Klaviyo's Enterprise Push Shows Early Traction as AI Agents Remain Unmonetized in Guidance
Goldman Sachs Communacopia + Technology Conference, September 8, 2026
Klaviyo's Chief Revenue Officer Luciano Fernandez Gomez used his appearance at Goldman Sachs' Communacopia + Technology Conference to lay out a company in the middle of an enterprise transition, with early data suggesting the strategy is working even as the two AI agent products driving much of the excitement remain deliberately excluded from financial guidance.
The Enterprise Segment Is Outgrowing the Core Business
The most concrete data point from the session was the widening growth gap between Klaviyo's largest customers and the rest of the business. Customers spending over $50,000 annually are growing at a 36% clip, compared to 26% growth for the overall business, making that cohort what Fernandez Gomez called "growth accretive to the rest of the business today." He was explicit that this isn't a temporary phenomenon: "I'm expecting you will hear us talking much larger customer segments going forward."
Fernandez Gomez, who joined Klaviyo after scaling go-to-market motions at other enterprise software companies, was candid that the company's biggest constraint isn't product capability but perception. "Today, if you ask me what is the biggest gap, it is mind share," he said, noting that enterprise buyers still associate Klaviyo with its SMB roots even as the company has built infrastructure capable of managing "over 100 million messages in 20 minutes." Win rates and pipeline quality have improved meaningfully, he said, adding that he feels "much more comfortable" than he did six months ago. The company has also made leadership changes aimed at tightening qualification and pipeline discipline specifically for the enterprise motion, which he said is now outpacing the company's traditional product-led growth engine.
AI Agents Show Usage Momentum, But Monetization Timeline Is Still Undefined
Klaviyo has two live AI agent products, Composer for marketing and Customer Agent for service, and both are showing usage growth that management is choosing not to bake into guidance. Composer, a campaign-creation agent, reached 95,000 users within one month of launch, with a 25% repeat-usage rate. Customer Agent, which functions as an automated customer service representative, has seen usage grow 40% quarter-over-quarter, and one large customer saw its resolution rate jump from 52% to 79% after adoption. Despite this, Fernandez Gomez was unambiguous that Composer revenue is not reflected in current guidance. "We decided we're going to focus on adoption, we're going to focus on repeatability, we're going to focus on customer success before we think about monetization," he said, adding that management expects to have "a much better idea by the end of the year" on the size of the opportunity. Investors should read this as optionality rather than a near-term catalyst: the company is explicitly prioritizing product-market fit over pricing before layering in expansion revenue, meaning any upside from these products is unlikely to show up in numbers until fiscal 2027 at the earliest.
Composer Adoption Is Skewing Enterprise, Reversing the Usual SMB-First Pattern
In a departure from the typical bottom-up adoption curve seen in software, Fernandez Gomez noted that 27% of Composer's user base is already enterprise customers, a segment that historically adopts new tools more slowly. He attributed this to the added complexity that larger organizations face, citing the example of a customer entering the U.K. market for the first time and needing help constructing an entirely new WhatsApp-based segmentation strategy. "Composer becomes pretty handy in terms of the ones that should be more producing," he said, arguing that the tool helps enterprise marketers who "run out of ideas" on channel selection and personalization even when they have the resources SMBs lack.
Service Is Being Positioned as a Second Buyer, But Product Maturity Still Lags Marketing
Fernandez Gomez reiterated that customer service spend could eventually rival marketing spend as a total addressable market, but was careful to frame this as a multi-quarter build rather than a current reality. He said the Customer Agent product only reached what he considers full maturity "a couple of months ago," when multi-language support and richer API connectivity were added. The company is now running proof-of-concept engagements with large enterprise customers to prove out resolution-rate improvements against incumbent service tools before those deals convert to full contracts. One case study cited was Boston Proper, which saw a 50% case deflection rate and 3x ROI improvement within a month of deploying Customer Agent, an example management is using to build referenceability. Marketing remains the primary buyer relationship, and building trust with service-side buyers is described as its own separate sales motion.
Competitive Landscape Is Stable, With Braze Showing Up More as Klaviyo Moves Upmarket
Asked directly about competitive dynamics, Fernandez Gomez said there has been little structural change over the past year, though Klaviyo is now encountering Braze more frequently simply because it's entering enterprise deals it wasn't previously invited to. He downplayed the threat of customers building comparable infrastructure in-house, pointing to the 14 years of engineering investment behind Klaviyo's real-time data architecture as a moat that "took us like 14 years to build" and isn't easily replicated. He also flagged Intuit Mailchimp's SMB customer base as a potential source of share gains as those customers look for more product innovation, saying Klaviyo is "already potentially being" a beneficiary of that migration.
Management's View on Agentic Commerce Favors Email Economics
On the emerging question of AI shopping agents disintermediating brand-to-consumer relationships, Fernandez Gomez argued that rising agent-to-agent interaction volume should benefit Klaviyo's channel mix rather than threaten it, since email remains the cheapest channel to scale as automated queries multiply. "When you have agents interacting on your behalf, you can consume many more emails because you are not bothered like, 'I need to read this one,'" he said, framing increased machine-driven interaction as a volume tailwind rather than a disintermediation risk, though this thesis remains largely unproven and untested by real transaction data.
Multi-Product Adoption and International Remain the Steadier Growth Levers
Away from the AI narrative, Fernandez Gomez pointed to more mundane but currently more reliable growth drivers: international revenue is growing 36%, and multi-product customers carry annual recurring revenue roughly 6 percentage points higher than single-product customers, feeding directly into net revenue retention. He was clear that these levers require little incremental investment to sustain, unlike the agent products, whose payoff timeline remains, in his words, "hard to call."