Higgsfield hit $300M ARR in 11 months with 160 people, 70% from agencies at ~$1,000 a head.

5× ARR-per-engineer ratio, 40% on annual subscriptions. Alex Mashrabov's stated moat isn't a model but constant product reinvention plus aggregating competing models, so the workflow is the value, not the weights. The revenue mix is the interesting part: an AI-native creative tool monetizing agencies at four-figure ACVs is eating seat expansion that used to accrue to Adobe. (SaaStr)