DeepSeek enters the fight for token volume, Anthropic continues to dominate spend

In May 2026, AI Gateway reported significant shifts in AI token routing and spending patterns, revealing a 20% month-over-month increase in total tokens and a 43% increase in spending. DeepSeek's introduction of its V4 models marked a major change, capturing 17% of token volume while maintaining a low cost share, highlighting their effectiveness and affordability for high-volume tasks. Anthropic continued to dominate high-stakes use cases, holding a significant portion of the spend despite increased competition from lower-cost models like DeepSeek. The report underscores a growing trend towards strategic model routing, with teams optimizing their budgets by employing cheaper models for less critical tasks and reserving more expensive, high-performance models for areas where quality is paramount. This approach reflects a heightened pricing sensitivity among developers, who are increasingly focused on maximizing the efficiency of their AI investments. Additionally, the report notes a reluctance to adopt new, more expensive models without clear return on investment, emphasizing a pragmatic approach to AI deployment in production environments.