Stripe Inc. confirmed Friday morning via the formal F-1 amendment that it has set a June 17 New York Stock Exchange listing date for its initial public offering, targeting a fully-diluted valuation of $135 billion at the midpoint of the indicated price range of $44-$48 per share. The deal will be the largest U.S. fintech listing on record, eclipsing Coinbase's $86 billion 2021 direct listing and Robinhood's $32 billion 2021 IPO. The target valuation also exceeds the $128 billion implied secondary-market level reported in late April.
The deal structure includes $5.4 billion of primary issuance (new shares) and $7.8 billion of secondary issuance (early-stage investor liquidity), for a $13.2 billion total deal size. Joint bookrunners are Goldman Sachs, Morgan Stanley, JPMorgan and Allen & Company, with B. Riley Financial added as a junior-bracket allocation co-manager. The ticker will be STRI on NYSE.
Use of Proceeds and Lockup
Primary proceeds will be allocated approximately 60% toward 'general corporate purposes including potential acquisitions in the cross-border-payment and AI-merchant-experience verticals' (per the F-1), 30% toward debt reduction (Stripe currently has $1.6 billion of revolving credit drawn), and 10% toward expanded operating cash buffer. The 180-day insider lockup applies to all current employees and pre-IPO investors with greater than 1% positions, with the typical 25%-tranche release schedule beginning month 7.
Comparable Multiples
At the $135 billion midpoint and Stripe's disclosed 2025 revenue of $24.2 billion (EBITDA $5.95 billion), the implied EV/Revenue multiple is 5.6x and EV/EBITDA is 22.7x — at a premium to Adyen N.V. (ADYEN.AS) at 6.1x EV/Revenue, in line with global card networks Visa (V) at 22.6x and a substantial premium to direct-comp Block Inc. (XYZ