Anthropic's per-token cost on Vercel is 4.4 times the average, despite accounting for 65.1% of spending but only 30% of tokens. This discrepancy highlights the company's ability to generate higher revenue per token compared to other providers on the platform. The data comes from Vercel's AI Gateway, where Anthropic dominated July spending, while xAI and Moonshot gained visibility in open-weight model spend for the first time.
Fable 5 quickly climbed to 13.2% of Gateway spending, second only to Opus 4.8. Nine out of ten Fable teams in July were new customers, which Vercel interprets as a sign that the model is attracting fresh users and that willingness to pay for premium models remains strong. However, Ramp had previously flagged relatively low Fable usage as evidence the model might be priced too high. Both companies only see a slice of the full picture.
Token volume on Vercel rose 59% overall, and spending grew 37%. Average token prices fell 13.6%, as companies shift toward cheaper tiers. Source: thedecoder
