Key points
- Ramp raised $1.85 billion led by Dragoneer Investment Group, with Thrive Capital, Founders Fund, Sands Capital and Avenir Growth co-leading, at a $60 billion valuation. Bloomberg reports the figure as pre-money, which puts the post-money near $62 billion; Ramp's own release does not say which. Total equity raised is now about $5 billion.
- The company says annualised revenue is above $2 billion, it is cash-flow positive, and 85,000 customers run more than $275 billion of annualised purchase volume, up 175% in a year. $60 billion is roughly 30 times annualised revenue.
- On PMView's share count the round prices near $160 a share. That is 36% above the $120 Series F of June 4, 78% above the $90 Series E-3 of November, and eight times the $20 Series D of August 2023. Ramp has raised at six prices in 28 months.
- The secondary market was not there yet. PMView's mark, which follows the quoted market when there is no tape, stood at $125.54, a $46 billion valuation, going into the announcement: 22% under the round and 5% over the Series F. PMView has recorded no Ramp prints since 2023.
- Fidelity, T. Rowe Price and Capital International are in the round. None of the three has filed a Ramp position in a fund report yet; once they do, the stock gets its first public institutional marks.
Why it matters
Ramp is the clearest case on the platform of a name whose price is set by rounds, not by trades. Every re-base in two years has come from new money, each one 30 to 90% above the last, and the only tender the company has run was priced inside the November round at $90. A holder marking to the quoted market in the mid-$120s now has a round at $160 to point at; a buyer who was bidding $125 last week is being told the stock is worth 28% more. With no prints and no fund marks to arbitrate, the discount to the round is whatever the next trade says it is.
The round
| Size | $1.85B primary (Bloomberg; Ramp's release) |
| Valuation | $60B, pre-money per Bloomberg; post-money would be ~$62B |
| Lead | Dragoneer Investment Group |
| Co-leads | Thrive Capital, Founders Fund, Sands Capital, Avenir Growth |
| Also in | Capital International, Fidelity, T. Rowe Price, D1, Greenoaks, ICONIQ, GIC, 8VC, 1789 Capital, Alpha Wave, Ontario Teachers', Coatue, D.E. Shaw, General Catalyst, Khosla, Lightspeed, Stripes and others |
| Last round | $44B Series F, June 4, 2026, $120 a share |
| Step-up | 36% in four months |
| Total equity raised | ~$5B |
The release leads with the operating numbers rather than the round: annualised revenue above $2 billion across interchange, subscription and interest, positive cash flow, revenue growing 25% faster than it was a year ago, and a 113% rise in customers paying more than $100,000 a year. The product list has moved a long way from a corporate card: an AI workspace, accounts receivable, and a token-spend product that routes model calls across providers. None of the quotes mention an IPO, a tender or a secondary. The Series F this round steps up from is covered in Ramp Raises $750M at $44B Valuation, from June.
Six prices in 28 months
PMView's round history gives Ramp a per-share price at every step. The Series D of 2023 was a down round from the $30 Series C-3 of April 2022; everything since has gone one way.
| Round | Date | Post-money | Per share | Step on prior |
|---|---|---|---|---|
| Series D | Aug 2023 | $5.8B | $20.00 | down from $30 |
| Series D-2 | Apr 2024 | $7.65B | $25.00 | +25% |
| Secondary sale | Mar 2025 | $13B | — | — |
| Series E-1 | Jun 2025 | $16B | $47.50 | +90% |
| Series E-2 | Jul 2025 | $22.5B | $65.00 | +37% |
| Series E-3 (with employee tender) | Nov 2025 | $32B | $90.00 | +38% |
| Series F | Jun 2026 | $44B | $120.00 | +33% |
| This round | Oct 2026 | $60B | ~$160 | +33% |
Per-share figures through the Series F are from the rounds' own terms; the October figure is PMView's estimate from the Series F share count and matches the $160 Series F-1 price that Forge lists for October 9. Four of the last five step-ups have been 33 to 38%, each roughly four to five months apart. If that cadence holds, the next price is in the spring.
What the private market has paid
Almost nothing, as far as the record shows. PMView holds two Ramp prints, at $16 in August 2022 and $24 in May 2023, and nothing since. The stock has repriced eightfold without a public trade. What there is instead is a quoted market: PMView's mark, which takes the quoted secondary price when there are no prints and no fund marks to anchor to, was $125.54 on October 14, a $46 billion valuation. Forge's own indicator sat at the same figure on October 12.
| Per share | Valuation | |
|---|---|---|
| Series E-3 and employee tender, Nov 2025 | $90.00 | $32B |
| Series F, Jun 2026 | $120.00 | $44B |
| Quoted secondary, Oct 12 to 14 | $125.54 | $46B |
| This round | ~$160 | $60B |
| Round vs quoted secondary | +27% |
No mutual fund has filed a Ramp position. That changes with this round: Fidelity, T. Rowe Price and Capital International all report private holdings monthly or quarterly, and their first Ramp marks will be at the round price. From then on the stock has a public institutional mark, which it has never had.
Who is on the cap table
PMView holds 102 investors on Ramp. Coatue has been in all ten rounds since the 2019 seed, D1 nine since the Series A-3, Founders Fund eight since the Series A, Definition and 137 Ventures eight each, Avenir seven since the 2021 Series C, 8VC six and General Catalyst five; Keith Rabois was at the seed. Thrive first appears in the March 2025 secondary, and Dragoneer, the lead here, does not appear on PMView's table before this round. The crossover names are the ones that make the round notable: Fidelity, T. Rowe Price, Capital International, GIC and Ontario Teachers'. The full list is on the Ramp investor page.
What a holder should do with this
If you own Ramp. The round is a closed price, not a reported one, and it is 27% above where the market was quoting the stock. The pattern in every other name on the platform that has re-based this way is that secondaries take a quarter to catch up and the first bids after a round come in at the old price. A seller who needs the round price today will not get it; a seller who can wait for the first fund marks will have a public number to point at.
If you are a buyer. Thirty times annualised revenue for a business growing fast and generating cash is a public-market software multiple, not a venture one, and the comparison set is listed. The question is whether the next step is another 33% in five months or the first flat round in three years. Ramp's history says the former; the quoted market, at a 22% discount, is pricing some of the latter.
Sources: Ramp press release, October 15, 2026; Bloomberg, October 15, 2026; PYMNTS, October 15, 2026; Forge Global, Ramp financing history. Per-share figures through the Series F are from round terms held on PMView; the October figure is a PMView estimate from the Series F share count. The quoted secondary price is the market input to PMView's mark, not a recorded trade. The two historical prints are available to Pro subscribers on the Ramp dossier.