Gusto crosses $1B in trailing 12-month revenue, with AI writing half its new code
Gusto disclosed it had passed $1 billion in actual trailing-12-month revenue — not ARR — while remaining cash flow positive for several years and last valued at $9.3 billion. The company also reported that AI now accounts for roughly 50% of new code generation and handles a similar share of customer-support cases.
Fortune and TechCrunch both reported on 7 May 2026 that Gusto had surpassed $1 billion in revenue over the previous 12 months. The figure is actual trailing revenue rather than annualised recurring revenue, and the company describes itself as cash flow positive for several years, with revenue growth accelerating in each of the last five quarters.
The AI disclosure is the part that matters for pricing. Following the December board appointment of Anthropic CTO Rahul Patil, Gusto reported that AI now accounts for roughly 50% of all new code generation and handles an equal share of customer-support cases.
Read against Gusto’s pricing page, this is the whole story of how the company monetises AI: it does not. Neither Gus (launched September 2024) nor Gusto Cofounder (launched June 2026) carries a price, a meter, a credit pool or a plan gate, and no AI feature has ever appeared on the pricing page. The AI is being spent against Gusto’s own cost of goods — engineering throughput and support headcount — rather than sold to customers as capacity.
On IPO timing, a Gusto spokesperson said there was nothing to share on the IPO timeline front. No Form S-1 appears in SEC EDGAR under the company name as of September 2026.
The 29 March 2026 snapshot still lists Employer of Record services at a discounted $599 against a $699 per-employee-per-month list price, with the discount deadline rolled forward for the fourth time. By 25 May 2026 the line item is gone from the add-on grid entirely, leaving global contractor payments at $5 per payment as the only international option shown.