Ramp data shows business spending on AI models barely grew in late summer, just as Anthropic nears its IPO

Companies are using more AI but not spending much more on it, according to new data from Ramp, the corporate card and spend-management company. Spending on AI model tokens grew just 1.5 percent across August and September, after rising 42 percent in July from the month before. Growth picked up to 8.9 percent between Sept. 23 and Oct. 23, but Ramp economist Ara Kharazian says the headwinds remain strong.

Kharazian points to price competition rather than weaker demand. OpenAI halved API prices for two of its models in September, and Anthropic made significant cuts of its own, which the company said in a recent filing reduced revenue growth by about $600 million. Buyers are also getting better at controlling costs with budgets, default settings and routers that send simple tasks to cheaper models. In Ramp's data, the median company spends $12 to $15 per employee per month and the top 10 percent spend $600 to $1,000, while the top 1 percent, near $10,000, dipped slightly in August and September. "You can use more AI, but use it for less," Kharazian said.

The figures arrive as Anthropic prepares to go public. Bloomberg reported Friday that the San Francisco company's potential valuation has fallen from an estimated $2 trillion in early October to between $1.2 trillion and $1.3 trillion. OpenAI has lowered its proposed valuation to $1.25 trillion from $1.4 trillion.