In escalating talks to reach USD 40 billion valuation, 6 months after reaching USD 32 billion

Investors couldn’t get enough of Ramp throughout 2025, and it looks like 2026 could be another fundraising year for the corporate spend management startup. The company is in talks to raise another $750 million at a pre-cash valuation of more than $40 billion, sources told The Wall Street Journal. The deal is not final yet, so terms could change.

Rump declined to comment.

In November, Ramp announced it had raised $300 million at a post-money valuation of $32 billion led by Lightspeed, which also included a tender offer for employees. The company in July announced a $500 million Series E-2 at a $22.5 billion valuation led by Iconiq, which was just a few weeks after a $200 million Series E at a $16 billion valuation led by Founders Fund. It was raised two more times earlier in 2025, each time rising another significant valuation.

Ramp has also had revenue success. In November, Eric Gliman, CEO and founder of Ramp, said his company had reached $1 billion in revenue, doubling its income in just one year. Gliman was also heralding the vision of artificial intelligence built into all of Ramp’s spending management products, with agents that automatically block out-of-policy purchases, detect fraud, and move money into interest-earning investments.

This combination of growth plus artificial intelligence seems irresistible to venture capital.