Anthropic's flagship model Fable 5 falls flat as customers opt for cheaper alternatives According to spending data from payment company Ramp covering 70,000 businesses, Anthropic's most advanced and expensive model, Fable 5, has seen its share of overall tool spending stuck at around 11% since its launch over two months ago. This breaks the usual trend of enterprise clients defaulting to the most powerful model. Analysts and investors believe the main reason is Fable's high price, while older models are already sufficient for most business needs. After Anthropic released its cheaper Opus 5 model, it has surpassed Fable in enterprise spending. Meanwhile, OpenAI's GPT 5.6, launched this July, comes with significantly lower pricing. OpenAI's annualized revenue has grown 35% this quarter, exceeding $40 billion. Anthropic's annualized revenue for July reached $65 billion, a sharp increase from May's $47 billion, but still below investors' optimistic forecast of $80 billion. This situation adds uncertainty to Anthropic's upcoming IPO—investors are expecting a valuation of $2 trillion or higher, with the IPO possibly kicking off as early as next month.