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

Ramp’s data suggests AI companies’ revenue growth may be slowing, despite businesses using more AI. Spending growth stalled in August and September as falling prices and customer discounts made AI cheaper, raising questions about assumptions of continued rapid growth as Anthropic prepares for an IPO.

AI token spending rose just 1.5% across August and September, compared with 42% growth in July; it then increased 8.9% from 23 September to 23 October. The top 1% of firms spent just under $10,000 per employee at their summer peak, while median firms spent $12 to $15 and the top 10% spent $600 to $1,000 monthly. Ramp economist Ara Kharazian attributes the slowdown to price competition, including cheaper and open-source alternatives, rather than weaker demand.