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Friday 6 November 2026

Markets · Brief

Ramp data shows AI token spending slowed ahead of Anthropic IPO

Ramp recorded a pullback among its heaviest AI buyers, while model price cuts reduced the revenue generated by rising token volumes.

Two men stand in Anthropic headquarters during Peter Kyle’s 2024 visit.
Photo: Department for Science, Innovation and Technology, CC BY 2.0, via Wikimedia Commons (cropped)

Enterprise AI token spending grew just 1.5% across August and September, against 42% month-on-month growth in July, TechCrunch reported on 6 November, citing data from Ramp as Anthropic prepares for an IPO. Token volumes rose during the period even as spending growth slowed.

AI Affairs has reported on Anthropic’s November IPO plans as AI-linked listings stalled. Ramp lead economist Ara Kharazian told TechCrunch that spending by the top 1% of firms slipped below the $10,000 per employee per month reached at summer peaks. Median firms spend $12-$15 per employee per month on AI, while the top 10% spend $600-$1,000, Ramp’s data showed.

OpenAI halved API prices for GPT-6 Sol and GPT-6 Luna in September. Anthropic said in a filing that cuts to Fable 5.1 and Opus 5.5 pricing reduced revenue growth by about $600 million, TechCrunch reported. Bloomberg reported that Anthropic’s potential valuation had fallen from the $2 trillion estimated in early October to $1.2 trillion to $1.3 trillion.

Ramp’s data showed token spending rose 8.9% from 23 September to 23 October.

Sources

Topics: Enterprise adoption, Inference, IPO

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