Enterprise AI spend hits $177B, up 5.4x; Anthropic and OpenAI take 86% of API spend
deedydas · x · 2026-11-04
Menlo Ventures released a 15-part report on enterprise AI spend, summarized by deedydas:
- Spend grew 5.4x year-over-year to $177B (from $33B), mostly from existing buyers; just $2.5B three years ago
- 69% of deployment dollars go to the top 3 labs (Anthropic, OpenAI, Google), up from 50% last year
- 86% of LLM API spend goes to Anthropic (55%) and OpenAI (31%); Google fell from 21% to 9%
The full report adds: OpenRouter agent traffic is up 37x since overtaking human traffic in February; coding ($34B) and chatbots ($25B) make up 76% of the $77.3B app market; 55% of AI dollars are net-new spend; every dollar into model development yields $1.70 of revenue.
Related event: Menlo Report: Enterprise AI Spend Surges 5.4x to $177B in a Year(11 posts)→
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