Lovable's leap from a $15M February 2025 seed to a $200M Series A at $1.8B valuation by July, then a $330M Series B at $6.6B in December led by CapitalG and Menlo Ventures, compressed Stockholm's vibe-coding cycle into 10 months and put Sweden ahead of every other European AI scaling story by velocity. Annual recurring revenue ran from roughly $1M to $200M across the same window, with 100,000 projects shipped per day on the platform by late 2025 and Khosla, Salesforce Ventures, and Databricks Ventures filling out the cap table. Sana Labs already exited — Workday closed the acquisition in September 2025 for roughly €928M / $1.1B, taking Sweden's enterprise-AI-learning flagship off the independent board. Compute runs through Berzelius at Linköping, the NVIDIA-equipped cluster used to train GPT-SW3, with the Mimer initiative on NAISS adding capacity through 2026. IMY enforces the EU AI Act with a deliberately enabling posture relative to Brussels, supporting startup-stage deployment. Around them, Klarna, Spotify, King, Voi, and iZettle alumni keep spinning out AI agents and dev tools, while Gothenburg's Volvo–Polestar–Zenseact axis runs autonomous-driving work distinct from Stockholm's software-led scene, anchored by EQT Ventures, Creandum, Northzone, and Atomico.