Ramp: AI token spend flat while usage keeps climbing

Corporate card firm Ramp says AI token spend grew only 1.5% across August and September 2026, after a 42% jump in July, even as token volumes rose. The top 1% of AI-heavy firms slipped just below their summer peak of about $10,000 per employee per month; median firms sit at $12-$15 per employee, and the top 10% at $600-$1,000. Ramp's economist points to model price cuts, enterprise discounts, routers that push work to cheaper models, and better budget controls. October saw a partial rebound (spend up 8.9% from late September to late October), but he still calls the headwinds on spend growth strong. Notion's co-founder posted matching internal charts: tokens up, costs down.