reached a $3 billion valuation in September after picking up $250 million, and Vercel closed a $300 million round at $9.3 billion. Those figures come from CNBC's reporting and set the context for Lovable's number. On valuation alone Lovable sits below Cursor and Vercel, but it is the leading European player in a category that has drawn heavy investor interest through 2025.

A wider funding cycle, and a counter-example

The same week's headlines were dominated by large AI and security rounds, among them cybersecurity startup Island at a reported $6.4 billion valuation and OpenEvidence at $15 billion, according to CNBC, Reuters and Business Insider. Money is moving toward AI infrastructure and tooling.

Not every corner of the market is benefiting. Rest of World reported that global edtech investment peaked at $16.7 billion in 2021 and had fallen to less than $3 billion by 2025, according to Tracxn. HolonIQ wrote in February that capital was concentrating in AI-enabled products and workforce-aligned platforms rather than general K-12 education, according to the same article. That contrast is the useful frame for the Lovable round. Investors are not funding software broadly. They are funding a narrow set of AI products with visible revenue and a plausible path to defending it. Lovable currently has both, at least on the numbers it has published.

What is not known

CNBC's report does not say how much capital the round raised, only what it is worth. It does not name all the participants beyond Accel and Khosla Ventures, and it does not include a total for the round. Lovable, Accel and Khosla Ventures had not commented when the article was published. The company has not confirmed the valuation itself. Until it does, the $6.6 billion figure rests on two unnamed sources and the earlier Forbes report.