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)

SemiAnalysis estimates that approximately 90% of Anthropic's business is derived from agentic AI. Additionally, sources indicate that nearly 25% of Anthropic's projected revenue for 2025 originated from just two clients. This concentration of revenue and reliance on agentic AI highlight significant aspects of Anthropic's business model as powerful AI tools lead to budget re-evaluations and impact pricing strategies ahead of frontier lab IPOs.