Company · Voice, image & video
HeyGen revenue, valuation & funding
HeyGen was valued at over $500M at its June 2024 Series A, its last reported round, and said its annual recurring revenue passed $200M in June 2026. It's a private company with no ticker and no reported IPO plan.
At a glance
- Valuation: over $500M at its Series A, in June 2024, its last reported round.
- Revenue: over $200M in annual recurring revenue in June 2026, as the company said. It publishes no audited results.
- Status: private. No stock ticker and no IPO filing.
- Founded: 2020 in Shenzhen, by Joshua Xu and Wayne Liang. It was first named Surreal.
- CEO: Joshua Xu.
- Investors: Benchmark, Thrive Capital, BOND, Conviction and SV Angel, among others.
- Products: AI avatars and video translation, the Avatar IV and Avatar V models, the HeyGen Video model and an API.
- Headquarters: Los Angeles. In June 2024 its team also worked from San Francisco, Palo Alto and Toronto.
Is HeyGen public? Can you buy its stock?
No. HeyGen is a private company, so its shares don't trade on any stock exchange and it has no ticker symbol. Nasdaq Private Market says it has not had an IPO.
Forge says HeyGen has not filed for an IPO. No plan or date for going public has been reported.
Its shares are held by its founders, staff and investors, including Benchmark, Thrive Capital, BOND, Conviction and SV Angel. This page reports facts and gives no investment advice.
Valuation, round by round
Its valuation went from $75M in November 2023 to over $500M in June 2024, more than six times in seven months.
| Date | Valued at | Raised | Led by | Source |
|---|---|---|---|---|
| Jun 2024 | $500M | $60M | Benchmark | HeyGen's blog |
| Nov 2023 | $75M | $5.6M | Conviction | Voicebot.ai |
No round after the June 2024 Series A has been reported. Upstarts Media puts total funding at $74 million, more than these two rounds add up to.
Revenue
HeyGen doesn't publish results. Its annual recurring revenue went from $18 million in October 2023 to over $200 million in June 2026, more than ten times in under three years.
| Date | Figure | Basis | Source |
|---|---|---|---|
| Jun 2026 | $200M | Company | HeyGen's blog |
| Dec 2025 | $123M | Estimate | Sacra |
| Nov 2025 | $100M | Reported | Forbes |
| Jun 2024 | $35M+ | Company | HeyGen's blog |
| Nov 2023 | $18M | Reported | Voicebot.ai |
Annual recurring revenue is a month's recurring revenue times twelve, as told to reporters, and isn't audited revenue. The December 2025 figure is a Sacra estimate, and Sacra estimates $205M for June 2026.
How HeyGen makes money
HeyGen sells subscriptions for making avatar videos. It sells API access separately, billed from a prepaid wallet in US dollars with its own usage rates, according to No Code MBA.
HeyGen said in June 2024 that it had been profitable since Q2 2023 (CMSWire). In June 2026 Upstarts Media reported it was cash-flow break-even for 2026 so far. It had burned $25 million of the $74 million it had raised.
Sacra estimates its operating margins at around 20%. That is an analyst's estimate, and HeyGen publishes no results.
- Enterprise. HeyGen said in October 2026 that it is HIPAA-eligible for Enterprise customers, with a Business Associate Agreement. HeyGen's blog
- API. Avatar IV, its image-to-video model, is available through the API, self-serve on the Pro and Scale tiers. HeyGen's blog
- ChatGPT. HeyGen offers a plugin inside ChatGPT, promoted on its site. HeyGen
Products
- The HeyGen app (September 2022). Its app for making videos with AI avatars and translating them. Wikipedia
- Instant Avatar (November 2023). A near-instant avatar generator, reported by Forbes alongside new funding. Forbes
- Avatar IV. Its image-to-video model. It launched in the web app and later opened through the API. HeyGen's blog
- Avatar V, the HeyGen MCP and HyperFrames were among 63 products and features shipped in the three months to June 25, 2026. HyperFrames is an open-source framework for agentic video creation, under Apache 2.0. HeyGen's blog
- HeyGen Video (October 21, 2026). A general-purpose video model. HeyGen's blog
Users and customers
In June 2026 HeyGen said it had more than 30 million users in 196 countries (HeyGen). It said they had made more than 118 million videos, and that 85% of the Fortune 100 use it.
