It holds, but discount the consumption-driven part: the ceiling is your customer's budget discipline. Per The Information, Electrek and IBTimes, Tesla capped spend at $200 per person per week from July 6, and Uber moved to $1500 per person per month.
The mainstream reads caps as demand peaking. The diary reads both sides: usage heavy enough to need a cap, with engineers choosing approval queues over stopping, is the hardest adoption evidence. Meanwhile per-seat pricing cannot reach the $600B narrative, so pricing should move to consumption or outcomes and growth should be told through token efficiency.
Tesla: from July 6, a cap of $200 per person per week, with overspend needing a manager's sign-off. Uber: after its AI budget burned through in April, it moved to $1500 per person per month (both per The Information, Electrek, IBTimes; both are per-employee allowances, not company totals). Ramp Economics Lab: the July median was $11.95, against the $56/month needed to reach the $600B narrative; the $600B is investor Doyle's 2030 base case, not an Anthropic internal estimate.
For founders: stop pitching "unlimited usage"; show how much business each token buys, and move seat pricing to consumption or outcome pricing. For investors: split out the consumption-driven share of ARR before assigning a multiple, and check the Ramp median once a month.