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 to be heavily driven by agentic AI workloads, but the reported concentration of nearly a quarter of 2025 revenue in just two customers highlights meaningful customer and usage-risk for the vendor. For CIOs, the bigger takeaway is that advanced AI can create unpredictable, high-velocity spend, making pricing models, consumption governance, and vendor due diligence strategic IT priorities—especially as frontier labs move toward IPOs and may shift commercial terms. IT organizations should expect more pressure to prove ROI per workload and to manage AI adoption with tighter controls on usage, unit economics, and contract structure.