Ramp July: Anthropic Reaches 43.5% of US Businesses as Fable 5 Stalls at 6% of Internal Tokens
Ramp’s July AI Index puts Anthropic at 43.5% of eligible US businesses — a 1.1 percentage point gain over June’s 41%. OpenAI moved to 39.7%, up 0.23 points. Anthropic is now adding business adoption nearly five times faster than OpenAI on Ramp’s measure, its second consecutive month leading. June was the first time Anthropic had cleared OpenAI.
The split inside Anthropic’s own model mix is the more interesting number.
Fable 5 Is Not Converting
Fable 5 launched in early July as Anthropic’s flagship reasoning model. One month in, it accounts for 6% of Anthropic’s token consumption and 11.4% of model spend on Ramp’s platform. Its share is not rising. For comparison, GPT-5.6 Sol — OpenAI’s flagship — accounts for 25% of OpenAI tokens and 23% of spend.
Fable 5 generated approximately 75% as much model-attributed spend as GPT-5.6 Sol in July, despite Anthropic’s larger overall business footprint. The spend ratio is higher than the token ratio because Fable 5 is more expensive per token, not because it is being used more.
The price differential is straightforward: Fable 5 runs at approximately $10 per million tokens in blended terms. GPT-5.6 Sol runs at approximately $5 per million. Anthropic’s own Opus 4.8 — the prior generation flagship — likely accounts for a larger share of Anthropic’s enterprise token base than Fable 5 does.
What This Means for Anthropic’s Revenue Mix
Anthropic’s business adoption lead translates to revenue only at the rates users actually pay. If the new customers Anthropic is adding in July are defaulting to Sonnet-tier or Opus 4.8 rather than Fable 5, the revenue benefit per additional business is lower than Fable 5’s pricing would imply.
Fable 5’s 11.4% of spend on 6% of tokens confirms the model is premium-priced relative to the mix — but also that it is not pulling a disproportionate revenue share. GPT-5.6 Sol at 25% of tokens and 23% of spend suggests near-equal revenue per token to blended OpenAI pricing, meaning Sol is running at or near the average rather than commanding a premium within OpenAI’s mix.
The structural dynamic is: Anthropic is winning business adoption faster, but its newest and most capable model is not being chosen at a rate that reflects its market position. Price is the friction point. At twice the cost of Sol, Fable 5 requires a use-case where the capability gap is worth the spend premium — and most enterprise deployments are not there yet.
Key Numbers
| Metric | Anthropic | OpenAI |
|---|---|---|
| US business adoption (July) | 43.5% | 39.7% |
| Month-over-month gain | +1.1 pp | +0.23 pp |
| Flagship token share | 6% (Fable 5) | 25% (Sol) |
| Flagship spend share | 11.4% | 23% |
| Flagship blended price | ~$10/M | ~$5/M |
Source: Ramp July 2026 AI Index. Adoption percentages represent share of eligible US businesses using each provider.