Negotiations begin to achieve valuation of more than $40 billion six months after reaching $32 billion

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

Lamp declined to comment.

Last November, Ramp announced it had raised $300 million through a $32 billion post-money valuation led by Lightspeed, which also included an employee public offering. The company announced its $500 million Series E-2 at a $22.5 billion valuation led by Iconiq in July, which comes just weeks after its $200 million Series E at a $16 billion valuation led by Founders Fund. There were two more increases in early 2025, each time resulting in another large valuation increase.

Ramp has also been successful in generating revenue. Last November, Ramp founder and CEO Eric Glyman said his company had hit $1 billion in sales and doubled its earnings in just one year. Glyman has also been spreading his vision of AI embedded across Ramp’s spend management products, with agents automatically blocking out-of-policy purchases, detecting fraud, and moving money into interest-generating investments.

The combination of growth and AI is clearly irresistible to VCs.