The Mystery Vendor Behind Meta's Muse? Hunterbrook Thinks It Might Be Innodata

Innodata (INOD) is back in the Muse spotlight — not as a rival or a partner, but as a possible hidden hand behind it. Research firm Hunterbrook reported that Innodata's new "personalization of long-horizon agents" program with its largest customer may involve Meta's Muse AI agent, though neither company has confirmed a connection.

A customer that's doing a lot of the heavy lifting

Innodata doesn't name its largest customer publicly, but that single account generated roughly $146 million — about 58% — of the company's entire 2025 revenue. Hunterbrook identified that customer as Meta. If accurate, it means more than half of Innodata's business rests on its relationship with a single technology giant, a concentration level that makes any shift in that account materially important to the stock.

A history of large-scale staffing on the account

A former Innodata director said the company had roughly 400 full-time-equivalent employees working on the Meta account in 2024 — a substantial deployment that underscores just how central this relationship has been to Innodata's operations, well before Muse existed as a product.

The new program nobody will size

Innodata disclosed the new "personalization of long-horizon agents" assignment in August, but gave no detail on its size, duration, or profitability. That combination — a data-and-AI-services vendor whose largest customer is reportedly Meta, taking on a newly disclosed agent-personalization program, right as Meta's own personal AI agent becomes the biggest consumer AI story of the year — is exactly the kind of dotted line Hunterbrook is drawing, even without either company confirming it.

The revenue trend that complicates the story

Here's the twist: business from Innodata's largest customer is shrinking, not growing. That account generated an estimated $34.1 million in second-quarter revenue, down from about $50.5 million a year earlier — a roughly 32% decline. If this customer is indeed Meta, and the new agent-personalization program is indeed tied to Muse, the math suggests Innodata's overall exposure to the relationship has been shrinking even as a specific, newer piece of the work may be tied to one of the biggest product launches in Meta's history.