Stripe IPO: What Investors Need to Know About the Future of Fintech's Giant

Stripe has become something of a mythic figure in the fintech world. Known for powering payments for giants like Amazon and Google, and newer disruptors like OpenAI and Mistral, it's hard to believe Stripe is still a private company in 2025. With over $1.4 trillion in payments processed last year and $5.6 billion in net revenue, Stripe looks IPO-ready by most standards.

Yet, the Collison brothers, Stripe’s co-founders, have been in no rush. While investors keep pressing for an initial public offering, Stripe continues to play the long game. The big question is: will 2025 finally be the year?

Let’s break down what’s going on behind the scenes.

Stripe's Current IPO Status in 2025

Let’s get this out of the way: no, Stripe has not filed for an IPO as of May 2025. And despite previous rumblings about going public or facilitating share sales within 12 months, no firm move has materialized. There are no roadshows booked, no underwriters named, and certainly no IPO date on the books.

This isn’t Stripe being disorganized, it’s a strategy. The company is intentionally staying vague. In interviews and public appearances, co-founder John Collison has artfully dodged questions about IPO timelines. The message is clear: Stripe will list when, and only when, the time is right.

This strategy aligns with a growing trend among high-growth tech firms. Unlike the early 2010s when IPOs were the obvious exit, today's unicorns are redefining the rules of the game.

Why Stripe Hasn’t Gone Public Yet

The reasons Stripe hasn’t gone public boil down to three major factors: control, timing, and flexibility.

Control Over Vision and Strategy

Stripe wants to build for the long term, and that means not being bogged down by quarterly earnings calls, investor activism, or media speculation. By staying private, the company retains full control over its product roadmap, acquisitions, and hiring strategies.

Market Volatility

Let’s face it, the public markets have been volatile since 2022. Tech IPOs have seen mixed results. Even well-known names have faced slashed valuations post-IPO. Stripe’s leadership seems intent on avoiding a disappointing debut.

Private Liquidity Is Now a Viable Alternative

In the past, companies had to go public to reward early employees and investors. That’s no longer true. Stripe has created sophisticated liquidity programs like tender offers that let employees cash out without the company going public. This model satisfies internal stakeholders while buying more time to choose the perfect IPO window.

Stripe's Financial Highlights

Stripe’s financials read like a checklist for IPO readiness:

• $1.4 trillion in total payment volume (38% growth YoY)

• $5.6 billion in net revenue (28% growth YoY)

• $2.2 billion in free cash flow, double from the previous year

• Profitability: Achieved in 2024 with sustainability forecasted through 2025

• R&D reinvestment rate: 65% of earnings go straight back into product innovation

These numbers are not only impressive, but they show a maturity that puts Stripe on par with the strongest publicly listed fintech players. And this isn't just raw growth, its efficient, sustainable growth backed by deep reinvestment in emerging technologies.

For instance, Stripe’s AI infrastructure allows clients to boost revenue by optimizing checkout flows. Stripe Radar, its fraud detection engine, now screens billions of transactions at a low per-transaction cost, adding another layer of margin protection.

Valuation Recovery and Employee Liquidity Moves

Stripe’s valuation story mirrors broader tech market trends. It hit a high of $95 billion in 2021, dipped during the 2022–2023 correction, and rebounded to $91.5 billion in early 2025 via a tender offer. That offer wasn't open to the public; it was designed to give employees and early investors a liquidity event.

And it’s not a one-off. Back in 2023, Stripe raised $6.5 billion in a Series I round specifically for internal liquidity and tax obligations. This approach has bought the company time, while also reducing the pressure to go public from within.

In fact, Stripe may be writing the playbook for how to keep a unicorn private longer while still keeping shareholders happy.

Strategic Partnerships and Global Expansion

Stripe’s not just growing; it’s expanding into new verticals and geographies that will continue driving revenue in the long term.

