Companies in the United States are directing a larger share of their artificial intelligence spending to Anthropic's cheaper models, while the Fable 5, the company's most advanced and expensive option, accounts for about 11% of spending on its models. The shift was revealed by the Financial Times on Sunday (23), based on data from payments platform Ramp.
The numbers gain relevance as the developer of Claude prepares for a possible IPO that could value the company at US$ 2 trillion or more, amid the race by leading AI companies for ever-larger investments.
Companies avoid paying more for the most advanced model
Data released by Ramp itself in August show that Fable 5 accounted for 11.4% of the amount spent by companies on Anthropic models and only 6% of the tokens acquired in the period analyzed. The database used by the company gathers data from more than 70,000 businesses in the United States.
The performance contrasts with the pattern observed in previous launches, when corporate clients tended to migrate quickly to the newest and most powerful models.
According to analysts and investors interviewed by the Financial Times, price is one of the main factors behind the change. Earlier models can handle a large share of business tasks without requiring the added cost of the more advanced product.
Fable 5 costs approximately US$ 10 per 1 million tokens, according to Ramp. The value is about twice that charged for GPT-5.6 Sol, from OpenAI. In July, Anthropic's model generated about 75% of the spending volume attributed to the competitor's main model.
Anthropic also faces competition within its own line. The Opus 5, launched in late July and offered at a lower price, has already surpassed Fable 5 in corporate spending, according to the data cited in the report.
Adoption occurs amid IPO preparations
The lower demand for the most expensive model comes amid strong financial expansion at Anthropic. The company's annualized revenue reached about US$ 65 billion in July, compared with US$ 47 billion in May, according to information presented to investors.
The company is also evaluating an initial public offering capable of matching or surpassing that of SpaceX, which initially raised US$ 75 billion in its IPO and reached US$ 86.2 billion after the exercise of an overallotment option.
Investors have been working with a possible valuation of at least US$ 2 trillion for Anthropic, although the figure has not yet been officially set by the company.
The launch of Fable 5 also faced a disruption in June, when the United States government imposed export controls on the Fable 5 and Mythos 5 models. Anthropic temporarily suspended access and made the products available globally again on July 1, after the restrictions were removed.
