SemiAnalysis estimates ~90% of Anthropic's business comes from agentic AI, while sources say nearly 25% of its revenue in 2025 came from just two clients
THE SO WHAT
If ~90% of revenue is agentic AI and ~25% comes from two customers, frontier labs are effectively concentrated, bespoke-systems vendors today. As a buyer, you have leverage on pricing and roadmap in the near term—but you should also model vendor risk and token-cost volatility before making agents a core workflow dependency.
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