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Ramp is telling investors it is about to hit $1.4 billion in revenue a year, as the company prepares to go public.

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Ramp, a New York-based fintech startup, has told potential investors it is on track to reach a $1.4 billion in annual recurring revenue this quarter as it prepares for a potential IPO, according to people familiar with the matter. That is up sharply from the $1 billion in Ramp’s annualized revenue— the revenue a company expects to collect over a year — in September.

The company did not respond to a request for comment.

Founded in 2019, Ramp sells a suite of financial tools centered on its corporate charge card, along with software for expense management, bill pay, and procurement. Its core pitch is that it helps companies spend less and operate more efficiently.

Run rate typically extrapolates recent revenue, often from a single month or quarter, over a full year. For a company like Ramp, whose business includes transaction-based revenue tied to customer spending, that figure can fluctuate with usage and may not reflect fully predictable revenue.

Ramp also said it is growing its customer base by about 70% year over year and expects to generate roughly $125 million in free cash flow this year, the company has been telling investors.

Additionally, Ramp stated its plans to be IPO-ready by the end of the year and is building the financial reporting and compliance infrastructure required of a public company. That does not mean it will actually go public this year, but it is preparing the company for that opportunity.

Only 30% of traders on Kalshi, a prediction marketplace, are betting the company will go public before May of 2027.

Ramp’s surging revenue has piqued VCs’ interest as the company nearly tripled its valuation in a matter of months in 2025.

Starting the year with a $13 billion valuation, Ramp closed three rapid-fire equity rounds between June and November of 2025, jumping to $16 billion, then $22.5 billion, and finally peaking at a $32 billion valuation in a round led by Lightspeed Venture Partners. Other investors include Founders Fund, Khosla Ventures, General Catalyst, Iconiq Capital, and 1789 Capital.

That valuation represents a sharp rebound from the fintech downturn, when Ramp raised a so-called down round of $5.8 billion in 2023.

Geoff Charles, chief product officer of Ramp, made headlines earlier this year when he said that all employees are expected to be AI-native.

“If you’re not using Claude code this year, no matter what your role is, you’re probably underperforming compared to others in the company,” he said on a podcast.

“The people who are still in L0, they will most likely not be at the company,” he added, referring to level zero.




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OpenAI could generate $25 billion in annual ad revenue by 2030, and that should worry Google, top tech analyst says

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Advertising could become a $25 billion business for OpenAI — and pose a threat to Google, according to new estimates on Monday from a top tech analyst.

Evercore ISI’s Mark Mahaney sees the startup generating that level of annual ad revenue by 2030 if it executes well on rolling out this new business.

OpenAI said on Friday that free and Go users of ChatGPT would start seeing ads “in the coming weeks.” OpenAI also laid out its advertising principles, such as clearly labeling them and not sharing user conversations with advertisers.

“A path to generating several billion dollars in ad revenue in 2026, going to $25B+ by 2030, seems reasonable,” Mahaney wrote in a note to investors.

That’s based on the likely scale of ChatGPT by that time, the proven monetization of high-intent performance marketing platforms, and the current size of this market, the analyst added.

OpenAI’s revenue is growing fast already. CFO Sarah Friar said in a recent blog post that the startup’s annualized revenue topped $20 billion in 2025, up from $2 billion in 2023. However, there are big question marks over OpenAI’s losses and whether it can become profitable in the future.

Advertising could be one way for OpenAI to boost its top and bottom lines.

Mahaney noted that Google’s Search and YouTube businesses likely generated close to $300 billion in ad revenue in 2025, with Meta generating an additional $180 billion. These are highly profitable operations, with operating profit margins of 40%, according to the analyst.

ChatGPT has almost 1 billion weekly average users, many of whom share valuable details with the chatbot, such as what they want and need. Advertisers are willing to pay up for access to this treasure trove. This is the type of intent-based information that forms the backbone of the massive digital ad businesses run by Google and Meta.

OpenAI has said that initial test ads will appear at the bottom of ChatGPT answers and be relevant to the user’s conversation with the chatbot. That approach might not be too intrusive for users, while still being attractive to advertisers, Mahaney said.

“OpenAI’s move directly challenges this core revenue stream by offering an alternative, highly engaging platform for users to discover products and services,” Mahaney wrote. “If ChatGPT can successfully integrate ads that are helpful rather than intrusive, it could siphon off valuable commercial queries that traditionally go to Google.”

The analyst also warned that if OpenAI can develop a “conversational” ad format, where users research and discuss potential purchases within ChatGPT, that could prompt advertisers to shift some of their marketing budgets because this is “high-intent engagement.”

Even if ChatGPT goes all-in on ads, though, don’t expect the chatbot to take Google’s share of the market overnight, Mahaney added.

OpenAI will still have to compete with the tech ecosystem that Google has spent years creating, such as its Chrome web browser, as well as web users’ habit of Googling stuff when they need an answer, Mahaney wrote.




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