diff --git a/studio/backend/core/inference/api_monitor.py b/studio/backend/core/inference/api_monitor.py
index 92104df688..10d177fc23 100644
--- a/studio/backend/core/inference/api_monitor.py
+++ b/studio/backend/core/inference/api_monitor.py
@@ -173,6 +173,7 @@ class ApiMonitor:
         model: str,
         reason: Optional[str] = None,
         running: bool = False,
+        via_api_key: bool = False,
     ) -> str:
         """Record a model load/unload alongside the request traffic that caused it.
 
@@ -199,6 +200,11 @@ class ApiMonitor:
             event = event,
             reason = reason,
             shared = True,
+            # The overlay opens on API-key traffic only. A switch or download that
+            # is refused never reaches api_monitor.start, so this row is the whole
+            # trace of it, and without the attribution the monitor stayed shut on
+            # exactly the failures it exists to surface.
+            via_api_key = via_api_key,
         )
         with self._lock:
             self._entries.appendleft(entry)
diff --git a/studio/backend/core/inference/openai_auto_download.py b/studio/backend/core/inference/openai_auto_download.py
index cad5e40d14..e313aa081f 100644
--- a/studio/backend/core/inference/openai_auto_download.py
+++ b/studio/backend/core/inference/openai_auto_download.py
@@ -777,7 +777,8 @@ async def _dispatch(
         return busy
 
     monitor_id = api_monitor.record_lifecycle(
-        event = "download", model = label, reason = "api", running = True
+        # Only an API request reaches auto-download, hence reason "api".
+        event = "download", model = label, reason = "api", running = True, via_api_key = True
     )
     with _lock:
         if _active is active:
diff --git a/studio/backend/routes/inference.py b/studio/backend/routes/inference.py
index 61b3520d19..69362486dd 100644
--- a/studio/backend/routes/inference.py
+++ b/studio/backend/routes/inference.py
@@ -5321,6 +5321,9 @@ async def _load_model_impl(
         event = "load",
         model = _lifecycle_model_label(request.model_path, request.gguf_variant),
         running = True,
+        # Auto-switch loads run before the endpoint opens its request row, so a
+        # load that fails there leaves this as the only trace of API traffic.
+        via_api_key = _request_used_api_key(fastapi_request),
     )
 
     native_grant_backed = False
diff --git a/studio/backend/tests/test_api_monitor.py b/studio/backend/tests/test_api_monitor.py
index 2b611928e9..13e6b8f39e 100644
--- a/studio/backend/tests/test_api_monitor.py
+++ b/studio/backend/tests/test_api_monitor.py
@@ -517,3 +517,28 @@ def test_hidden_shared_ids_do_not_outlive_their_entries():
     for i in range(5):
         monitor.record_lifecycle(event = "unload", model = f"org/M{i}")
     assert not monitor._hidden_shared.get("alice")
+
+
+def test_an_api_triggered_lifecycle_row_carries_the_attribution():
+    """The overlay opens on API-key traffic only. An auto-switch or auto-download
+    that is refused never reaches api_monitor.start, so the lifecycle row is the
+    whole trace of that request; without the attribution the monitor stayed shut
+    on exactly the failures it exists to surface."""
+    monitor = ApiMonitor(max_entries = 5)
+
+    api_load = monitor.record_lifecycle(
+        event = "load", model = "org/Repo-GGUF", running = True, via_api_key = True
+    )
+    monitor.record_lifecycle(event = "unload", model = "org/Repo-GGUF", reason = "idle")
+
+    rows = {e["id"]: e for e in monitor.snapshot()}
+    assert rows[api_load]["via_api_key"] is True
+    # A background unload is not API traffic and must not pop the overlay.
+    idle = [e for e in rows.values() if e["event"] == "unload"]
+    assert idle and all(e["via_api_key"] is False for e in idle)
+
+    # The failure path keeps it: failing the row must not drop the attribution.
+    monitor.fail(api_load, error = "auto-switch refused")
+    after = {e["id"]: e for e in monitor.snapshot()}
+    assert after[api_load]["via_api_key"] is True
+    assert after[api_load]["status"] == "error"