Chainfir Capital flags plateau in AI spending as growth concentrates among largest customers
QQQ•Chainfir Capital’s analysis found token spending flat for two consecutive months, while about 80% of Anthropic’s and OpenAI’s revenue came from 1% of firms. Ramp’s $1.85 billion funding round valued it at $60 billion, with annualized revenue above $2 billion.
1. AI spending trends
Chainfir Capital’s analysis favors AI spending-management businesses with measurable revenue over companies selling intelligence at a loss to gain market share. Ramp’s October AI Index showed paid AI adoption at 55.9%, while token spending was flat for two consecutive months. About 80% of Anthropic’s and OpenAI’s revenue came from 1% of firms. Ramp’s $1.85 billion funding round valued the company at $60 billion, roughly 30 times annualized revenue; its annualized revenue exceeded $2 billion and annualized purchase volume topped $275 billion.
