I think the trial period of 1 year with two reports is interesting and would be a great way to get a better understanding of the actual impact of these reports.
I agree with the comments above that $25K per report is on the expensive side, although the quality, distribution, and reach that Messari offers is undeniable. I think the two report offer is reasonable. After the trial year, the DAO will be able to revisit the proposal and make a more informed decision.
As an aside, I think the Euler DAO should create an official grant program with a few members from the core team and maybe 1 or 2 part-time contributors that would review and follow up on proposals like this. The way the DAO currently handles grants seems a bit unorganized. The grant program committee could submit a funding proposal to the DAO every 3-6 months and handle the grant-related operations.