别再数 token 了，该数交付了多少软件

When a developer gives an AI agent a coding task, the agent does more than answer once. It plans, generates code, runs tests, and repeats the process to correct errors. A single task can use 10 to 50 times more tokens than a basic chat prompt. The more useful the agent becomes, the more calls it makes. With per-token pricing, the workflows creating the most value can also become the most expensive.

The financial pressure is already visible. Uber reportedly exhausted its entire 2026 AI budget by April after expanding its use of Claude Code. GitHub Copilot moved from flat-rate pricing to metered credits. Gartner predicts that AI coding token costs will surpass average developer salaries by 2028.

The natural response is rationing usage caps, seat limits, and approvals before developers launch agents. But blanket limits can restrict the workflows delivering value. They also optimize the wrong number. Cost per token measures consumption, not results. Some spending reflects waste, including retries and runaway loops. Some represents the work of shipping software. A meter cannot distinguish them, and neither can a spending cap.

Measure the software that ships

A better measure is cost per merged pull request: total AI-assisted development cost divided by the number of changes that pass review and are merged. Track rework and defects alongside it so cheaper changes do not conceal lower quality.

If that cost falls as AI usage rises, without compromising quality, developers are converting more consumption into useful software. The question is not how many tokens they use, but how much finished work the investment produces.

Improving that equation requires two changes: reserve expensive inference for tasks that need it, and lower the cost of routine work.

Match the model to the task

Agentic coding does not require the most powerful model at every step. Use a frontier model, or an on-premises flagship when policy requires it, for difficult planning and novel reasoning. Route suitable work, including code generation, test creation, and repeated refactoring, to open-weight models you operate yourself.

A gateway can route requests according to task complexity, data sensitivity, cost, and latency. This reserves premium inference for the moments that justify it rather than applying premium pricing to an entire workflow. Meter the exception, not the workload.

Open-weight models make this division increasingly practical. Software-engineering benchmarks show that leading open-weight models can approach frontier performance on some tasks. That does not establish equivalence across every repository or workflow. Evaluate candidates against your own code, tests, and acceptance criteria before assigning production work.

Change the economics of repeated use

Next, decide who owns the capacity. With rented inference, every call adds to the bill. With owned capacity, most of the cost is committed upfront, so each additional call gets cheaper as usage grows.

The economics are simple: per-token pricing makes heavy use more expensive, while owned capacity becomes more efficient as teams use it more. Ownership is not free, though. Power, operations, maintenance, and depreciation all must be considered. The number that matters is the fully loaded cost per merged pull request.

Owned capacity also delivers a type of value that never appears on an invoice: control over sensitive code. When code generation and testing run on-premises, proprietary code stays inside the enterprise. Only approved planning prompts and governed exceptions go to external models, through a gateway the organization controls. That opens the sensitive repositories where security usually stalls adoption, and where the biggest gains are waiting.

Test the operating model

At HPE, a hybrid AI platform routes routine workloads from more than 150 internal applications to open-weight models running on premises, including on HPE Private Cloud AI. The result: token costs down 30 to 50%.

That is the point of hybrid. With HPE Private Cloud AI, owning your inference does not mean giving up frontier models. Run the volume on capacity you own and let a gateway send the hardest work.

Data also shows that usage, not licensed headcount, drives spend. The top 5% of users generated most of the consumption, and the heaviest used roughly 450 times more than the lightest on the same license. If power users grow from a small minority to half the workforce, monthly spend can rise about 4.4 times with flat headcount. Your mix will differ, which is exactly why you need to measure it.

HPE tracks two metrics and recommends customers do the same. First, it tracks cost per active developer, because averaging across all licenses hides the power users driving spend. Second, it tracks cost per merged pull request, because it connects AI spending to software that ships.

Baseline both costs before changing infrastructure. Then run a complete development cycle on owned capacity. If both metrics do not improve as usage grows, your current model may still be the better choice.

Build for adoption, not rationing

Owned capacity is not for everyone. Low or unpredictable usage favors APIs, with no capital tied up in idle infrastructure. Ownership pays off when sustained demand keeps it busy. Most enterprises will run hybrid: frontier APIs for demanding or intermittent work, owned capacity for repeatable volume. A governed gateway decides what leaves the building, so you get frontier models without giving up sovereignty over your code.

As developers lean harder on coding agents, usage will keep rising. The real choice is whether that growth shows up as a bigger variable-cost bill or as more software shipped on capacity you own. The companies that lead AI-assisted development will not ration adoption to control costs. They will build an operating model where more AI use improves the economics instead of undermining them.

To learn more about HPE Private Cloud AI, please visit HPE.

This content was produced by HPE. It was not written by MIT Technology Review’s editorial staff.