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)

据 SemiAnalysis 估算,Anthropic 约 90% 的业务来自 agentic AI(智能体式 AI);同时有消息称,2025 年其近 25% 的收入仅由两家客户贡献。这说明 Anthropic 的收入结构高度偏向智能体应用,且客户集中度不低。








