Carta hits $633M ARR and expands

Carta’s growth at this scale says the business is no longer just a cap table vendor, it is becoming a broader operating system for private capital. The path from $515M ARR at the end of 2025 to $633M by September 2026 reflects expansion beyond startup equity management into fund administration, tax, LP reporting, and private equity workflows, where Carta can reuse the same underlying ownership and entity data across more products and larger customers.1 2 3 4

• The core advantage is shared data. Carta already sits on the ownership ledger for 50,000 plus companies and 1.7M plus equity holders, then uses that position to sell adjacent products where the same records power fund admin, compliance, reporting, and tax. That makes each new product easier to adopt than starting from scratch.2 3 4
• Fund administration has become the clearest second engine. Carta describes it as its fastest growing business, supports VC, private equity, and private credit, and says it has $220B plus of fund assets under administration. That moves Carta from startup software into recurring back office spend tied to ongoing fund operations.3 4 5
• This also helps explain why growth held up in a weak venture market. Cap table software is tied to startup formation and option grants, but fund admin and private equity workflows are tied to managing existing funds, capital calls, distributions, K 1s, and investor reporting. Those jobs still have to happen even when new deal activity slows.1 3 5 6

Going forward, Carta is positioned to keep shifting mix toward higher value finance infrastructure. As more revenue comes from fund CFO, LP, and private equity workflows, the business should look less like point software for startups and more like a multi product ledger for how private companies and funds are formed, managed, and monetized.3 4 5 6