TL;DR:

• Enterprise capacity pricing has never gone up. Power BI Premium P SKUs (2017) and Microsoft Fabric F SKUs (2023) – P1, F64 and friends – have never had a per-capacity price increase.
• One exception in a decade: a single, first-ever bump on the per-user licenses (Pro and Premium Per User), effective 1 April 2025.
• Competitors raise list prices far more often – routinely, sometimes annually.
• You get more for the same money over time. Fabric introduced small capacities (from F2 upwards), and premium features keep moving down the SKU ladder – e.g. Fabric Copilot, once an F64 privilege, is now available from F2.
• My read: the per-user adjustment arguably makes Fabric capacity look even more attractive – exactly where Microsoft has been steering customers anyway.

The headline: enterprise pricing has been remarkably stable

Let me be precise, because precision is the whole point. Power BI Premium capacity (P SKUs) launched in 2017. From launch through its transition, the monthly price of P1 did not increase – not once. Microsoft Fabric capacity (F SKUs) arrived in 2023, and since then the published per-capacity rates – including the workhorse F64 – have not been hiked either.

So if your organisation runs analytics the way most enterprises do – on a dedicated capacity rather than counting individual seats – your unit price for the underlying platform has been flat for years. In a market where an “annual list-price adjustment” is practically a calendar event for some vendors, that stability is worth calling out.

In fact, it is so stable it makes for one of the most boring charts I have ever drawn. Behold:

What about that F64 number on the pricing page?

A clarification I get asked about constantly. On the Azure pricing page an F64 (USD, cheaper US regions such as East US / Central US) shows roughly:

• Pay-as-you-go: ~$8,409.60 / month
• 1-year reservation (~41% off): ~$5,002.67 / month

That $5,002.67 is the reserved (cheapest) rate – it is not a price increase, just an hourly meter expressed monthly. The reservation column is the discount; there is no hidden tier below it. (And no, there is no “€2,994 F64” – that is an F32-sized number.)

The one exception: a single per-user adjustment

Credit where it is due – let us not pretend nothing ever changed. In late 2024 Microsoft announced the first-ever increase for the per-user Power BI licenses, effective 1 April 2025:

Pro had held at $9.99 since 2015 – almost a decade without a change. Even after the adjustment it remains modest compared with per-seat pricing elsewhere in the category.

Reframing the per-user increase: a nudge toward capacity?

Here is where I offer an opinion (again: mine, not Microsoft’s). The economics of analytics platforms reward consolidation. As your user count grows, per-seat licensing scales linearly, while a capacity – a fixed monthly cost serving everyone who reads content – scales far better. There is a crossover point where moving from “lots of Pro seats” to “one Fabric capacity” simply costs less per head.

By nudging the per-user price up while keeping capacity prices flat, the relative maths shifts: capacity becomes more attractive, sooner. And capacity is exactly where Microsoft has been guiding customers – Fabric F SKUs are the strategic destination, with F64 as the threshold that unlocks free content consumption for viewers (no Pro seat required to read reports).

So you can read the 2025 per-user adjustment two ways, and I think both are true at once:

1. A normal, overdue catch-up after ten flat years on Pro.
2. A gentle economic signal that the future is capacity-based Fabric, not seat-counting.

Either way, the part of your bill that powers the platform itself – the capacity – did not move.

And here is the part that often gets missed: you get more for the same money

Flat pricing would already be remarkable. But the story is actually better than “the price held” – because what you get for that price has steadily expanded.

Smaller capacities arrived. In the Power BI Premium era, the entry point into capacity was effectively P1 – the equivalent of an F64. That was a serious commitment, and it priced a lot of smaller teams out of capacity entirely. Microsoft Fabric changed that by introducing small capacities: you can now start at F2 and step up through F4, F8, F16, F32 long before you ever reach F64. Capacity is no longer an all-or-nothing “F64 or bust” decision – it scales with you, from a couple of hundred dollars a month upwards.

Premium features keep moving down the ladder. The most telling example is Fabric Copilot. At launch, Copilot required an F64 (or P1-equivalent) capacity – a genuinely high bar. That threshold has since been lowered: Copilot is now available from F2. So a capability that used to demand a ~$5,000/month commitment is now reachable on an entry-level SKU costing a fraction of that. The headline price of F64 did not change – but the price of access to its marquee AI feature dropped dramatically.

And look at how much more the platform does now. Think back to what a Power BI Premium capacity actually was: a reporting and BI engine. The same capacity today – at the same price – also gives you a full data engineering stack (Spark, notebooks, Lakehouse), data warehousing, data science, real-time intelligence, Data Factory-style pipelines, databases, OneLake as a unified data lake, and planning capabilities. It is genuinely a bit crazy how many workloads have been folded into the same capacity over a couple of years – entire product categories that used to be separate purchases are now just “another workload” on the SKU you already own.

Am I naive about why? Of course not. Every one of those workloads is also designed to consume more of your capacity – the more you do on Fabric, the more CUs you burn, and the sooner you size up. That is the commercial logic, and it is fair to name it. But here is the key distinction: that is consumption growth, not a price increase. The per-CU, per-SKU price did not go up. You are simply able to do far more with the capacity you already pay for – and you stay in control of how much you actually use.

Put those together and the effective value trend is the opposite of a price increase: same flat capacity prices, smaller entry points, premium features unlocking at lower tiers, and a pile of new workloads on the same SKU. You are getting more capability per dollar each year, not less.

Meanwhile, across the street

I am not going to call out specific competitors by name or quote their numbers – partly to stay fair, partly because those numbers change so often that any figure I print here would be wrong within a year or two. But it is no secret that across the broader BI and cloud-data-platform landscape, list-price increases are a routine, recurring event for several well-known vendors – sometimes annually, sometimes tied to “platform modernisation,” sometimes via repackaging that quietly raises the effective rate.

Against that backdrop, a single per-user adjustment in ten years, with enterprise capacity pricing untouched, is a genuinely different posture.

So what should you actually do?

• If you are seat-heavy: model the crossover. Past a certain number of viewers, an F64 (or right-sized F SKU) often beats stacking Pro licenses – and free viewer consumption at F64+ is a big lever.
• If you are already on capacity: your platform unit cost has been stable. Use a 1-year (or 3-year) reservation for the ~41% discount over pay-as-you-go.
• Plan for change anyway: build your business case so it survives a future adjustment. Stability so far is not a guarantee forever – budget with a sensible buffer.

Bottom line

For enterprise, capacity-based analytics on Microsoft, the price of the engine – P1 yesterday, F64 today – has not gone up. If anything, you get more: small capacities from F2 now exist where P1/F64 was once the only door in, and premium features like Fabric Copilot have moved down from F64 to F2. The lone exception is a single, first-in-a-decade bump on per-user Pro/PPU, which arguably makes Fabric capacity look even better by comparison.

I do not know what the future holds on pricing, and neither does anyone outside the teams who set it. Eventually, something will probably change. But as of today, the story is simple and, frankly, unusual in this industry: the enterprise price held.

Figures verified against public pricing pages in June 2026 and subject to change – always check the official Microsoft Fabric pricing page and Power BI pricing page.