CBRE Group Inc (CBRE) Price

Secondary Markets Lift Ramp Valuation Above $32 Billion

## Executive Summary As of early December 2025, private secondary markets are providing a strong vote of confidence in **Ramp**'s recent $32 billion valuation. Implied pricing on specialized platforms indicates a modest premium over the company's November 2025 funding round, driven by a powerful narrative that positions Ramp not merely as a spend-management tool, but as an AI-native finance platform with unique data assets. The company's rare combination of hyper-growth, reaching over $1 billion in annualized revenue, and positive free cash flow has solidified its status as a top-tier private asset, attracting significant institutional interest. ## The Event in Detail Between December 5 and 7, 2025, new data points from secondary market platforms provided the first public stress test of Ramp's $32 billion valuation, which was set during its Series E-3 funding round on November 17, 2025. * **Forge Global:** On December 7, the Forge Price for Ramp shares was updated to **$92.50**. This implies a valuation of **$32.89 billion**, a slight increase over the $90.00 per share paid in the last primary round. * **Notice.co:** The platform, which tracks pre-IPO secondary market data, also updated its figures on December 7, showing an algorithmic price of **$92.18** per share. This suggests an implied market capitalization of **$32.77 billion**. Crucially, Notice.co reported an investor demand versus supply ratio of **52.5:1**, signaling a significant scarcity of shares available for purchase relative to buying interest. These data points indicate that the November valuation is not viewed as a speculative peak by market participants. Instead, the market is pricing in a small premium, consistent with healthy, ongoing investor enthusiasm for a scarce asset. ## Deconstructing the Financial Mechanics Ramp's valuation trajectory in 2025 has been exceptionally steep, making the recent secondary market stability all the more significant. The company's valuation progressed rapidly through the year: * **March 2025:** A secondary sale valued the company at **$13 billion**. * **June 2025:** A Series E round set the valuation at **$16 billion**. * **July 2025:** A Series E-2 round pushed it to **$22.5 billion**. * **November 2025:** A $300 million Series E-3 primary investment round, priced at **$90 per share**, established the **$32 billion** post-money valuation. The current secondary market pricing just above $92 per share represents a tangible, albeit small, markup over the primary financing price. This premium reflects strong demand from growth and crossover funds seeking exposure before a potential IPO, even in a fintech market that has otherwise seen multiple compression. ## Business Strategy & Market Positioning Ramp has strategically evolved from a corporate card challenger into what it brands as an "all-in-one finance OS." This full-stack platform integrates corporate cards, expense management, accounts payable, procurement, and AI-infused treasury tools. This integrated approach, combined with a rare financial profile of both rapid growth and profitability, distinguishes it from competitors. More importantly, Ramp has successfully cultivated a narrative as an AI infrastructure company. This strategy has two core components: 1. **Internal AI Operations:** As reported by *American Banker*, Ramp has operationalized its "low-petabyte" scale unstructured data by using **Snowflake**'s Cortex AI. This allows its teams to query customer feedback and sales data in natural language, embedding AI directly into its core business functions. 2. **External Data Monetization:** The **Ramp AI Index**, which tracks paid AI adoption across its 50,000+ business customers, is now being used by institutional firms like **RBC BlueBay** and organizations like the World Economic Forum as a macroeconomic indicator. This elevates Ramp from a software provider to a source of proprietary economic data. This dual-pronged AI strategy makes Ramp look less like a cash-burning startup and more like a mature, late-stage software company on a clear path to an IPO. ## Market Implications The affirmation of Ramp's valuation has several implications for the broader market. For the private technology sector, it demonstrates that elite companies combining strong growth (~54% YoY revenue growth) with profitability (positive free cash flow) can still command premium valuations and robust secondary market liquidity. Ramp's success provides a clear playbook for other unicorns: the integration of a compelling product with a data-driven, AI-centric narrative is what attracts capital in the current climate. For competitors, including **Brex** and traditional banks, Ramp sets a formidable benchmark. Its ability to bundle services and leverage AI to deliver what it calls "autonomous finance" creates significant competitive pressure, forcing rivals to accelerate their own AI and platform integration efforts. ## Broader Context The most significant long-term development is the emergence of the **Ramp AI Index** as a credible macroeconomic reference point. When an institutional asset manager like **RBC BlueBay** uses a private company's proprietary data to support its market outlook, it marks a pivotal shift. It suggests that companies controlling large, unique transaction datasets can create significant strategic value beyond their core products, positioning themselves as essential data infrastructure players. However, risks remain. At a $32 billion valuation, execution must be flawless. Any slowdown in growth, erosion of margins from competition, or macro-level decline in corporate spending could challenge the valuation. Furthermore, there is no confirmed IPO timeline, and the company must navigate potential ticker confusion with the publicly traded **LiveRamp Holdings (RAMP)**, an unrelated data connectivity firm.