Higgsfield, the AI image and video startup founded in 2023 by former Snap exec Alex Mashrabov, has completed a $400 million Series B round led by DST Global at a $5.4 billion valuation, formalizing fundraising talks that surfaced in late June and marking a sharp jump from its $1.3 billion valuation in January. The company said annualized revenue has climbed to $700 million from about $20 million roughly a year earlier, while its user base has grown to more than 30 million across 238 countries and regions. Higgsfield said enterprise customers now generate most of its revenue, up from less than 25% in January, with 390 Fortune 500 companies using the platform and some brands already producing marketing videos in volume each day. The round included Goldman Sachs Growth Equity and Intel Capital, while earlier reporting also named Goldman Sachs Alternatives, Valor Capital and Tribe Capital among investors; the funds are earmarked for enterprise products, safety and the compute-heavy demands of AI video generation.