Published by Menlo Ventures in December 2025, this third annual benchmark survey covers roughly 500 U.S. enterprise decision-makers. It finds enterprise generative AI spending tripled year-over-year to $37 billion, with a sharp shift toward purchased solutions over in-house builds and healthcare emerging as the leading vertical sector for AI spending.
As a repeated annual survey from a venture capital firm with direct visibility into enterprise AI purchasing decisions, the report has become a widely cited benchmark for tracking enterprise generative AI spending trends year over year.