1 % OF COMPANIES ACCOUNT FOR 80 % OF OPENAI AND ANTHROPIC SPENDING - AND IT JUST STALLED

What happened: Ramp data shows 1% of companies account for 80% of business spending on OpenAI and Anthropic, and Ramp recorded two straight months of virtually no growth in token spend in August and September. Key numbers: Median VC-backed startup spent $76 per Why it matters: Ramp's economist attributes the stall to price declines at the frontier plus efficiency gains, and notes buyers hold leverage in enterprise deals, which could contribute to price cuts without driving additional volume. Goldman warned token demand growth must outpace declining prices to support investment spending.

Ramp data shows 1% of companies account for 80% of business spending on OpenAI and Anthropic, and Ramp recorded two straight months of virtually no growth in token spend in August and September.

Ramp's economist attributes the stall to price declines at the frontier plus efficiency gains, and notes buyers hold leverage in enterprise deals, which could contribute to price cuts without driving additional volume. Goldman warned token demand growth must outpace declining prices to support investment spending.