Mesh Concentration

The median regulated institution shares AI dependencies with three hundred other institutions.

311
Median mesh partners per institution
95.8%
Institutions in the shared mesh
5.5
Mean shared agents per pair

In a population of 543 regulated financial institutions, the median institution shares AI dependencies with 311 of the other 542 through common vendors. Ninety-six percent sit inside this shared mesh. Most cluster at the high end of partner counts, not the low. The mesh is dense, not sparse.

Figure 1 · Mesh Partner Distribution Across 543 Institutions
77 21 33 26 38 28 135 75 107 3 0 50 100 150 INSTITUTIONS 0 100 200 300 400 500 MESH PARTNERS PER INSTITUTION Most regulated institutions sit deep in the mesh, not at its edge. MAR®500.com

Each bar groups institutions by their mesh partner count, where two institutions are mesh partners if they share at least one common AI vendor. The peak at 300 to 350 partners holds 135 of 543 institutions. Three hundred and twenty institutions sit at three hundred partners or higher. Twenty-three institutions sit outside the mesh entirely, sharing no vendor with any other. The shape of the distribution is left-leaning, with most institutions deep inside the mesh rather than at its edge.

Source · Meridian substrate v13.1.0, May 2026 · Mesh edges anonymised per disclosure protocol Methodology · SSRN 6470098
66 countries · 12 sectors · 95,876 agents · 626,390 governance edges
Methodology grounded in The Coase Inversion in Agentic Governance, SSRN Working Paper 6470098. Substrate methodology in The Stationary Sea (Part 1) on Zenodo.