Menlo Ventures published its 2026 State of Enterprise AI report on November 3, finding total U.S. enterprise AI spending reached $176.8 billion, a 5.4x increase from $33 billion the prior year, based on a survey of nearly 400 enterprise decision-makers overseeing more than $4 billion in AI spending.
Frontier models captured 63% of spending and 42% of token share, up from 35% and 18%, while frontier labs' share of deployment spend grew from 50% to 69%. Open-source token usage grew 22.5x but spending share fell from 6% to 4%, as average open-source token prices dropped 3.3x to $0.13 per million versus roughly $0.70 for closed models.