A recent report from Ramp indicates that corporate spending on artificial intelligence flatlined during late summer, even as the volume of tokens processed continued to rise. This divergence suggests that price competition and improved cost controls are limiting revenue growth for major providers like OpenAI and Anthropic.Companies are using more AI, but they are not paying more for it because prices have dropped.Ramp data reveals a divergence between token volume growth and revenue growth, driven by price compression from major vendors.
The claim
According to data analyzed by Ramp, token spend increased by just 1.5% across August and September.reported This represents a sharp deceleration from the 42% month-over-month growth recorded in July. The report suggests that this slowdown could challenge investor assumptions regarding sustained hypergrowth in the AI sector, particularly as Anthropic prepares for its initial public offering.
Evidence: reported
Ramp data shows AI spending stalling just as Anthropic nears its IPOaifleet-techcrunch-all
The response
Ramp’s lead economist Ara Kharazian stated that the slowdown is not driven by a lack of demand, since usage volumes remain high. Instead, he attributed the trend to competitive pricing strategies. He noted that price cuts from OpenAI and Anthropic have simply made it cheaper for companies to use AI services, thereby reducing overall revenue growth despite higher consumption.
The practical upshot
While median firms spend between $12 and $15 per employee per month, and the top 10% spend $600 to $1,000, the heaviest users are pulling back. The top 1% of firms, previously spending near $10,000 per employee, saw a slight stutter in August and September.reported Kharazian warned that if this cohort continues to slow down, it could trigger cascading effects across the market.
Evidence: reported
Ramp data shows AI spending stalling just as Anthropic nears its IPOaifleet-techcrunch-all
Claims versus evidence
The primary claim is that AI revenue growth is stalling due to price compression rather than demand destruction. The evidence from Ramp shows a 1.5% spend increase in late summer compared to 42% in July, alongside stable or rising token volumes.reported A key limit acknowledged by the sources is that October data showed a re-acceleration, with spend up 8.9% from late September to late October.reported However, Kharazian maintains that headwinds remain strong, suggesting the initial slowdown was structural rather than temporary.
Evidence: reported
Ramp data shows AI spending stalling just as Anthropic nears its IPOaifleet-techcrunch-all
Evidence: reported
Ramp data shows AI spending stalling just as Anthropic nears its IPOaifleet-techcrunch-all
Why it matters
- Product teams must recognize that higher usage does not guarantee proportional revenue growth due to aggressive pricing.
- The top 1% of spenders, who drive significant revenue, are already showing signs of spending fatigue.
- Investors may need to adjust growth expectations as the era of unchecked hypergrowth potentially ends.
- Median and top 10% firms are increasing spend, but not enough to offset reductions from the largest buyers.
Topics: AI spending, Ramp, OpenAI, Anthropic, pricing
Updated
Then / now / next
AI spending grew by 42% month-over-month in July.
Spending growth slowed to 1.5% in August and September due to price cuts.
Watch whether October’s 8.9% rebound signals a return to hypergrowth or a temporary spike.
Story timeline
- Then AI spending grew by 42% month-over-month in July.
- 06 Nov 2026 Ramp data shows AI spending stalling just as Anthropic nears its IPO
- Now Spending growth slowed to 1.5% in August and September due to price cuts.
- Next Watch whether October’s 8.9% rebound signals a return to hypergrowth or a temporary spike.
The strongest doubt
Counterpoint from the sources
Kharazian noted that October data showed an 8.9% increase in spend, suggesting the slowdown might not be permanent.
For readers
Business
- Price cuts are capping revenue growth despite rising usage
- Top spenders are reducing per-employee costs below summer peaks
Investors
- Investor assumptions about continuous hypergrowth may need adjustment
- Anthropic's upcoming IPO faces a market with slowing spend growth
Developers
- Higher token volumes do not necessarily translate to higher vendor revenue
Numbers in context
Circle area is proportional to the magnitude; labels retain signs. Figures may describe different measures. Read their contexts above.Ask the article
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Your choice stays on this device. No public tally.Questions readers ask
Why did AI spending slow down if usage increased?
Price cuts from major providers like OpenAI and Anthropic made AI cheaper to use, reducing total spend despite higher volumes.
How much do median firms spend on AI?
Median firms spend between $12 and $15 per employee per month according to Ramp data.
Did spending recover in October?
Yes, token spend increased by 8.9% from September 23 to October 23, though headwinds remain.
Connected stories
Reading receipt
- Token spend grew only 1.5% in August and September, down from 42% in July.
- Top 1% firms reduced spending slightly, dropping below previous summer peaks.
- OpenAI and Anthropic price cuts made AI cheaper, capping revenue growth.
Still open: Will the October re-acceleration sustain itself or revert to the summer slowdown?
Still open: Can median firms increase their spend enough to offset reductions from the top 1%?