Anthropic Fable 5 enterprise spending share stalls at 11% two months post-launch
Ramp data on Aug 24 shows Anthropic's priciest model Fable 5 has only 11% enterprise spending share two months after launch, below Opus 5.
On August 24, the Financial Times cited enterprise payment platform Ramp's analysis of 70,000 companies, reporting that Anthropic's most expensive model Fable 5 had only about 11% of enterprise spending share two months after launch, surpassed by the smaller Opus 5 model.
This data breaks the convention of enterprise users defaulting to the strongest model. Anthropic's analysts and investors say the change is driven mainly by Fable 5's high price and the fact that older models can handle most business needs. Accel partner Miles Clements, whose firm has invested close to $1 billion in Anthropic, said the era of customers defaulting to frontier models is not a persistent phase.
Fable 5's June launch was disrupted by the Trump administration's national security concerns, forcing a withdrawal. Since the model was approved to return on July 1, concerns about further access restrictions have subsided. Investors anticipate Anthropic's IPO valuation will reach $2 trillion or more, potentially as soon as next month.
Meanwhile, OpenAI's annualized revenue jumped 35% to over $40 billion this quarter on the back of its July GPT-5.6 launch, with a clear counterattack momentum.