---
title: "Ramp's Form D Reports $1.585 Billion Sold Toward Its $1.85 Billion Round"
url: https://altstreet.investments/news/ramp-business-corp-form-d-1585-million-sold-2026-10-16
kind: news-article
updated: 2026-10-20
description: "Ramp Business Corp's Oct. 16, 2026 Form D reports $1.585B sold to 40 investors of a $1.85B offering, with $265M unsold on the filing date."
publisher: AltStreet (https://altstreet.investments)
license: Public factual pages may be read, quoted and cited with attribution and a link. Bulk redistribution is not permitted.
---

# Ramp's Form D Reports $1.585 Billion Sold Toward Its $1.85 Billion Round

The issuer-reported figure, as of the October 15 notice, leaves $265 million of the stated offering unsold on the filing date, the day Ramp announced the round at a $60 billion valuation.

By Michael E., Head of Research, AltStreet Research (https://altstreet.investments/authors/michael-e). Published October 20, 2026. Entity: Ramp Business Corp (CIK 1803782, https://altstreet.investments/edgar/1803782).

Ramp Business Corp filed a [Form D on October 16, 2026](https://www.sec.gov/Archives/edgar/data/1803782/000180378226000003/) for a $1,850,000,000 equity offering, reporting $1,585,000,000 sold to 40 investors and $265,000,000 not yet sold as of the notice. It gives October 7, 2026 as the date of first sale.

The offering amount matches the round in Ramp's [October 15 press release](https://www.prnewswire.com/news-releases/ramp-reaches-60-billion-valuation-as-annualized-revenue-tops-2-billion-302909315.html), which describes a $1.85 billion primary financing led by Dragoneer Investment Group at a $60 billion valuation.

## What the filings show

The notice relies on Rule 506(b), reports no sales commissions or finders' fees, and lists no non-accredited investors. It names Eric Glyman and Karim Atiyeh as executive officers and directors, and Zachary Frankel and Keith Rabois as directors.

The $265,000,000 remaining is the part of the stated $1.85 billion not reported sold when the notice was signed on October 15. Later sales could be reflected in an amendment, although additional sales alone do not require one: Rule 503(a)(3)(ii)(F) exempts a change only in the amount sold or remaining. The absence of an amendment would therefore not show that the remainder went unsold.

- Offering amount: $1,850,000,000 (equity)
- Reported sold: $1,585,000,000 to 40 investors; remaining $265,000,000
- First sale: October 7, 2026; notice signed October 15, filed October 16


## Background

Ramp's [press release](https://www.prnewswire.com/news-releases/ramp-reaches-60-billion-valuation-as-annualized-revenue-tops-2-billion-302909315.html) announced the round as a $1.85 billion primary financing led by Dragoneer at a $60 billion valuation, named Thrive Capital, Founders Fund, Sands Capital and Avenir Growth among its investors, and said annualized revenue had passed $2 billion. Those figures come from the announcement, not the filing.


## The pattern in AltStreet's data

This is Ramp Business Corp's 13th Form D since February 2020 and its third in ten months. Each is a new notice for a separate offering, not an amendment.

Aggregate amounts reported sold across the three notices since December 2025 come to $2,678,721,100; that is a sum of issuer-reported figures, not a verified cash total. The June offering, like this one, was not fully reported sold when its notice was filed: it showed $86,314,560 remaining.

| Notice | Offering amount | Reported sold | Investors |
| --- | --- | --- | --- |
| [December 29, 2025](https://www.sec.gov/Archives/edgar/data/1803782/000180378225000005/) | $311.76M | $311.72M | 73 |
| [June 17, 2026](https://www.sec.gov/Archives/edgar/data/1803782/000180378226000002/) | $868.31M | $782.00M | 48 |
| [October 16, 2026](https://www.sec.gov/Archives/edgar/data/1803782/000180378226000003/) | $1.85B | $1.585B | 40 |

Source: Ramp Business Corp Form D notices, CIK 1803782.


## Why it matters

The filing gives an issuer-reported figure beside the announced round: 85.7% of the $1.85 billion was reported sold by October 15. That figure is not necessarily cash received or a completed closing, and the $265 million remainder does not by itself indicate a shortfall or contradict the announcement. The valuation, the lead investor and the revenue figure come from Ramp's announcement.


## What the filings do not show

A Form D does not state a valuation, a share price, the class of stock sold or the investors' names. It does not show whether the $265 million remainder was sold after October 15. AltStreet has not reviewed Ramp's financing documents.


## Key facts

- Ramp Business Corp filed a Form D on October 16, 2026 (accession 0001803782-26-000003) for a $1,850,000,000 equity offering, reporting $1,585,000,000 sold to 40 investors and $265,000,000 remaining.
- The notice gives October 7, 2026 as the date of first sale and relies on Rule 506(b); it reports no sales commissions or finders' fees.
- Ramp's October 15, 2026 press release describes a $1.85 billion primary financing round led by Dragoneer Investment Group at a $60 billion valuation.
- Ramp's two previous notices reported $311,722,380 sold to 73 investors (December 29, 2025) and $781,998,720 sold to 48 investors (June 17, 2026).


## Sources

- Ramp Business Corp Form D, October 16, 2026 (0001803782-26-000003): https://www.sec.gov/Archives/edgar/data/1803782/000180378226000003/
- Ramp Business Corp Form D, June 17, 2026 (0001803782-26-000002): https://www.sec.gov/Archives/edgar/data/1803782/000180378226000002/
- Ramp Business Corp Form D, December 29, 2025 (0001803782-25-000005): https://www.sec.gov/Archives/edgar/data/1803782/000180378225000005/
- Ramp Reaches $60 Billion Valuation as Annualized Revenue Tops $2 Billion (October 15, 2026): https://www.prnewswire.com/news-releases/ramp-reaches-60-billion-valuation-as-annualized-revenue-tops-2-billion-302909315.html


## SEC accession numbers

- 0001803782-26-000003

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