Top 1% of AI Clients: -9.7% Spending per Employee in August

Key Takeaways

1The median spend per employee in the top 1% of AI client companies dropped by 9.7% in August, reaching $7,205

2Cutting-edge models now account for only 45% of tokens consumed at the beginning of September, down from 53% at the beginning of August, in favor of cheaper standard models

3Open-weight remains marginal (6.4% on the Ramp platform, 3.6% overall) and the IPO of Anthropic is expected in October

Why it matters : AI model providers are heavily reliant on their largest clients, whose reduction in spending and shift towards cheaper models could impact market dynamics.

Among the largest AI buyers, the cost per employee decreased in August, while usage shifted from cutting-edge models to cheaper offerings. The effective price of tokens has dropped by 41% since March 2026, reaching $0.68. Open-weight remains a minority, and the upcoming IPO of Anthropic in October is expected to provide new data to the market.

The share of Opus, Fable, and Sol models falls to 45% in early September

The share of cutting-edge models such as Opus, Fable, and Sol has decreased to 45% of the tokens consumed in early September, down from 53% in early August. The growth in usage primarily comes from less expensive standard models, such as GPT-5.6 Terra and the Claude Sonnet series, while internal policies restrict the use of the most expensive models. This shift is not driven by open-weight or Chinese alternatives: 6.4% of companies using AI on the Ramp platform resort to open-weight models, and 3.6% of companies overall, a level likely even lower in reality due to measures via routing platforms. Ramp clarifies that its data only covers a portion of the market. The anticipated IPO of Anthropic in October is presented as a milestone that could shed more light on the dynamics.

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Among large clients, spending per employee declines significantly

Companies that spend the most on AI reduced their budgets in August compared to July. In the top 1%, the median spending per employee fell by 9.7% to $7,205. During the same period, spending per employee continued to rise in the top 10% and at the median, while it decreased by about 10% for the top 1%. However, Ramp emphasizes that this estimate, based on a small group, is more volatile and subject to revision. Model providers are highly exposed to these very large clients, who account for the majority of enterprise revenues.

The cost of one million tokens drops by 41% since March 2026

The effective price per million tokens has decreased by 41% since its peak in March 2026, reaching $0.68. OpenAI and Anthropic have also recently announced further price reductions. According to Ara Kharazian, two forces are thus weighing on spending across all sectors: falling prices and a constant migration towards less expensive models, along with seasonal effects in August. He notes that despite the increase in volumes, growth may not offset the decline in prices.

Adoption rising but at a slower pace, and shares of Anthropic and OpenAI

Ramp's AI Index shows that adoption is still progressing, but at a slowed pace. Ramp tracks monthly spending by U.S. companies on AI services. In August, 43.8% of companies paid for Anthropic, up by 0.34 points, while OpenAI gained 0.09 points to reach 39.8%. Computing and finance remain the driving sectors. Last month, Ara Kharazian already mentioned warning signs for providers, citing the low adoption of Fable 5 and the growing preference for cheaper models.