{
  "meta": {
    "generated": "2026-10-20",
    "count": 90,
    "license": "CC BY 4.0 — attribute \"MRR Ledger\" with a link",
    "docs": "https://mrrledger.com/for-agents/",
    "tiers": {
      "venture": {
        "label": "Venture-backed",
        "note": "Has raised outside venture funding (e.g. Y Combinator or VC rounds). Says nothing about revenue size."
      },
      "indie": {
        "label": "Indie",
        "note": "Bootstrapped or founder-funded; no venture round on record. Says nothing about revenue size."
      },
      "experiment": {
        "label": "Experiment",
        "note": "Agent-run or research experiment rather than a conventional company."
      }
    },
    "tier_note": "Tier is about funding, not size: Venture-backed = raised outside venture money (even at under $1M annualized); Indie = bootstrapped or founder-funded; Experiment = agent-run or research project.",
    "source_sync_stale_note": "source_sync_stale_since (YYYY-MM-DD) = the source page says its live data connection (e.g. a TrustMRR Stripe key) stopped; value is the last synced figure, dated that day.",
    "endpoint": "/api/v1/compare.json"
  },
  "a": {
    "slug": "cognition-devin",
    "name": "Cognition (Devin)",
    "category": "coding-agents",
    "tier": "venture",
    "tier_label": "Venture-backed",
    "tier_note": "Has raised outside venture funding (e.g. Y Combinator or VC rounds). Says nothing about revenue size.",
    "one_liner": "Autonomous AI software engineer (Devin) plus Windsurf IDE suite.",
    "business_model": "Enterprise SaaS subscriptions",
    "founded": 2024,
    "annualized_revenue_usd": 1000000000,
    "annualized_revenue_basis": "ARR",
    "confidence": null,
    "source_sync_stale_since": null,
    "lessons": [
      "Acquiring complementary IDE distribution can more than double ARR quickly.",
      "Positioning agents as teammates that own tasks end-to-end, not autocomplete, supports enterprise-sized contracts."
    ],
    "url_profile": "https://mrrledger.com/b/cognition-devin/",
    "growth_series": [
      {
        "as_of": "2024-09",
        "annualized_usd": 1000000,
        "label": "ARR",
        "value_usd": 1000000,
        "value_text": "$1M Devin ARR (Sep 2024; company blog)",
        "source_url": "https://cognition.com/blog/funding-growth-and-the-next-frontier-of-ai-coding-agents",
        "source_name": "Cognition blog",
        "confidence": null,
        "annualization": null,
        "source_sync_stale_since": null
      },
      {
        "as_of": "2025-06",
        "annualized_usd": 73000000,
        "label": "ARR",
        "value_usd": 73000000,
        "value_text": "Devin ARR grew from $1M (Sep 2024) to $73M (Jun 2025) pre-Windsurf",
        "source_url": "https://cognition.com/blog/funding-growth-and-the-next-frontier-of-ai-coding-agents",
        "source_name": "Cognition blog",
        "confidence": null,
        "annualization": null,
        "source_sync_stale_since": null
      },
      {
        "as_of": "2026-05-27",
        "annualized_usd": 492000000,
        "label": "ARR",
        "value_usd": 492000000,
        "value_text": "run-rate revenue grew to $492M (Series D)",
        "source_url": "https://cognition.com/blog/series-d",
        "source_name": "Cognition blog (Series D)",
        "confidence": null,
        "annualization": null,
        "source_sync_stale_since": null
      },
      {
        "as_of": "2026-09-08",
        "annualized_usd": 900000000,
        "label": "ARR",
        "value_usd": 900000000,
        "value_text": "run-rate revenue grew from $492M to almost $900M (Series E, Sep 8 2026)",
        "source_url": "https://cognition.com/blog/series-e",
        "source_name": "Cognition blog (Series E)",
        "confidence": null,
        "annualization": null,
        "source_sync_stale_since": null
      },
      {
        "as_of": "2026-09-25",
