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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 (Financial Times)

Powerful AI tools burn through budgets, prompting a rethink of how the technology is priced ahead of frontier lab IPOs.

  • Nearly 90% of Anthropic's business comes from agentic AI applications, particularly coding tools.
  • Two major clients accounted for nearly 25% of Anthropic's 2025 revenue.
  • Anthropic's revenue surged from $9 billion in 2024 to $65 billion in July 2025.

Quoting Matthew Green

[..] Put these pieces together and you have the two halves of a worm: a payload that hijacks the agent, and an agent that will carry the payload to the next agent.

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