Ghost crossed $10M ARR as a non-profit. Publisher revenue on Ghost is a different pile
John O'Nolan wrote in March 2026 that Ghost crossed $10M ARR as a bootstrapped non-profit foundation, while indie publishers earned about $130M using the software. That ARR is Ghost's own recurring business. An earlier essay put Ghost's annual revenue around $7.5M and the Kickstarter at $350,000.
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