Top SaaS Vendors on Ramp (November 2026)

Dear Colleagues: today’s letter is part of a series — Top SaaS Vendors. Every month, Ramp processes billions of dollars in business expenses on its corporate card and bill pay platform. And every month, I will rank the new vendors that customers are purchasing from while sharing emerging market trends and my thoughts on the software industry.

Extras from Ramp data:

• Ramp data on the All In podcast: Chamath Palihapitiya shared our latest research on AI spend on the All In podcast (twitter).
• Google’s AI problem: We shared new findings around why Google is so behind in AI spend, largely because it’s models lag in agentic / coding usage despite having strong vision models. (Ryan Stevens)

Our Top SaaS Vendors series is built using data from Ramp Rate, a data-backed vendor directory we launched earlier this year. Track market share, business adoption, and growth trends across categories using Ramp’s proprietary data built with actual transactions across 85,000-plus businesses on Ramp's spend platform.

Here are three underrated movements in AI and software adoption:

First, SpaceXAI is extremely well positioned to win market share in AI, except for one thing: My latest series of posts, Cracks in the AI Thesis (part 1, part 2, part 3) highlights an emerging trend in which companies are able to use more AI but at lower costs, ultimately driving less revenue to the model companies. This series has introduced new questions around the financial viability of model developers like OpenAI and Anthropic. Those questions, so far, haven’t applied to SpaceXAI because it owns so much compute that it can sell and rent it to whomever is the top buyer (SpaceXAI is Anthropic’s largest compute supplier).

The most negative thing you could say about SpaceXAI’s market position is that it owns a very small share of AI token spend. In the latest Ramp AI Index, only 2.2% of spend went to Grok. This month, SpaceXAI is the fastest growing vendor on Ramp, and despite a lwo market share, it’s following the same playbook that made Anthropic the top model company almost a year ago (nail the coding use-case with a dedicated model + pivot to consumer with easy-to-use agentic product that drives mindshare and ultimately greater enterprise adoption) is the exact combination that drove Anthropic’s rise last year following the release of Claude Code and Cowork.

SpaceXAI can do the same with Grok 4.7 and Grokbot. One caveat: Anthropic’s rise last year came along with a consumer popularity in its foil status to the Trump administration (the Department of Defense labelled it a supply chain risk for blocking use of its models for surveillance and drones). SpaceXAI will likely not enjoy that same public popularity tailwind. I guess we’ll find out how much the perceived political leaning of a model company matters.

Second, there’s probably too much hysteria around AI and cybersecurity: There will be serious and significant cybersecurity events related to AI that lead to loss of property and probably life, even some caused by wealthy and malicious state actors. Not to be glib here, but the same was (and still is) true of computers and the web, but over time, systems emerged that mitigated those losses, or essentially eliminated them for almost the entire population of users.

The same is true for AI, and our latest list showcases some of those companies developing solutions in cybersecurity for AI, including Descope (identify verification for agents) and Cloudflare (enterprise security platform).

Third, more evidence that there can be multiple winners in highly-competitive markets. This summer, Wispr Flow, the AI dictation app, launched its own AI notetaker, a direct competitor to Granola. Last week, Granola launched a dictation feature, a direct competitor with Wispr Flow. Both added customers and grew their adoption rates this month, landing at positions 6 and 9 on our fastest growing software vendors list.

Here’s a breakdown of the top SaaS vendors last month:

See you next month.

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