This paper contributes to current debates on the relationship between globalisation and higher education. The main argument of the paper is that we are currently witnessing transnationalisation of academic capitalism. This argument is illustrated by examining the collaboration between transnational corporations and research universities, and how transnational academic capitalism has been promoted by different intermediating organizations. On theoretical level the paper draws from global capitalism school and the theory of academic capitalism, but also moves beyond them by introducing new concepts such as knowledge-intensive transnational economic practices. The emergence of transnational academic capitalism challenges the common assumption that universities are primarily promoters of national economic competitiveness.