What happened
Anthropic's annualized revenue for July reached $65bn, up from $47bn in May, though its newest flagship model Fable 5 accounts for only 8.0% of Anthropic model spend, per Ramp's AI index based on billing data from 70,000 companies.
Why it matters
Fable 5's low adoption suggests its cost has made it less popular than cheaper alternatives, even as Anthropic expects Q3 profitability and told investors it has 6,000 customers spending $100,000 annually or more.
What to watch
OpenAI's annualized revenue has jumped 35% in the quarter to date to over $40bn, boosted by the July launch of GPT 5.6, indicating competitive pressure on Anthropic's pricing strategy.
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Anthropic's revenue growth is strong—$65bn annualized in July, up from $47bn in May—and the company expects Q3 profitability. Yet the adoption data from Ramp's AI index reveals a striking split: Opus 4.8, an older model, commands 28.0% of spend, while the newest flagship Fable 5 trails at 8.0%. The article suggests this is because Fable's cost makes it less appealing, even though it launched only on July 24th. This implies that businesses are prioritizing price over the latest capabilities, a trend that could shape how AI firms price future models.
OpenAI's recent performance adds context: annualized revenue jumped 35% in the quarter to date to over $40bn, with GPT 5.6's July launch revitalizing growth after a sluggish start. For Anthropic, the mix of high revenue and low flagship uptake suggests a trade-off—profitability may be rising, but market share for its newest tech is not guaranteed. The Ramp data, based on 70,000 companies, offers a real-world view of which models actually get used, not just which are released.
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