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great @OnlyCFO post on how vertical AI agents can strategically expand, or intentionally compress, gross margins, through the lens of Harvey vs. Legora
onlycfo.io/p/harvey-vs-legor…
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California & Colorado (i just found out) will be taxing SaaS in 2027!
>CA rate: 7.25% - 11.25%
>CO rate: adding 2.9% state-wide
And yes...most AI stuff counts as SaaS.
If you are based here, then you are paying a lot more for your tools. And your CA/CO customers will suffer..
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Couple notes on Colorado:
>Enterprise vendors can avoid this because there is an exemption if contracts are negotiated. Ie if the customer can fight you on price and they have to sign paper
>It's state-wide tax on top of all the local jurisdictions in CO that already tax SaaS
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Honestly, pretty crazy.
I now have to add ~10% additional expense for 2027 planning for our software.
there are a few things I am trying, but CA of course hasn't nailed down how this will be implemented
onlycfo.io/p/california-is-t…
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Prior models are smart enough for a lot of tasks now…
And that also means open source models (while slightly behind) are good enough for most things.
NEW: AI Spend FALLS in the latest Ramp AI Index.
Price cuts at the frontier, in addition to cheaper and more efficient models at standard and lite levels, are pushing down the cost of using AI.
Open source models remain <5% of business spend. This decline in spend is driven almost exclusively by competition between OpenAI + Anthropic.
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When are terrible gross margins OK?
Many companies justify their terrible unit economics because they are growing fast, but not all terrible unit economics are created equal...
Harvey vs Legora + Where AI costs go on the P&L
onlycfo.io/p/harvey-vs-legor…
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Ignore the loses. Anthropic is very profitable on an EBITTDAH basis!
Earnings before interest, taxes, tokens, depreciation, amortization, and humans
Anthropic IPO prospectus leaked to Reuters
Anthropic reported a net loss of $42 billion in 2025, ‌and plans to spend $518 billion on cloud, computing and infrastructure obligations in coming year, according to the prospectus.
The prospectus details how the company has grown sharply in the last year — while also posting wider losses. Revenue grew 12-fold in 2025 to nearly $4.6 billion, even as the company lost more than $8 billion on an operating basis, excluding writedowns of various liabilities mostly tied to previous fundraising, according to the documents, reported here for the first time.
reuters.com/business/finance…
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AI model spend is becoming very concentrated.
Top 1% of customers account for 46% of all Anthropic spend…
You see a similar concentration at the individual company level with users. And those are the ones we trying to solve for by leveraging more cheaper open-weight models.
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I get a ton of requests from “legacy SaaS” for paid product research sessions….
Offering $300+ for 30 mins
Have never taken one, but I know they just want to hear how the new companies are using AI. They were so far behind…
Legacy SaaS is in serious trouble.
By the time your product leaders are offering to pay churned customers to see a demo of the platform winning all your business, the game is already over.
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