diff --git a/CHANGELOG.md b/CHANGELOG.md
index 57bbd971035..12c70864039 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -14,6 +14,7 @@ For details about compatibility between different releases, see the **Commitment
 - The `http.client.transport.compression` experimental flag. It controls whether the HTTP clients used by the stack support gzip and zstd decompression of server responses. It is enabled by default.
 - The `http.server.transport.compression` experimental flag. It controls whether the HTTP servers used by the stack support gzip compression of the server response. It is enabled by default.
 - Rate limiting classes for individual HTTP paths.
+- Rate limiting keys for HTTP endpoints now contain the caller API key ID when available. The caller IP is still available as a fallback.
 
 ### Changed
 
diff --git a/pkg/ratelimit/grpc.go b/pkg/ratelimit/grpc.go
index 406f2d6f9bb..9a9c9d27d29 100644
--- a/pkg/ratelimit/grpc.go
+++ b/pkg/ratelimit/grpc.go
@@ -18,7 +18,6 @@ import (
 	"context"
 	"fmt"
 
-	"go.thethings.network/lorawan-stack/v3/pkg/auth"
 	clusterauth "go.thethings.network/lorawan-stack/v3/pkg/auth/cluster"
 	"go.thethings.network/lorawan-stack/v3/pkg/log"
 	"go.thethings.network/lorawan-stack/v3/pkg/rpcmetadata"
@@ -44,17 +43,6 @@ func grpcIsClusterAuthCall(ctx context.Context) bool {
 	return rpcmetadata.FromIncomingContext(ctx).AuthType == clusterauth.AuthType
 }
 
-func grpcAuthTokenID(ctx context.Context) string {
-	if authValue := rpcmetadata.FromIncomingContext(ctx).AuthValue; authValue != "" {
-		_, id, _, err := auth.SplitToken(authValue)
-		if err != nil {
-			return "unauthenticated"
-		}
-		return id
-	}
-	return "unauthenticated"
-}
-
 // UnaryServerInterceptor returns a gRPC unary server interceptor that rate limits incoming gRPC requests.
 func UnaryServerInterceptor(limiter Interface) grpc.UnaryServerInterceptor {
 	return func(ctx context.Context, req any, info *grpc.UnaryServerInfo, handler grpc.UnaryHandler) (resp any, err error) {
diff --git a/pkg/ratelimit/grpc_test.go b/pkg/ratelimit/grpc_test.go
index 0e42d8295be..d66d1d7ead0 100644
--- a/pkg/ratelimit/grpc_test.go
+++ b/pkg/ratelimit/grpc_test.go
@@ -53,12 +53,6 @@ func (ss *serverStream) SetHeader(md metadata.MD) error {
 	return nil
 }
 
-func grpcTokenContext(authTokenID string) context.Context {
-	return metadata.NewIncomingContext(test.Context(), metadata.Pairs(
-		"authorization", fmt.Sprintf("Bearer NNSXS.%s.authTokenKey", authTokenID),
-	))
-}
-
 func grpcClusterContext() context.Context {
 	return metadata.NewIncomingContext(test.Context(), metadata.Pairs(
 		"authorization", fmt.Sprintf("%s %X", clusterauth.AuthType, []byte{0x00, 0x01, 0x02}),
@@ -82,7 +76,6 @@ func TestGRPC(t *testing.T) {
 
 	const (
 		unaryMethod  = "/Service/UnaryMethod"
-		authTokenID  = "my-token-id"
 		streamMethod = "/Service/StreamMethod"
 	)
 
@@ -157,7 +150,7 @@ func TestGRPC(t *testing.T) {
 			t.Run(tc.name, func(t *testing.T) {
 				intercept := ratelimit.UnaryServerInterceptor(tc.limiter)
 
-				ctx := grpcTokenContext(authTokenID)
+				ctx := tokenContext(authTokenID)
 				if tc.cluster {
 					ctx = grpcClusterContext()
 				}
@@ -219,7 +212,7 @@ func TestGRPC(t *testing.T) {
 			} {
 				t.Run(tc.name, func(t *testing.T) {
 					intercept := ratelimit.StreamServerInterceptor(tc.limiter)
-					ss := &serverStream{t: t, ctx: grpcTokenContext(authTokenID)}
+					ss := &serverStream{t: t, ctx: tokenContext(authTokenID)}
 					if tc.cluster {
 						ss.ctx = grpcClusterContext()
 					}
@@ -238,7 +231,7 @@ func TestGRPC(t *testing.T) {
 				"grpc:stream:up":     &mockLimiter{},
 			}
 			intercept := ratelimit.StreamServerInterceptor(limiter)
-			ss := &serverStream{t: t, ctx: grpcTokenContext(authTokenID)}
+			ss := &serverStream{t: t, ctx: tokenContext(authTokenID)}
 			info := &grpc.StreamServerInfo{FullMethod: streamMethod}
 
 			keyFromFirstStream := ""
diff --git a/pkg/ratelimit/http_test.go b/pkg/ratelimit/http_test.go
index 58bca1bea35..8972b781365 100644
--- a/pkg/ratelimit/http_test.go
+++ b/pkg/ratelimit/http_test.go
@@ -74,6 +74,22 @@ func TestHTTP(t *testing.T) {
 		a.So(limiter.calledWithResource.Classes(), should.Resemble, []string{"http:test:/path/{id}", class, "http"})
 	})
 
