📅 November 7, 2026 • Ramp AI Index
Per Ramp, total token spending on business AI rose 8.9 percent while total token volume rose 37.1 percent, measured in the AI Index for the week ending October 23, 2026 against the comparable week ending September 25, 2026. Coverage of the index appeared on November 6, 2026 at Benzinga, Unite.AI and TechCrunch. The Ramp analysis Cracks in the AI Thesis Part 3 is dated October 14, 2026. The index is built from card, invoice and ACH transaction data of more than 85,000 US businesses.
The gap between volume and spending comes from price. Over the same period the blended price per million tokens for OpenAI and Anthropic fell from 0.76 dollars to 0.56 dollars, a decline of 26.8 percent. For OpenAI the price fell 42.4 percent and for Anthropic 15.7 percent. In September 2026, AI adoption reached 55.9 percent of the businesses Ramp tracks, up 0.6 percentage points from August and 12.1 points from a year earlier.
Anthropic held 60.5 percent of business token spending in the week ending October 23, 2026 and OpenAI held 35.1 percent. By adoption in September 2026, 43.8 percent of tracked businesses paid Anthropic and 40.6 percent paid OpenAI. Among firms paying for AI, the median firm spends 15.70 dollars per employee per month, the top 10 percent spend 813.43 dollars, and the top 1 percent spend 9,567.53 dollars per employee per month.
TechCrunch reported that OpenAI cut API prices in half for GPT-6 Sol and GPT-6 Luna in September, while Anthropic made significant price reductions for Fable 5.1 and Opus 5.5, a decision the company said in a filing cut its revenue growth by about 600 million dollars. Token spend grew only 1.5 percent across August and September, compared with 42 percent growth in July. Ramp states that 1 percent of firms drives about 80 percent of spending on OpenAI and Anthropic, and that two consecutive months of token expenditure were essentially flat.
IMPACT Reported spending on business AI grows far more slowly than the volume of tokens consumed, because the blended price per million tokens fell from 0.76 dollars to 0.56 dollars over the period. Ramp economist Ara Kharazian said in October that the slowdown is not a demand problem, since AI volumes are up, and pointed to price competition instead. Ramp notes that adoption is likely understated, because free AI tools and personal accounts used for work are not counted.
Sources: ramp.com - benzinga.com - unite.ai - techcrunch.com
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