Ramp data show AI token spending nearly flat in August–September after July’s surge as Anthropic heads toward its IPO
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Ramp reports corporate AI token spend rose 1.5% across August and September after a 42% month-on-month jump in July, while usage still increased, suggesting cheaper pricing and tighter budgets may limit revenue for vendors such as OpenAI and Anthropic as Anthropic approaches listing. Ramp lead economist Ara Kharazian said almost all spend comes from venture-backed high-growth tech firms, and the top 1% of heavy users dipped in August and September to just under $10,000 per employee from summer peaks, a shift he said is enough to slow revenue even as token volumes climb.
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