90% of Anthropic Business Is Agentic AI: SemiAnalysis — SkimNews
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- SemiAnalysis estimates that ~90% of Anthropic's business derives from agentic AI, signaling how quickly the category has become the company's core revenue engine
- Anthropic drew nearly 25% of its 2025 revenue from just two clients, underscoring concentration risk in its enterprise customer mix
- AI tools are burning budgets and forcing a pricing rethink as frontier-lab model developers approach public listings
Why it matters: With two clients generating roughly a quarter of 2025 revenue and agentic workloads driving ~90% of the business, Anthropic's pricing model is being reworked ahead of frontier-lab IPOs — a signal that token-based billing may not sustain a public-market valuation if a handful of buyers can dictate terms.
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