- Higgsfield raised $400 million at a $5.4 billion valuation, up from $1.3 billion in January.
- Goldman Sachs, DST Global, Liberty Global, and Intel backed the round.
- Annualised revenue hit $500 million, driven mainly by enterprise marketing customers.
Higgsfield has raised $400 million at a $5.4 billion valuation, four times its valuation from eight months ago. Goldman Sachs, DST Global, Liberty Global, and Intel led the round, with Tribe Capital, Smash Capital, Fifth Wall, Valor Capital, Mirae Asset Capital, and NTT DOCOMO Ventures also participating.
Alex Mashrabov founded the company in 2023 after running generative AI at Snap. Higgsfield says annualised revenue has reached $500 million, up from roughly $200 million at the end of 2025.
Four times the valuation in eight months
Higgsfield closed an $80 million Series A extension in January, taking that round to $130 million, with Accel, GFT Ventures, and Menlo Ventures on the cap table, as Tech Funding News reported at the time. By July, it was already in talks to raise $300 million to $500 million at a $5 billion valuation, TFN covered then, too. The round has now closed a bit higher than that, at $5.4 billion.
Before this, Mashrabov sold AI Factory to Snap for $166 million in 2020, then spent time leading generative AI there before leaving to start Higgsfield with chief technology officer Yerzat Dulat and co-founder Mahi de Silva.
Their vision was contrarian at the time: instead of training one big proprietary video model, plug in several external models and put the real effort into the workflow around them, so a user can keep reworking a clip instead of generating one and calling it done.
The money followed the businesses
The platform launched publicly in 2025 and now has more than 15 million users in 240 countries. But it’s the enterprise side that’s actually paying the bills: businesses now make up the majority of revenue, up from under a quarter of it in January.
Brands are churning out several videos a day for social and ads, rather than commissioning a single campaign asset through an agency.
The field around Higgsfield has thinned out fast, too. Runway, its closest Western rival, raised $315 million at $5.3 billion in February but has since pivoted toward world models for robotics and medicine, mostly stepping out of the marketing lane. In China, Kuaishou’s Kling raised nearly $3 billion at an $18 billion valuation, backed by Alibaba, Tencent, and Baidu.
Higgsfield says the new capital goes toward enterprise products, security, and compute. That last one is the real constraint here — video generation burns far more compute than anything text-based, and running out of it is a faster way to lose customers than losing a feature race.
The open question is whether the revenue continues to compound at anything close to this rate. A 10x revenue multiple is steep to defend if growth slows even slightly.
