Ramp data: AI token spending stalls as Anthropic prepares IPO
Ramp data reported by TechCrunch shows token spending growth of just 1.5% in August and September, after a 42% monthly jump in July.
Corporate spending on AI tokens barely grew in August and September, rising just 1.5% across the two months, according to Ramp data reported by TechCrunch on November 6, 2026. The figures point to slowing growth in enterprise AI demand as Anthropic prepares for its IPO.
Ramp's data showed token spending climbing 42% month over month in July, then flattening. Spending did pick up 8.9% between September 23 and October 23, according to the same data.
Spending is concentrated at the top. Companies in the top 1% of AI users spent under $10,000 per employee in August and September, while the top 10% spent $600-1,000 per employee per month. Median companies spent $12-15 per employee per month.
Ramp chief economist Ara Kharazian said nearly all AI spending comes from venture-backed high-growth technology companies. Price cuts by the model providers have also weighed on totals: in September, OpenAI halved prices for its GPT-6 Sol and Luna APIs. Anthropic significantly lowered prices for Fable 5.1 and Opus 5.5 and said the cuts reduced its revenue growth by about $600 million.
Both companies have trimmed their valuations. According to Bloomberg, Anthropic's expected valuation fell from $2 trillion in early October 2026 to $1.2-1.3 trillion, while OpenAI lowered its IPO-related valuation from $1.4 trillion to $1.25 trillion.
Quick answers
How much did corporate AI token spending grow in August and September?
Ramp data showed growth of 1.5% across the two months, after a 42% month-over-month increase in July.
Why did Anthropic's revenue growth slow?
Anthropic said its price cuts for Fable 5.1 and Opus 5.5 reduced revenue growth by about $600 million.
What happened to Anthropic's expected valuation?
According to Bloomberg, it fell from $2 trillion in early October 2026 to $1.2-1.3 trillion.