Ramp Hits $44 Billion Valuation as AI Cost Concerns Mount
Corporate expense management platform Ramp has secured $750 million in new funding, catapulting its valuation to $44 billion in a round led by ICONIQ Capital, Singapore's sovereign wealth fund GIC, and the Ontario Teachers' Pension Plan. The investment reflects surging demand for tools that help companies control escalating artificial intelligence spending, particularly the unmonitored costs of AI tokens that are consuming operational budgets without oversight.