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The estimate of $1.7 billion of generative ai spend in 2023 and $11.5 billion in 2024 excludes inference, which was previously included in menlo ventures’ 2023 and 2024 state of generative ai in the enterprise reports

Our portfolio includes more than 85 public companies and over 170 exits through mergers and acquisitions. Business spending on generative ai hit $37b in 2025, up from $11.5b in 2024 Anthropic's share of enterprise llm spend grew from 24% to 40% yoy — ai boom vs Anthropic's share of enterprise llm spend grew from 24% to 40% yoy published 09 dec 2025