Stripe Inc., the closely-held payments-processing platform founded by brothers Patrick and John Collison, has confidentially submitted a draft S-1 registration statement with the U.S. Securities and Exchange Commission, according to a person briefed on the filing. The submission, made Tuesday afternoon, kicks off a formal IPO process that is expected to lead to a transaction priced in late September or early October at a target valuation of approximately $115 billion.
The proposed valuation would represent a substantial revaluation from the $70 billion implied valuation in the firm's February 2024 secondary tender offer. Stripe's most recent private valuation came at the late 2025 employee tender offer at $91.5 billion. The IPO target has been calibrated against the 2025 financial year results: Stripe processed approximately $1.4 trillion of total payment volume, generated $5.6 billion of EBITDA, and reached cash-flow positivity in Q3 2025.
IPO Mechanics
Stripe is reported to have mandated Goldman Sachs and Morgan Stanley as lead bookrunners, with JPMorgan and Allen & Co as joint bookrunners. Cleary Gottlieb is acting as company counsel. The transaction is structured to raise approximately $4.5-$5.0 billion of primary capital with a meaningful secondary component for early employees and Series-stage investors. Sequoia Capital, General Catalyst, Andreessen Horowitz, Tiger Global Management, and Founders Fund are the principal financial-sponsor shareholders.
The Collison brothers will retain a dual-class voting structure that preserves majority voting control through Class B shares carrying 10 votes per share. The arrangement mirrors the structures at Meta, Alphabet, and Snap. The firm intends to list on the Nasdaq Global Select Market under the ticker "STPE." Stripe's most recent confidential private valuation marker, sourced from secondary-market trades on Forge and Hiive, was approximately $98 billion as of mid-April.
Read-Through to Fintech Comp Set
PayPal Holdings (PYPL) traded up 1.4% in extended trade Wednesday on the news, while Block (XYZ) gained 1.9% and Adyen (