Talkspace is a virtual behavioral health company that connects members with licensed therapists and psychiatrists through its web and mobile platform. Members access talk therapy for conditions like depression, anxiety, and trauma, as well as psychiatric care including medication management. Therapy is delivered via text, audio, or video — the asynchronous, text-based format is a signature differentiator from traditional telehealth. Talkspace generates revenue primarily through health insurers and employer assistance programs (EAPs), which reimburse Talkspace on a fee-for-service basis when covered members complete sessions. This payor channel represents roughly 76% of revenue and has been growing rapidly. Employers, government agencies, and schools make up another ~19% of revenue, paying on a per-member-per-month or fixed-fee basis; notable clients include the U.S. Navy and New York City. A small and deliberately shrinking consumer subscription business accounts for the remainder. Talkspace has shifted away from direct-to-consumer toward this B2B payor model, which offers better unit economics and longer member retention. The company's primary cost is its provider network of roughly 5,400 contracted independent providers plus ~350 staff. Growth is driven by activating and retaining members within the already-covered population, deepening integrations into payor member portals, and expanding into new populations like Medicare and TRICARE military members. Talkspace is also developing a behavioral-health-specific AI product, TalkAI, trained on its proprietary dataset of anonymized therapy interactions, with a public launch targeted for mid-2026.