- Paying businesses. HeyGen said in June 2024 that it served more than 40,000 paying business customers. CMSWire
- Examples. In June 2024 it named McDonald's, Wisetech Global's investor communications, Salesforce's partner kickoff and Argentinian President Milei's World Economic Forum address. HeyGen's blog
Leadership
- Joshua Xu, co-founder and CEO. He was a lead engineer at Snapchat and holds a master's in computer science from Carnegie Mellon. HeyGen's blog
- Wayne Liang, co-founder. Wikipedia
- Rong Yan, chief technology officer. He was VP of Engineering at HubSpot and joined in June 2024. CMSWire
- Dave King, chief business officer. He was CMO of Asana and joined in June 2024. CMSWire
- Lavanya Poreddy, head of trust and safety, formerly of Match Group and Meta. She joined in June 2024. CMSWire
- Kevin Raheja, head of product partnerships. HeyGen's blog
Who owns HeyGen?
Its founders, staff and investors. As a private company it doesn't publish who holds what, and no stake has been disclosed. Upstarts Media reported in June 2026 that it had raised $74 million to date.
- Benchmark led the $60M Series A in June 2024, and its Victor Lazarte joined the board. HeyGen's blog
- Conviction led the $5.6M round in November 2023, and its Sarah Guo took a board seat. Voicebot.ai
- Thrive Capital, BOND and SV Angel also invested in the Series A, with angels including Dylan Field, Elad Gil, Aviv Nevo and Neil Mehta. CMSWire (HeyGen press release)
Competitors
Sacra calls HeyGen "the democratized alternative to enterprise-focused Synthesia." It names several other avatar and video tools as rivals.
Timeline and latest news
From its founding to the latest reports, newest first.
- Oct 29, 2026Latest
Said it is HIPAA-eligible for Enterprise customers. HeyGen's blog - Oct 21, 2026Latest
Introduced HeyGen Video, a general-purpose video model. HeyGen's blog - Jun 25, 2026Latest
Said its annual recurring revenue passed $200 million, doubling in eight months. HeyGen's blog - Jun 25, 2026
Said it had more than 30 million users in 196 countries. HeyGen's blog - Jun 25, 2026
Said it had shipped 63 products and features in three months, including Avatar V. HeyGen's blog - Jun 25, 2026
Upstarts Media reported it was cash-flow break-even for 2026 so far. Upstarts Media - Nov 6, 2025
Said it reached $100 million in recurring revenue, per Forbes. Forbes - Jun 20, 2024
Raised a $60M Series A at over $500M, led by Benchmark. HeyGen's blog - Jun 2024
Hired Rong Yan, formerly of HubSpot, as chief technology officer. CMSWire - Nov 29, 2023
Raised $5.6 million at a $75 million valuation, led by Conviction. Voicebot.ai - Nov 29, 2023
Launched Instant Avatar, a near-instant avatar generator. Forbes - Sep 2022
Launched the HeyGen app. Wikipedia
Legal matters
Media and Group-IB analysts have reported HeyGen as a tool used to make harmful deepfake videos, from consumer scams to propaganda (Wikipedia). No lawsuit or regulator action involving HeyGen has been reported.
Questions people ask
Is HeyGen a public company? Can I buy HeyGen stock?
No. HeyGen is private and has no ticker, so its shares aren't sold on any exchange. It hasn't had an IPO.
When will HeyGen IPO?
No IPO plan or date has been reported. Forge says it hasn't filed for one.
Who owns HeyGen?
Its founders, staff and investors, including Benchmark, Thrive Capital, BOND, Conviction and SV Angel. Stakes haven't been disclosed.
Who is the CEO of HeyGen?
Joshua Xu, its co-founder. He was a lead engineer at Snapchat before HeyGen.
Who founded HeyGen?
Joshua Xu and Wayne Liang, in 2020 in Shenzhen. It was first named Surreal and later moved to Los Angeles.
How much is HeyGen worth?
Over $500M at its Series A in June 2024, the last reported round (HeyGen).
How much revenue does HeyGen make?
It said its annual recurring revenue passed $200 million in June 2026 (HeyGen). That was double the figure eight months earlier.
Is HeyGen profitable?
It said in June 2024 it had been profitable since Q2 2023. Upstarts Media reported in June 2026 that it was cash-flow break-even for 2026 so far.
How does HeyGen make money?
From subscriptions for making avatar videos, Enterprise plans and a separate API billed by usage from a prepaid wallet.
How many people use HeyGen?
More than 30 million users in 196 countries, the company said in June 2026 (HeyGen).
People on Real Alpha
- Joshua Xu, Co-founder & CEO, HeyGen
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How this page is sourced
Each figure links to the filing, company statement or news report it came from, with its date. Run rates are what reporters were told, not audited results; estimates and unconfirmed reports are marked. Quotes are what each person said on the record, with the minute they said it. Spotted something that's off? .
Last checked Nov 8, 2026