Ramp's payment data from approximately 70,000 US companies shows that, more than two months after its release, Anthropic's flagship model, Fable 5, accounted for only about 6% of its model token usage and 11.4% of its spending. Meanwhile, the lower-priced Opus 5, launched at the end of July, has already surpassed Fable 5 in enterprise spending.
Anthropic's official pricing shows that Fable 5's input and output prices are $10 and $50 per million tokens, respectively, exactly double that of Opus 5. Anthropic also claims that Opus 5's performance in some tasks is approaching that of Fable 5.
This indicates that enterprises are increasingly prioritizing cost per task in their procurement.
As the gap in model capabilities narrows, price, latency, stability, distribution channels, and workflow integration will more directly determine revenue. Cutting-edge capabilities may not necessarily translate into pricing power. However, Fable 5 was previously affected by a release suspension and data retention requirements, so current data cannot solely attribute its poor sales to price. If this trend continues, model companies' value capture and gross margins will face pressure, and more value may migrate to applications, data, and enterprise workflows.
