GoKawiilRamp data shows AI token spending growth nearly flat in August-September
Payments firm Ramp reports that while AI token usage kept rising, actual spending on AI services grew just 1.5% combined across August and September, down sharply from 42% growth in July alone. Ramp's lead economist Ara Kharazian said the slowdown is concentrated among the top 1% of spenders, who have dipped slightly below the roughly $10,000-per-employee monthly spending they hit over the summer.
GoKawiil's interpretation of the reporting above, not reported fact.
The deceleration comes as Anthropic prepares for an IPO, and Kharazian suggests it could challenge investor assumptions that AI revenue will keep compounding at the pace seen earlier this year. Because spending is concentrated among a small group of venture-backed tech firms, he warns any slowdown there could ripple through overall AI company revenues even as broader usage keeps climbing. He also questions whether industries beyond software and finance will ever spend at the levels the heaviest users do today.
- AI token spend grew just 1.5% in August-September versus 42% growth in July, per Ramp.
- The top 1% of spenders have slipped below their summer peak of about $10,000 per employee monthly.
- Ramp's economist says heavy reliance on a small cohort of high-growth firms could expose AI revenue to sudden slowdowns.
Source: techcrunch.com — Rebecca Bellan, 2026-11-06
Published there as: “Ramp data shows AI spending stalling just as Anthropic nears its IPO”
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