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

Ramp declined to comment.

In November, Ramp announced it had raised $300 million at a $32 billion post-money valuation led by Lightspeed, which also included an employee tender offer. The company announced in July a $500 million Series E-2 at a $22.5 billion valuation led by Iconiq, which was just a few weeks after its $200 million Series E at a $16 billion valuation led by Founders Fund. It had raised a couple of other times earlier in 2025, each time another big valuation step up.

Ramp has also had success generating revenue. In November, Ramp founder CEO Eric Glyman said his company had reached $1 billion in revenue, doubling its income in just a year. Glyman has also been evangelizing a vision of AI embedded throughout Ramp’s spend management products, with agents that automatically block out-of-policy purchases, detect fraud, and move funds to interest-bearing investments.

That combo of growth plus AI is, apparently, irresistible to VCs.