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“If anything, it's probably the case that the Department of Defense's supply chain risk labeling accelerated Anthropic's adoption with businesses.”

“Coming to the forefront last month when Anthropic overtook OpenAI in actual business adoption. So now Anthropic sits at about 41% of US firms are using Anthropic. 39.5% of firms are using OpenAI. Anthropic is still growing. OpenAI is relatively flat.”

“Better models don't necessarily create the switching for employees and users. It's about the product experience around those models.”

“Cursor comes out, and within about a year, it has the majority of the market. Then, by the way, Cloud Code comes out, and then now Cloud Code has majority of the market.”

“Neither OpenAI nor Anthropic have built products that allow firms to actually manage their token spend. Nor have they built products that incentivize firms to keep those costs under control. If anything, open and anthropic are incentivized to have firms spend …”

“Only about .4% of businesses are using it. Again, that's up from .1. So, Forex increase, but it's extremely small, and I think it's not going to be very durable, given that OpenAI and Anthropic are well positioned to respond to that with some price cuts.”

“Seat-based contracts are still the vast majority of spend from most software. It's like, 60 to 75%. The rest of it is really just flat platform subscriptions. Metered usage is extremely small, like, five percent. Less than five percent.”

“And then notably, even for the AI companies, they're actually growing on subscription spend faster than they're growing on token spend.”

“For the top quartile of firms that are spending on AI, top 25%, it's only about two percent of business spend excluding payroll. You'd be at one percent if you were to include payroll.”

“Last month, DeepSeq was one of the fastest growing vendors on ramp. And yet, it's still a very small share of AI spend that is actually going through those rails.”

“The top one percent of spenders on AI use eight vendors on average, whereas the median maybe uses two, and that's vendors fairly narrowly defined as LLM providers and maybe some AI infrastructure companies.”

“Again, median firm is only spending 11 dollars a month, so there's a lot of room to grow, but even for the one percent, it's still going up.”

“Five percent of firms on our platform are even using these kinds of open source platforms. Last year is one percent, so it's five x growth, and it's actually going faster than the growth that's happening for open ion anthropic, but it's a relatively small perc…”

“80% of their revenue from businesses is token based. It's not subscriptions. It's tokens.”

“I think Google's really the best positioned and relatively underrated in these kinds of conversations to take market share away from open ad and anthropic.”

“AI spend is the fastest growing spend category we've ever observed in our data set.”

“Since January, 20, 25 through May, 2026, so last month per business spend on AI tokens is up 15 X. And that's amongst firms that were already spending on AI.”

“54% of firms are using AI in some way, or at least paying for it.”

“And if anything, in our data set, we see that renewal rates increase year over year with firms that are more advanced. So they're more likely to stick to the vendors that they've been using as opposed to, you know, switch so frequently.”

“And at many traditional SaaS companies that have offered their own sort of metered usage, like in Adobe, you can now pay for Adobe by credits. It's still only like half a percent of their revenue.”