Stripe eyes $120 billion IPO in biggest fintech listing to date

Stripe, the San Francisco-based payments powerhouse, is preparing for what could be the largest fintech IPO ever, with a target valuation that analysts estimate could reach as high as $120 billion. The move would mark a defining moment for the industry, which has seen a rebound in market confidence after two years of muted investment and scarce public listings. For investors who have been holding shares since Stripe’s early funding rounds, the IPO could unlock long-awaited returns.

Founded in 2010 by Irish brothers Patrick and John Collison, Stripe has grown from a developer-friendly payment processor into a global financial infrastructure provider. It supports millions of businesses in over 40 countries, processing hundreds of billions of dollars in payments annually. The company’s platform handles everything from online checkout to fraud prevention, subscription billing, and financial reporting, with an emphasis on easy integration for developers.

In recent years, Stripe has pushed aggressively into new areas, including embedded finance and banking-as-a-service products. It has also built out its treasury and corporate card offerings, positioning itself to compete more directly with traditional financial institutions. A successful IPO at the rumored valuation would place Stripe among the top publicly traded financial technology firms, alongside PayPal, Adyen, and Block.

The timing of the listing is still being finalized, but sources familiar with the matter say the company has been in discussions with several major investment banks to lead the deal. Market conditions have improved since the IPO drought of 2022 and 2023, which saw high-growth tech companies postpone going public in favor of private fundraising. Stripe itself has tapped secondary markets multiple times, allowing employees and early investors to sell shares without triggering a public debut.

Investor appetite for a Stripe IPO is expected to be strong. Its consistent revenue growth, recurring income streams, and global customer base give it a profile that many in the market see as resilient. Still, some analysts caution that public scrutiny will bring new pressures. Profitability, regulatory compliance, and competitive dynamics will be closely examined, particularly as rivals roll out similar services.

If successful, the IPO could set the tone for other fintechs contemplating public listings. Companies like Klarna, Chime, and Plaid have been rumored IPO candidates, and a strong reception for Stripe might encourage them to move forward. For the broader market, a $120 billion listing would be a clear signal that investor confidence in high-growth financial technology has returned, potentially ushering in the most active period for fintech IPOs in years.