Stripe completed a $5.2 billion employee tender offer over the weekend at a $112 billion valuation, the payments unicorn announced in a Saturday statement — a 38% step-up from its $80 billion valuation in the February 2024 round and a clear signal that institutional appetite for late-stage technology private companies has returned to the elevated levels last seen in 2021. The tender was led by Sequoia Capital, Greenoaks Capital, GIC, and Mubadala Investment Company.
The transaction allows Stripe employees and early investors to monetize a portion of their holdings without forcing a full exit and provides a refreshed valuation marker that will reverberate across the late-stage payments ecosystem. Adyen, PayPal, and Block all closed Friday's session at multi-month highs, while private payments names including Checkout.com, Marqeta, and Plaid have all reportedly received elevated incoming inbound interest from secondary-market buyers.
Stripe Revenue Topped $20 Billion in 2025
Stripe disclosed in the tender materials that 2025 revenue exceeded $20 billion — a 31% year-over-year increase — and that the company processed more than $1.6 trillion in payment volume during the year, equivalent to approximately 1.4% of global GDP. The company is now profitable on a GAAP basis and generates approximately $3.4 billion in annual free cash flow, according to disclosure documents reviewed by The Information.
CEO Patrick Collison reiterated that an IPO is "not on the immediate roadmap" but acknowledged that "the secondary tender provides liquidity flexibility for our employees and refreshes the valuation in a way that maintains optionality on the timing of any future public offering." Stripe last filed a confidential S-1 with the SEC in mid-2023 but has since withdrawn from active IPO consideration multiple times.
Late-Stage Tech Valuations Reset
Stripe's revaluation comes amid a broader resurgence in late-stage private technology valuations. SpaceX recently completed a tender at a $400 billion valuation, OpenAI reached $360 billion in its most recent round, and Anthropic's tender priced at $200 billion. Combined, the top 10 U.S. private technology companies now exceed $2.4 trillion in implied market value — surpassing the entire German DAX index.
The revival has reinvigorated a private-secondary-market trade that had cooled significantly through 2022-2023. Forge Global, Carta, and EquityZen all reported record secondary-market trading volumes for Q1 2026. SVB Capital and JPMorgan Wealth Management have launched dedicated late-stage private-company funds in recent weeks, signaling continued mainstream institutional uptake.