        "annualized_usd": 1000000000,
        "label": "ARR",
        "value_usd": 1000000000,
        "value_text": "crossed $1B in annualized revenue run rate (Sep 25 2026)",
        "source_url": "https://cognition.com/blog/1b-run-rate",
        "source_name": "Cognition blog",
        "confidence": null,
        "annualization": null,
        "source_sync_stale_since": null
      }
    ],
    "verified_corroboration": null
  },
  "b": {
    "slug": "lovable",
    "name": "Lovable",
    "category": "coding-agents",
    "tier": "venture",
    "tier_label": "Venture-backed",
    "tier_note": "Has raised outside venture funding (e.g. Y Combinator or VC rounds). Says nothing about revenue size.",
    "one_liner": "Vibe-coding platform whose agent builds full apps from natural language.",
    "business_model": "Credit/subscription SaaS with hosting attached",
    "founded": 2023,
    "annualized_revenue_usd": 600000000,
    "annualized_revenue_basis": "ARR",
    "confidence": null,
    "source_sync_stale_since": null,
    "lessons": [
      "Product output (hosted apps) can differentiate from agents that only emit code.",
      "Publishing ARR milestones frequently is part of the growth narrative in this category."
    ],
    "url_profile": "https://mrrledger.com/b/lovable/",
    "growth_series": [
      {
        "as_of": "2025-07",
        "annualized_usd": 100000000,
        "label": "ARR",
        "value_usd": 100000000,
        "value_text": "passed $100M ARR in 8 months from first $1M",
        "source_url": "https://lovable.dev/blog/agent",
        "source_name": "Lovable blog",
        "confidence": null,
        "annualization": null,
        "source_sync_stale_since": null
      },
      {
        "as_of": "2025-11",
        "annualized_usd": 200000000,
        "label": "ARR",
        "value_usd": 200000000,
        "value_text": "$200M ARR (doubled in 4 months from $100M; company one-year post)",
        "source_url": "https://lovable.dev/blog/one-year-of-lovable",
        "source_name": "Lovable blog",
        "confidence": null,
        "annualization": null,
        "source_sync_stale_since": null
      },
      {
        "as_of": "2026-02",
        "annualized_usd": 400000000,
        "label": "ARR",
        "value_usd": 400000000,
        "value_text": "crossed $400M ARR in February (company confirmed to TechCrunch)",
        "source_url": "https://techcrunch.com/2026/03/11/lovable-says-it-added-100m-in-revenue-last-month-alone-with-just-146-employees/",
        "source_name": "TechCrunch (company-confirmed)",
        "confidence": null,
        "annualization": null,
        "source_sync_stale_since": null
      },
      {
        "as_of": "2026-06",
        "annualized_usd": 500000000,
        "label": "ARR",
        "value_usd": 500000000,
        "value_text": "surpassed $500M annualized revenue run rate (company told TechCrunch)",
        "source_url": "https://techcrunch.com/2026/06/09/lovable-says-it-has-hit-500m-in-annualized-revenue-with-1-million-new-projects-a-week/",
        "source_name": "TechCrunch (company-confirmed)",
        "confidence": null,
        "annualization": null,
        "source_sync_stale_since": null
      },
      {
        "as_of": "2026-09",
        "annualized_usd": 600000000,
        "label": "ARR",
        "value_usd": 600000000,
        "value_text": "$600M annual run-rate revenue (co-founder at HumanX)",
        "source_url": "https://techcrunch.com/2026/09/24/lovables-annualized-revenue-crosses-600m-as-vibe-coding-takes-off/",
        "source_name": "TechCrunch",
        "confidence": null,
        "annualization": null,
        "source_sync_stale_since": null
      }
    ],
    "verified_corroboration": null
  },
  "diff": {
    "annualized_a": 1000000000,
    "annualized_b": 600000000,
    "ratio": 1.667,
    "same_category": true,
    "same_tier": true,
    "same_slug": false
  }
}