RESOLVING THE LEDGER
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Volume and spend on tokens for Anthropic’s AI solutions made it more revenue than any of its competitors in July 2026, cementing its position as the top LLM provider
This success is despite Anthropic’s tokens being more expensive than its competitors
The data was collated by Vercel’s AI Gateway, an API service that routes LLMs for easy AI provider swapping
Monthly analysis of the AI industry has revealed a number of surprises for July 2026, not least the continued growth of Anthropic both in terms of revenue and token use.
This is despite the company charging a higher rate for tokens, AI’s computational data currency.
The data was compiled by agentic infrastructure company Vercel, whose AI Gateway is used by many major companies and developers, and found the price-per-token average across all analysed platforms fell following two months of growth in May and June. Despite the overall 37% increase in spend across the industry, the cost per token rate dropped.
Anthropic growth
Vercel’s analysis of transactions through its APIs has repeatedly demonstrated a dominance for Anthropic. Its reporting on gateway spend started in December 2025 and in every month since, Anthropic has had over 60% of the spend share, and in July that figure sat at 65.1% with 30% of the total volume (of all tokens sent through the Vercel AI Gateway).
Yet the average price per token was on 4.4 times higher than the overall average across all AI labs. Token prices have rarely proved to be steady, with Vercel’s data reporting an average price drop of 13.6% after a 20% rise in May and little change in June.
(For reference, the report’s definition of the price per token is the total spend divided by the total volume.)
Despite a higher price per token, however, Anthropic’s price per token was lower in July, a change attributed to the return to public access of Claude Fable 5 after its temporary suspension.
Monthly data collection
Vercel’s monthly look at the data that flows through its API paints a fascinating picture not just of Anthropic’s growth, but of the performance (or otherwise) of its competitors.
For example, it charts Chinese AI company DeepSeek’s surprise growth from May, through June; the report notes that “we said an open-weight lab would soon be second by volume. In July, DeepSeek surpassed Google to take that place.”
DeepSeek’s growth over Google has proved to be a surprise, one that puts it in second place on volume. The real story is Anthropic’s gradual cementing of its strong position over the rest of the LLM makers. Its larger revenue pull despite higher token price indicates that the recent iterations of Claude and anticipation over the gradual release of Mythos 5 are giving the company a strong reputation – much like Apple.
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