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

TechCrunch · Rebecca Bellan · 2026-11-06 15:54 UTC

AI usage keeps climbing, but spending has stalled. Price cuts and smarter cost controls among the biggest spenders could challenge investor assumptions about AI hypergrowth.

Companies are using more AI than ever, but they’re not spending more on it.

A new report from Ramp shows AI spending flatlined over late summer even as token volumes rose, a sign that price competition and savvier customers may be capping revenue for OpenAI and Anthropic. According to Ramp’s data, token spend only grew 1.5% across August and September. To compare, in July, it grew 42% from the previous month.

As Anthropic gears up for its IPO, the data suggests investors might be wrong to assume AI companies will keep growing at breakneck speed.

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