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Ramp · Ara Kharazian ·

Ramp's July AI index: Anthropic's market share hit 43.5%, widening its lead over OpenAI; Fable 5 is only 6% of tokens businesses bought, likely due to high cost

Dear Colleagues: Today's letter includes my monthly update of Ramp AI Index, our flagship research using spend data from Ramp to track how American businesses are using AI.

OpenAI Anthropic AI
In this story Anthropic Fable 5 OpenAI Ramp
Ramp's July AI index: Anthropic's market share hit 43.5%, widening its lead over OpenAI; Fable 5 is only 6% of tokens businesses bought, likely due to high cost

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Ramp — Ramp's July AI index: Anthropic's market share hit 43.5%, widening its lead over OpenAI; Fable 5 is only 6% of tokens businesses bought, likely due to high cost ↗

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Reuters: Anthropic projects 2028 revenue of ~$190B-$200B, vs. a revenue run rate of $47B in May, as bankers and investors price the company ahead of an IPO
Financial Times: Anthropic's investors expect it to float at a $2T+ valuation in an October IPO and to hit $100B to $120B in annualized revenue by the end of 2026

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