Tokenomics: Where AI Agents Actually Spend Their Tokens
You drop a GitHub issue into your agentic coding pipeline and wait. Ten minutes later, the PR arrives β working code, tests passing, documentation updated. Then you get the bill.
Token pricing for reasoning models runs anywhere from 15 per million input tokens. A single agentic software engineering task on GPT-5 can consume over 40 million tokens. That's not a typo β forty million. At current rates, one PR costs somewhere between the price of a coffee and a three-course dinner, depending on your model and provider.
The question that keeps engineering leaders awake: where does it all go?
What the Data Says
A team at Concordia University ran the numbers. Their paper, Tokenomics: Quantifying Where Tokens Are Used in Agentic Software Engineering (Salim et al., arXiv 2601.14470), analysed 30 software development tasks executed by the ChatDev multi-agent framework on GPT-5. They mapped ChatDev's internal phases to the standard Software Development Life Cycle β Design, Coding, Code Completion, Code Review, Testing, and Documentation β then measured exactly where every token was spent.
The results are not what most developers expect.
Code Review Eats 60%% of Your Budget
| Development Stage | Average Token Share |
|---|---|
| Code Review | 59.4%% |
| Code Completion | 26.8%% (in affected tasks) |
| Documentation | 20.1%% |
| Testing | 10.3%% |
| Coding (initial) | 8.6%% |
| Design | 2.4%% |
The dominant cost is not writing code. It's reviewing code. The programmer and reviewer agents engage in multi-turn dialogue β pointing out issues, suggesting fixes, iterating. Each round passes the full code context back and forth. Across 30 tasks, this single phase consumed nearly 60%% of all tokens.
Initial Coding, meanwhile, accounts for less than 9%%. Design is cheaper still at 2.4%%. The conventional intuition β "generation is expensive, review is cheap" β is inverted.
The Communication Tax
Across all phases, the ratio of input to output tokens sits at roughly 2:1:
| Token Type | Average Share |
|---|---|
| Input | 53.9%% |