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

AI usage is still rising, but enterprise spending may be losing momentum. New data from corporate card and expense platform Ramp suggests companies are getting more AI output without increasing budgets, as vendors cut prices and large customers apply tighter cost controls. For builders, that means adoption alone is becoming a weaker proxy for revenue growth. The timing matters as Anthropic reportedly moves closer to an IPO. Public-market investors may question hypergrowth assumptions if higher token volumes do not translate into proportional spending. AI vendors will need to prove durable pricing power, expansion revenue, and margins, while startups should expect buyers to scrutinize inference costs and consolidate overlapping tools. The next phase of competition may depend less on usage growth and more on who can turn that usage into sustainable economics.