Eighteen months ago Suno was the AI company the music industry wanted to destroy. Every major record label had sued it, accusing it of training its models on copyrighted songs without permission. Now the labels are its partners, and investors have repriced the company accordingly. Suno has raised new capital at a $5.4bn valuation, more than double the $2.45bn it was worth just six months ago.
Bond Capital led the round, a Series D that had been reported to be closing for several weeks. The step-up is steep: a little over 2x in roughly half a year, the kind of re-rating that usually reflects either explosive growth or a fundamental change in a company’s risk profile. In Suno’s case it reflects both, and the second may matter more than the first.
The growth is real enough. Suno says more than 100 million people have now used the service, with around 2 million paid subscribers, and it reported roughly $150M in revenue in 2025.
By the measure investors care about, it is one of the breakout consumer-AI products, turning text prompts into finished songs for a mass audience rather than a niche of producers.
The 💜 of EU techThe latest rumblings from the EU tech scene, a story from our wise ol' founder Boris, and some questionable AI art. It's free, every week, in your inbox. Sign up now!But the more important shift is legal. When Suno last raised, it did so under an existential cloud: lawsuits from Universal, Warner and Sony, any of which could in principle have ended the business if the courts found its training data infringing. That cloud has substantially lifted.