+	t.Run("AuthToken", func(t *testing.T) {
+		limiter.limit = false
+		limiter.result = ratelimit.Result{Limit: 10}
+
+		rec := httptest.NewRecorder()
+		req := httpRequest("/path", "10.10.10.10").WithContext(tokenContext(authTokenID))
+		handler.ServeHTTP(rec, req)
+
+		a.So(rec.Header().Get("x-rate-limit-limit"), should.Equal, "10")
+		a.So(rec.Result().StatusCode, should.Equal, http.StatusOK)
+
+		a.So(limiter.calledWithResource.Key(), should.ContainSubstring, "/path")
+		a.So(limiter.calledWithResource.Key(), should.ContainSubstring, authTokenID)
+		a.So(limiter.calledWithResource.Classes(), should.Resemble, []string{class, "http"})
+	})
+
 	t.Run("Limit", func(t *testing.T) {
 		limiter.limit = true
 		rec := httptest.NewRecorder()
diff --git a/pkg/ratelimit/resource.go b/pkg/ratelimit/resource.go
index 2285c141299..b72d3bcd6ba 100644
--- a/pkg/ratelimit/resource.go
+++ b/pkg/ratelimit/resource.go
@@ -78,8 +78,12 @@ func httpRequestResource(r *http.Request, class string) Resource {
 	if template, ok := pathTemplate(r); ok {
 		specificClasses = append(specificClasses, fmt.Sprintf("%s:%s", class, template))
 	}
+	authKey := fmt.Sprintf("ip:%s", httpRemoteIP(r))
+	if authTokenID := authTokenID(r.Context()); authTokenID != unauthenticated {
+		authKey = fmt.Sprintf("token:%s", authTokenID)
+	}
 	return &resource{
-		key:     fmt.Sprintf("%s:ip:%s:url:%s", class, httpRemoteIP(r), r.URL.Path),
+		key:     fmt.Sprintf("%s:%s:url:%s", class, authKey, r.URL.Path),
 		classes: append(specificClasses, class, "http"),
 	}
 }
@@ -87,7 +91,7 @@ func httpRequestResource(r *http.Request, class string) Resource {
 // grpcMethodResource represents a gRPC request.
 func grpcMethodResource(ctx context.Context, fullMethod string, req any) Resource {
 	key := fmt.Sprintf("grpc:method:%s:%s", fullMethod, grpcEntityFromRequest(ctx, req))
-	if authTokenID := grpcAuthTokenID(ctx); authTokenID != "" {
+	if authTokenID := authTokenID(ctx); authTokenID != unauthenticated {
 		key = fmt.Sprintf("%s:token:%s", key, authTokenID)
 	}
 	return &resource{
@@ -99,7 +103,7 @@ func grpcMethodResource(ctx context.Context, fullMethod string, req any) Resourc
 // grpcStreamAcceptResource represents a new gRPC server stream.
 func grpcStreamAcceptResource(ctx context.Context, fullMethod string) Resource {
 	key := fmt.Sprintf("grpc:stream:accept:%s", fullMethod)
-	if authTokenID := grpcAuthTokenID(ctx); authTokenID != "" {
+	if authTokenID := authTokenID(ctx); authTokenID != unauthenticated {
 		key = fmt.Sprintf("%s:token:%s", key, authTokenID)
 	}
 	return &resource{
diff --git a/pkg/ratelimit/util_test.go b/pkg/ratelimit/util_test.go
new file mode 100644
index 00000000000..7aaf76f6f4d
--- /dev/null
+++ b/pkg/ratelimit/util_test.go
@@ -0,0 +1,31 @@
+// Copyright © 2023 The Things Network Foundation, The Things Industries B.V.
+//
+// Licensed under the Apache License, Version 2.0 (the "License");
+// you may not use this file except in compliance with the License.
+// You may obtain a copy of the License at
+//
+//     http://www.apache.org/licenses/LICENSE-2.0
+//
+// Unless required by applicable law or agreed to in writing, software
+// distributed under the License is distributed on an "AS IS" BASIS,
+// WITHOUT WARRANTIES OR CONDITIONS OF ANY KIND, either express or implied.
+// See the License for the specific language governing permissions and
+// limitations under the License.
+
+package ratelimit_test
+
+import (
+	"context"
+	"fmt"
+
+	"go.thethings.network/lorawan-stack/v3/pkg/util/test"
+	"google.golang.org/grpc/metadata"
+)
+
+const authTokenID = "my-token-id"
+
+func tokenContext(authTokenID string) context.Context {
+	return metadata.NewIncomingContext(test.Context(), metadata.Pairs(
+		"authorization", fmt.Sprintf("Bearer NNSXS.%s.authTokenKey", authTokenID),
+	))
+}