How large is the opportunity?

We size this bottom-up rather than quoting a headline TAM, because the honest version is strong enough.

The buyer set is every organisation operating AI agents at meaningful scale, and that set is expanding quarterly as agent deployment moves from pilots to production. Within it, two forces order the demand:

• Regulatory pull. The EU AI Act's record-keeping, traceability, and human-oversight obligations arrive on a statutory timetable, and equivalents are following elsewhere. Regulated sectors (finance, healthcare, legal, public sector) cannot run production fleets without demonstrable controls; they buy first and reference outward.
• Operational pull. Fleet spend without attribution and incidents without replay hurt before any regulator calls. Governance tooling gets budgeted the first time either failure costs real money.

Per-seat subscriptions grow with fleet headcount and metered credits grow with fleet activity, so revenue tracks the underlying adoption curve of agents themselves. That is the exposure an investor is buying: the governance layer of a category still early in its growth.