TLDR: French insurtech Alan raised €480 million in a round that the Financial Times first called one of the largest by a “non-AI” company. That mislabeling of Alan points to a more fundamental error: how markets keep misjudging which companies are making the transition to the Agentic Era. In the Orchestration Economics framework, Alan serves as a case study of a company making the crossing. Alan is a disruptor that owns its context, workflow, and the verifier that decides whether its agents are right. That last asset is the most decisive and least-watched test of who crosses the agentic threshold and who is displaced. In Alan's case, the binding constraint may ultimately come from capital rather than technology.