Ramp data shows AI spending stalling just as Anthropic nears its IPO

Business AI spending has nearly stopped growing even as usage keeps climbing, according to new Ramp data reported by TechCrunch. Token spend rose just 1.5% across August and September, after a 42% monthly jump in July. It picked up by 8.9% between September 23 and October 23, but Ramp lead economist Ara Kharazian said strong headwinds remain.

Kharazian attributes the slowdown to competition and thriftier customers rather than weak demand. OpenAI halved API prices for GPT-6 Sol and GPT-6 Luna in September, while Anthropic cut prices on Fable 5.1 and Opus 5.5, a move it said in a filing reduced revenue growth by about $600 million. Cheap and open models from Meta, Nvidia and others add pressure, and companies increasingly set budgets and route work to lower-cost models.

Spending is also concentrated. The top 1% of firms dipped just below their summer peak of $10,000 per employee, while the top 10% spend $600 to $1,000 and median firms $12 to $15 per month. Gains among those groups have not offset the stall at the top, and Kharazian doubts sectors outside software and finance will ever spend at that level.

The findings arrive as Anthropic prepares for its IPO. Bloomberg reported its potential valuation fell from an estimated $2 trillion to $1.2 to $1.3 trillion, and OpenAI reportedly lowered its proposed valuation to $1.25 trillion from $1.4 trillion. Investors hope new products will revive growth, but Kharazian is skeptical that personal agents can match coding's economic value.