Ramp Closes a $1.85 Billion Round at $60 Billion as AI Token Spending Becomes the New Corporate Card Business

Corporate spend platform Ramp said on October 15 that it raised $1.85 billion at a $60 billion valuation, its second giant round in four months. In June the company raised $750 million at $44 billion, meaning its valuation has jumped roughly 36% while annualized revenue climbed from a reported $1.5 billion to more than $2 billion, according to figures the co-CEOs shared in a public letter.

The round was led by Dragoneer Investment Group, with Thrive Capital, Founders Fund, Sands Capital and Avenir Growth as co-leads, TechCrunch reported. Fidelity, T. Rowe Price, Coatue, General Catalyst, Khosla Ventures, Lightspeed and Singapore's GIC also participated. Bloomberg first reported the terms on October 10, and the new money brings Ramp's total funding to roughly $5 billion.

Ramp says it now serves 85,000 businesses, up from 70,000 in June and 50,000 at the start of the year, and that annualized purchase volume through its platform has crossed $275 billion, up 175% year over year. Customers include Visa, Uber, Shopify, Robinhood, Anduril, Notion, Cursor and Figma. The company also says it is cash-flow positive. All of these figures are company-reported and not independently audited.

The AI story is doing the heavy lifting in the valuation. Ramp has pushed agents into its procurement, expense, accounting and budgeting products, and this year launched AI token spend management that tracks model costs by employee, model and API key. Co-CEO Eric Glyman has said Ramp's own token bill once hit $1.5 million in a single week — an experience that became the product.

Two newer bets explain where this is going. Router, launched in August, automatically sends AI requests to whichever model is cheapest for the task, with the company claiming average savings of about 40% on inference costs. Glass, opened to early access on October 13, is a workspace that keeps the automations, prompts and skills employees build so they stay with the company. Ramp even offers a corporate card designed for AI agents to use.

Early investor Keith Rabois has framed the ambition in stark terms: Ramp is not trying to out-software Rippling, it wants to become the primary hub through which businesses manage AI token spending and its return — and, eventually, to compete with Anthropic itself for the corporate AI budget line.

At roughly 30 times annualized revenue, the $60 billion mark is a test of whether AI finance operations is a durable category or a frothy one. The next checkpoints are whether model routing becomes a real revenue line and whether growth holds up as interest rates bite and AI infrastructure credits wobble. For now, the money says investors believe the corporate AI bill is about to get big enough to need its own bank.