• Enterprise Adoption: Stripe now serves over 50% of the Fortune 100, from global manufacturers to cloud computing titans.

• AI Integration: The company powers payments for over 78% of the Forbes AI 50, a crucial edge in an industry expected to hit $1.9 trillion in transactions by 2030.

• Global Rollout: With operations in 50+ countries and support for 135+ currencies, Stripe’s infrastructure is built for scale.

• Stablecoin Expansion: Its acquisition of Bridge in 2024 allowed Stripe to launch stablecoin settlement tools across 101 countries in early 2025.

Stripe also maintains close ties with governments and central banks to help shape policy around digital currencies. In other words, it’s not just responding to market trends, it’s helping to shape them.

How Investors Can Access Stripe Pre-IPO

Retail investors may feel locked out, but there are ways to gain exposure to Stripe ahead of a public listing.

Pre-IPO Marketplaces

Accredited investors can buy Stripe shares on secondary platforms like:

• EquityZen

• UpMarket

• Linqto

These platforms facilitate transactions using existing shares from former employees or early investors. While access is limited, demand remains strong.

Indirect Exposure

Retail investors might also consider:

• Fintech-focused ETFs

• Public competitors like PayPal, Adyen, and Block

Some hedge funds and institutional investors with exposure to Stripe may also provide indirect routes for smaller investors via mutual funds.

Stripe vs Public Fintech Competitors

Let’s compare Stripe to its public peers:

Metric	Stripe (2025)	Adyen	PayPal
Payment Volume	$1.4T	$900B (approx)	$1.5T
Net Revenue	$5.6B	$4.8B	$29.7B
Revenue Multiple	16.3x	22.3x	3.2x
Free Cash Flow	$2.2B	~$1.5B	$5B

While PayPal dwarfs everyone in revenue, Stripe is clearly outperforming in growth velocity, innovation, and private market premium. That alone makes its IPO one of the most anticipated in fintech history.

Will Stripe Ever Go Public? Expert Predictions

If Stripe does go public, most signs point to a blockbuster listing. Analysts predict it could rival or even exceed the scale of Coinbase or Snowflake’s IPOs.

But the timing is up in the air. Key factors that could trigger an IPO include:

• Sustained annual free cash flow above $2 billion

• Regulatory clarity around stablecoins and crypto

• Strategic partnerships that require public transparency

• Market conditions that support premium tech valuations

Stripe could also consider alternative routes like a direct listing, dual-class share structure, or even a SPAC merger (though this seems extremely unlikely).

FAQs

Is Stripe going public in 2025?

As of May 2025, Stripe has not confirmed plans for an IPO and has not filed with the SEC. The company continues to evaluate its options while remaining private.

What is Stripe's valuation right now?

Stripe’s valuation was updated to $91.5 billion in February 2025, following a private tender offer for current and former employees.

How can I invest in Stripe before it goes public?

Accredited investors can purchase shares on secondary platforms like EquityZen or UpMarket. Retail investors may look to fintech ETFs or competitors like PayPal for indirect exposure.

Why hasn’t Stripe launched an IPO yet?

Stripe prefers to maintain control and flexibility. It also provides liquidity through private tenders, removing the urgency to go public.

Is Stripe a profitable company in 2025?

Yes. Stripe became profitable in 2024 and continues to post strong free cash flow into 2025.

What makes Stripe different from PayPal or Adyen?

Stripe offers a broader developer platform, stronger AI integrations, and a growing footprint in stablecoins and cross-border transactions.

When is Stripe most likely to go public?

Experts suggest that if Stripe does go public, it could happen in late 2025 or early 2026, depending on market conditions and internal milestones.

Financial Disclaimer

This article is for informational purposes only and does not constitute investment advice, financial guidance, or a recommendation to buy or sell any securities. Investing in private companies involves substantial risk, including the risk of loss. Always perform your own research and consult a licensed financial advisor before making investment decisions.