Ramp raises at $60 billion and aims at AI token spend
Investors paid up for a spend platform that now manages AI usage. Token spend is becoming a category controllers must own.
What happened
Ramp said on October 15, 2026 that it raised $1.85 billion at a $60 billion valuation, TechCrunch reported. The round came four months after a $750 million raise at $44 billion. Dragoneer, Thrive Capital, Founders Fund, Sands Capital, and Avenir Growth co-led. Ramp says annualized revenue passed $2 billion and it has 85,000 customers. It has launched a corporate card built for AI agents, a model routing service, and AI token spend management. Early investor Keith Rabois told TechCrunch, “We’re going to compete with Anthropic.”
What it means
Spend management grew up controlling cards and invoices. Ramp now treats AI tokens as the next spend category, and investors priced that bet. Ramp launched model routing in August. Routing picks which model handles each request, and that choice drives the token bill.
Why it matters to you
AI usage bills arrive from many vendors on different meters. Controllers need the same discipline for tokens they apply to travel, with policy, limits, owners, and a monthly review. A card built for agents also means agent purchases can land on your card program directly.
What to watch
Watch Ramp’s next revenue and customer numbers against the $2 billion and 85,000 it reports today. Watch which model providers its token spend management covers, and how fast companies adopt the card built for AI agents. Keith Rabois said Ramp is going to compete with Anthropic. Watch for products that test that claim.