Key Takeaways
- • Higgsfield AI became Kazakhstan's first unicorn, with a valuation exceeding $1 billion, according to a September 28, 2025 announcement by co-founder and CEO Alex Mashrabov.
- • Higgsfield reported an annual revenue run rate of over $50 million at the time of the announcement, per Mashrabov.
- • Menlo Ventures, a Silicon Valley venture firm and early Anthropic investor, is cited as a backer of Higgsfield alongside other global investors.
- • Later coverage reports Higgsfield raised $400 million and a valuation of $1.3 billion, and a separate Kazakhstan-based project, Network School, is reportedly raising at a $2 billion valuation.
- • Kazakhstan's aggregate startup valuation was reported at $2.16 billion, with VC investment reaching $320 million in 2025 per regional coverage.
Summary
Kazakhstan has reached a milestone in its startup ecosystem with Higgsfield AI becoming the nation's first unicorn, a company valued above $1 billion. The announcement was made by Alex Mashrabov, co-founder and CEO of Higgsfield AI and formerly head of generative AI at Snap Inc. According to Mashrabov, the company has achieved an annual revenue run rate of over $50 million, and he said no company in Kazakhstan had reached this level of success in the past 15 years.
According to coverage by The Tech, the company's rise was supported by Menlo Ventures, a Silicon Valley venture capital firm and an early investor in Anthropic, along with other international investors. Later reporting describes the company as having raised $400 million and carrying a valuation of $1.3 billion, though the available material does not provide a full breakdown of the funding round.
The milestone is being framed by commentators as a sign of Kazakhstan's shift from a resource-based economy toward technology, with the government's "Digital Kazakhstan" strategy cited as supporting startup formation, venture capital attraction and AI talent development. Regional coverage cites an aggregate valuation of funded Kazakh startups of $2.16 billion and VC market activity of $320 million in 2025.
Separately, publisher-linked reporting indicates Network School, founded by Balaji Srinivasan, is raising investment at a valuation of $2 billion and is headquartered in Kazakhstan. Details of that raise were not available in the source material reviewed.
According to coverage by The Tech, the company's rise was supported by Menlo Ventures, a Silicon Valley venture capital firm and an early investor in Anthropic, along with other international investors. Later reporting describes the company as having raised $400 million and carrying a valuation of $1.3 billion, though the available material does not provide a full breakdown of the funding round.
The milestone is being framed by commentators as a sign of Kazakhstan's shift from a resource-based economy toward technology, with the government's "Digital Kazakhstan" strategy cited as supporting startup formation, venture capital attraction and AI talent development. Regional coverage cites an aggregate valuation of funded Kazakh startups of $2.16 billion and VC market activity of $320 million in 2025.
Separately, publisher-linked reporting indicates Network School, founded by Balaji Srinivasan, is raising investment at a valuation of $2 billion and is headquartered in Kazakhstan. Details of that raise were not available in the source material reviewed.
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