Anthropic's Fable 5 Stalls at 11% of Spend as Cheaper AI Models Win Users
Updated
Updated · Financial Times · Aug 23
Anthropic's Fable 5 Stalls at 11% of Spend as Cheaper AI Models Win Users
3 articles · Updated · Financial Times · Aug 23
Summary
More than two months after launch, Fable 5 accounts for only about 11% of customer spending on Anthropic tools, according to Ramp data covering 70,000 companies.
High pricing is the main drag: investors and analysts say many businesses find older Anthropic models good enough, while lower-cost options such as Opus 5 and OpenAI's GPT 5.6 are taking share.
That weak uptake clouds Anthropic's expected IPO, which investors think could value the company at $2 trillion or more as soon as next month, even though annualized revenue reached $65 billion in July from $47 billion in May.
Fable 5's rollout was also disrupted by U.S. national-security restrictions in June, and Ramp says Trump-era data-retention rules have further hampered adoption, though political uncertainty has faded behind price and performance.