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)
Anthropic’s revenue appears heavily tied to agent-style AI work and a small number of major customers.
SemiAnalysis estimates about 90% of Anthropic’s business comes from agentic AI. Sources told the Financial Times that nearly a quarter of its 2025 revenue came from just two clients. The note is framed around customer concentration as much as product mix. Techmeme's note
SemiAnalysis estimates about 90% of Anthropic’s business comes from agentic AI. Sources told the Financial Times that nearly a quarter of its 2025 revenue came from just two clients. The note is framed around customer concentration as much as product mix. Techmeme's note
score 6