Ramp Raises $1.85 Billion at $60 Billion, Up $16 Billion in Four Months

Ramp, the corporate card and spend-management company, said Thursday it raised $1.85 billion at a $60 billion valuation, TechCrunch reported. The last round was $750 million at $44 billion in June 2026, so the valuation rose $16 billion in four months.

TechCrunch does not say whether $60 billion is pre-money or post-money. The Paypers, dated October 13 and citing a Bloomberg report from October 9, calls it pre-money and says Ramp declined to comment at the time. If that is right, the post-money figure is about $61.85 billion. That is a 3 percent difference, and it will not change the story, but the word has to be in the sentence.

What was announced on October 15

Dragoneer Investment Group, Thrive Capital, Founders Fund, Sands Capital and Avenir Growth co-led, according to TechCrunch. Twenty-three other investors took part, among them Fidelity Management & Research Company, T. Rowe Price, D1 Capital Partners, GIC and Ontario Teachers' Pension Plan. Ramp has now raised about $5 billion in total.

The round was announced. TechCrunch does not say it has closed, and the company's own filing or post is not among the sources reviewed here.

The multiple against June

Annualized revenue has passed $2 billion, up from a reported $1.5 billion in June, TechCrunch said. Annualized purchase volume is above $275 billion, up 175 percent from a year earlier. Customers number 85,000, up from 70,000 in June.

Divide $60 billion by $2 billion and the multiple is 30 times annualized revenue. In June, $44 billion over $1.5 billion was about 29 times. Revenue grew about 33 percent in the interval, and the valuation grew 36 percent, so the investors paid roughly the same multiple for a bigger business.

	June 2026	October 2026
Round size	$750 million	$1.85 billion
Valuation	$44 billion	$60 billion
Annualized revenue	$1.5 billion (reported)	Above $2 billion
Customers	70,000	85,000
Valuation / revenue	About 29x	About 30x

1. June 2026 round44 $ billion
2. October 2026 round60 $ billion

Source: TechCrunch, October 15, 2026

Annualized revenue is a run-rate, not reported revenue. TechCrunch does not say how Ramp defines it, and the figures are the company's.

Rippling and the line about Anthropic

Ramp has moved from expense cards into payments, fraud detection, procurement, vendor management and accounting, and has put AI agents into procurement, expense, accounting and budgeting. In August it began selling token-spend monitoring, and it has launched a corporate credit card meant for AI agents to use. Earlier in October it released Glass, a workspace that stores the automations and prompts employees build.

Rippling, the HR and payroll company, has pushed into cards, expenses and bill pay, and competes for the same finance budgets. Keith Rabois, an early investor who backed Ramp through Founders Fund and Khosla Ventures, said "Ramp is not worried about Rippling." He also said "We're going to compete with Anthropic" and that Ramp wants to be "the primary way people manage their token spend," per TechCrunch. Christian Jensen, a partner at Dragoneer, said Ramp is "well on its way to becoming one of the defining companies of this era."

Rabois is an investor in the company, so these are the views of someone with a position in it. Anthropic has not commented in the sources reviewed.

Whether the round has closed, and at what terms, should show up when Ramp or its investors publish the final numbers. The preferred-stock terms, which decide who is paid first in a sale below $60 billion, have not been disclosed.

For context on how other private companies are being priced this month, see our reporting on the Zetwerk IPO anchor book and the third-quarter cybersecurity funding tally.