Anthropic still leads the Ramp chart. OpenAI owns the slope.
Anthropic still has more of Ramp’s paying business customers. OpenAI is adding them faster.
That is the whole story under the valuation theater. Inc framed it cleanly: the ChatGPT maker is outpacing Anthropic among business customers even while Anthropic remains the revenue-share leader on this particular ledger. The primary read is TechCrunch’s Julie Bort wrap of Ramp’s AI Index, plus Ramp economist Ara Kharazian’s own commentary.
In May, Anthropic overtook OpenAI among Ramp’s paying U.S. business users for the first time — 41% to 39%. By July, Anthropic had nearly 44% and OpenAI nearly 40%, per TechCrunch’s read of the Ramp print. Anthropic never lost the lead it took in the spring.
The slope changed. Kharazian says OpenAI is growing faster among this segment in Q3 to date than Anthropic. Inc and other wraps of the same Ramp commentary put the quarter-over-quarter growth near 82% for OpenAI and 76% for Anthropic. Ramp shares percentages, not dollars. There is still a month left in the quarter. Thirty days in AI time is enough to flip a chart again.
Treat the sample as what it is. Ramp’s index covers more than 70,000 American businesses spending through its corporate card and bill pay products. The book skews tech. It is not the whole enterprise market. Giant shops that live on American Express and other spend platforms are outside the frame. Still, it is transaction data, not a survey about whether someone “uses AI.”
Both labs can grow while they fight. Paid AI adoption among Ramp customers topped 50% in March and reached nearly 56% by July. The pie is getting bigger. Share fights on a rising pie are how you get two private-market monsters and a public that still thinks one of them already won.
Kharazian’s explanation for the rebound is blunt. On X he credited OpenAI’s GPT-5.6 Sol as “really good, increasingly the choice for developers,” and said Anthropic’s Fable 5 “disappointed both in adoption and real-world application given price + data retention requirements imposed by regulators.” TechCrunch notes that may be an oversimplification — Fable is a higher-end, more targeted tier — and that Anthropic drew heat for warning Fable users it must retain their data for 30 days.
The investor tell is the stickiness line. TechCrunch put it flat: businesses are willing to flop back and forth as each lab releases new models, and that volatility “should give both companies’ investors pause about how ‘sticky’ enterprise spending really is.”
I read the Ramp chart the same way I read Anthropic’s reported IPO risk factor about the neighbors. Valuation is a private-market story about the future. The spend ledger is a present-tense story about whether the customer stays when the next model ships, the next price cut lands, or the next retention rule shows up in the contract.
Anthropic can keep the larger slice of this particular pie and still lose the quarter’s momentum. OpenAI can win the slope and still sit second on the July share print. Neither fact crowns a winner. Both facts are what a public prospectus will eventually have to explain without the private-market fog.
The lead is Anthropic’s. The slope is OpenAI’s. The sticky customer is still nobody’s.