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

Ramp Business Corp filed a Form D on October 16, 2026 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, 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 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.

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.