Higgsfield Passes $1 Billion in Annualized Revenue

AI video production platform Higgsfield has passed $1 billion in annualized revenue. Higgsfield CEO Alex Mashrabov wrote on X on September 24 that "Today Higgsfield crossed $1B in annualized revenue," adding that revenue had grown 20x since September 2025. He pointed to net revenue retention of 300%, average monthly growth of 115% in enterprise adoption since June, and positive gross margin since the beginning of this year. Higgsfield claimed it crossed the line 18 months after launching its browser-based product.

Four days later, on September 28 (UTC), Higgsfield's official account turned the number into a user reward. "You got Higgsfield to a $1 Billion revenue run-rate," the company said, announcing that it would return the subscription credits users had spent this month. It also ran a giveaway in which one user who quote-posted the announcement would be picked every four hours for 24 hours to receive 25,000 credits. The roughly 19-second celebration video that METAL reviewed opens with the words "CREDITS RESET," moves through a notice that new subscribers get up to 50% bonus credits, and ends with a disclaimer that bonus credits are capped at 2,000 credits and expire on September 30. The post had about 39,000 views as of September 29.

Reading the number starts with the method. According to reports, Higgsfield calculates annualized revenue by multiplying its latest four weeks of revenue by 13. It does not mean the company actually earned $1 billion over the past year; it assumes the pace of roughly the most recent month continues for a full year. The same reports said revenue under contract from business customers had grown tenfold since June, but the starting point was not disclosed.

The growth curve is steep. According to reports, Higgsfield's annualized revenue rose from about $200 million at the end of 2025 to $500 million in June 2026 and $700 million in August. In August the company raised a $400 million Series B led by DST Global at a $5.4 billion valuation, with participation from Goldman Sachs Alternatives and Intel Capital, among others. Its valuation at the January funding round was $1.3 billion. Still, it has not been confirmed that the June and August figures used the same four-week basis as September's, which makes it hard to compare the three numbers as growth rates on the same yardstick.

In a comparison chart posted alongside the announcement, Mashrabov showed Higgsfield taking 18 months to go from $1 million to $1 billion in revenue. The chart placed curves for Anthropic, Cursor, OpenAI, Surge AI and Ramp over the same span, and according to reports it showed Anthropic and Cursor taking about 22 months, OpenAI about 37 months, Surge AI about 47 months and Ramp about 66 months. Every comparison was chosen by the company itself, and because all of them rely on the same annualized estimate, they differ from audited annual revenue.

What Mashrabov wants to rebut with the number is clear. "There's a popular argument that foundation models will capture all the value in AI, leaving little for the application layer," he argued on X, adding that "Higgsfield is proving the opposite thesis." His logic is that better models expand what enterprises can do and increase the value of the applications embedded in their workflows.

Higgsfield is closer to a company that gathers other firms' models into one workspace and sells access than to a model maker. According to reports, its video page lists ByteDance's Seedance 2.5 and 2.0, Kuaishou's Kling 3.0, Google's Veo 3.1, Alibaba's Wan 2.7 and xAI's Grok Imagine, while its in-house image model Soul handles character consistency. Mashrabov was reported to have said in an interview that the team rebuilt almost the entire product because "a new video model ships basically every week." The product is split into Cinema Studio for filmmaking, Marketing Studio for advertising campaigns, templates and effects, and API and agent integrations.

Who pays has also changed. Higgsfield was founded in San Francisco in 2023 by Mashrabov and Erzat Dulat, and the product opened in March 2025. The company initially saw individual creators as its main customers, but according to reports about 70% of revenue now comes from creative agencies such as ad agencies, and annual subscriptions account for about 40% of revenue. The company said it has more than 30 million users. According to reports, Mashrabov previously explained that a consumer mobile app gathered 1 million users in two months but struggled with retention, prompting a shift to desktop tools for professional marketers and visual effects artists. He co-founded AI Factory, a computer vision startup acquired by Snap in 2020, and later led generative AI at Snap.

METAL has reported on Higgsfield's workflow for producing ads with Claude and on OpenAI's case study of Higgsfield adopting Astra. According to reports, OpenAI shut down its consumer video app Sora this spring, and the Sora API was also shut down on the day Higgsfield announced its $1 billion figure.

Through a journalist's eyes, the most telling number in this announcement is not $1 billion but gross margin. Turning positive only at the start of this year means that last year, what Higgsfield paid model companies to make each video exceeded what it collected. In a business that rents other companies' models, margins depend on those companies' price lists, and Google, ByteDance and Kuaishou can also sell the same models directly to creators. Returning this month's credits to users is both a celebration of growth speed and a device to bring people back to the workspace next month. Whether a pace of four weeks times 13 hardens into real annual revenue will be shown by contract renewals and margins.