Higgsfield raises $400M at $5.4B on a $700M revenue run rate
Higgsfield announced on 17 August that it raised a $400 million Series B at a $5.4 billion valuation, four times what the AI video and image company was worth in January. DST Global led the round. The company’s own announcement puts annualized revenue at $700 million as of this month.
New investors include Tribe Capital, Growth Equity at Goldman Sachs Alternatives, Smash Capital, Fifth Wall, Valor Capital, Intel Capital, Liberty Global Tech Ventures, Mirae Asset Capital and NTT DOCOMO Ventures. Existing backers Accel, Menlo Ventures and GFT Ventures followed on. Higgsfield says the money funds research and development, global infrastructure, AI hiring and its go-to-market effort.
That $700 million deserves a second look, because it’s an annualized run rate rather than booked annual revenue. The measure takes current performance and projects it forward. The Next Web reported the same figure stood at about $20 million a year earlier, and that slope is what priced this round. We’ve flagged the same accounting caveat on Anthropic’s $65 billion run rate.
| Metric | Figure, as stated by Higgsfield in August 2026 |
|---|---|
| Series B | $400 million, led by DST Global |
| Valuation | $5.4 billion, up from $1.3 billion at Series A |
| Annualized revenue | $700 million |
| Users | More than 30 million, across 238 countries and territories |
| Fortune 500 customers | 390 |
| Content generations | More than 20 million per month |
Divide the valuation by the run rate and the multiple lands near 7.7, which is our calculation from the two numbers the company published. Against AI pricing in 2026 that’s restrained. It only stays restrained if the run rate holds.
Every business needs visual content, but creating it at the quality, speed and scale companies demand remains complex and expensive.
Alex Mashrabov, Co-Founder and CEO of Higgsfield, via PR Newswire
Who is actually paying
The sharper shift sits in the customer mix. Higgsfield says it now powers visual production for 390 of the Fortune 500, and The Next Web reported that business customers accounted for less than a quarter of revenue in January and are now the majority. That crossover echoes what we covered when OpenAI’s enterprise revenue passed consumer. The same reweighting is showing up at both ends of the size range.
Higgsfield credits its agentic products for much of that pull, which it describes as tools that automate complex, multi-scene visual production. SiliconANGLE reported that after the Supercomputer launch in May, agentic tool use on the platform rose 42-fold in three months. The company puts the result at more than 20 million content generations per month.
The compute bill underneath
Generating video is expensive, so part of the raise goes straight to capacity. “Video is one of the most compute-intensive domains in AI,” Mashrabov told TechCrunch, which put a single minute of video at roughly 60,000 words of processing. TechCrunch reported that securing reliable compute has become a necessary expense to stay competitive with Synthesia and Runway.
The write-ups don’t agree on every detail, which is worth saying plainly. SiliconANGLE reported 360 Fortune 500 customers and TechCrunch reported 200 countries, while the company’s release says 390 and 238. We’ve used the release figures because they’re first-party, though nobody outside Higgsfield can audit any of them.
Higgsfield was co-founded by Mashrabov, who previously co-founded AI Factory, the computer vision company behind Snapchat’s Cameos and face filters that Snap acquired in 2019. Its stack mixes its own models, including the Soul 2.0 image model, with outside ones such as Google’s Veo 3.1. That dependency is the structural risk in an application company, and it’s the same one we traced in how AI image generation actually works.
The round is not the test. Whether those enterprise customers are still on the platform in a year is. If they are, the run rate turns into revenue and $700 million reads as a floor. If churn arrives first, it reads as a peak, and the next disclosure is where you’d see which.
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