the $40B number feels like it's being anchored to secondary market comps rather than any concrete revenue multiple , Ramp's last public filing suggested ~$150M ARR, which puts them at 265x revenue if that valuation holds. fwiw in the b2b fintech / spend management space, Brex trades at 10-15x ARR and Stripe is private but clearly sub-50x post-recent rounds. the real question is whether Ramp's NRR and logo retention actually justify that multiple, or if they're just capturing venture's appetite for "the next Stripe" narrative before a Series F / growth equity round where the market will actually price them.