1% of clients contribute nearly half of Anthropic’s revenue as enterprise token spending stalls.

ChainCatcher report: According to Ramp’s tracking of payment data from over 70,000 U.S. enterprises, approximately 80% of Anthropic and OpenAI’s enterprise revenue comes from the top 1% of customers. Enterprise token spending remained nearly flat for two consecutive months in August and September; although it reached a new high in early October, it was only 1.5% above the August peak. According to Ornn data, Anthropic’s actual token price index fell from over $1.70 in mid-September to $0.83, a decline of more than 50%, while OpenAI’s corresponding index stood at $0.45. YipitData shows that Anthropic’s top 1% of customers accounted for 46% of revenue in August, up from 25% a year earlier. Ramp data indicates that the enterprise AI paid adoption rate rose by only 0.62 percentage points in September, reaching 55.9%. Ramp’s Chief Economist Ara Kharazian believes growth is shifting from expanding the number of paying users to deepening usage among existing customers. Goldman Sachs warns that token demand growth must outpace price declines to sustain ongoing compute investments. Apollo’s Chief Economist Torsten Slok notes that enterprises are highly sensitive to compute pricing, and price reductions do not necessarily generate sufficient new demand. Goldman Sachs data also shows that the realized return on invested capital for Amazon, Alphabet, Meta, Microsoft, and Oracle has declined from 40% to 25%, the lowest level since 2016.