Acceleration of negotiations to reach a valuation of more than $40 billion, 6 months after reaching $32 billion | TechCrunch

Brief

Investors couldn’t get enough of Ramp throughout 2025 and it looks like 2026 could be another record fundraising year for the enterprise expense management startup. The company is in talks to raise an additional $750 million, with a pre-money valuation of more than $40 billion, according to sources. » tells the Wall Street Journal. However, the agreement is not yet final and the conditions could therefore change.

Ramp declined to comment.

In November, Ramp announced that it had raised $300 million for a post-money valuation of $32 billion led by Lightspeed, which also included an employee takeover offer. The company announced a $500 million Series E-2, valued at $22.5 billion, led by Iconiq in July, just weeks after its $200 million Series E, valued at $16 billion, led by Founders Fund. It had risen several times earlier in 2025, each time another significant increase in valuation.

Ramp has also been successful in generating revenue. In November, Ramp founding CEO Eric Glyman said his company had reached $1 billion in revenue, doubling its revenue in just one year. Glyman also evangelized a vision of AI integrated into Ramp’s expense management products, with agents that automatically block out-of-policy purchases, detect fraud and move funds into interest-bearing investments.

This combination of growth and AI is, apparently, irresistible to venture capitalists.

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