Secondary-market trading in Stripe Inc. shares surged Thursday on platforms including Forge Global and Hiive, with completed transactions implying a $128 billion valuation — an 11% premium to the $115 billion figure cited in the company's confidential S-1 filing reported by Bloomberg earlier this week. Forge data showed 14 completed blocks during the New York session at prices between $42.20 and $43.80 per share, on a 7.6% effective bid-ask spread.
The implied valuation would make Stripe the largest U.S.-listed fintech debut by market capitalization, eclipsing Coinbase's 2021 direct listing at $86 billion and Robinhood's 2021 IPO at $32 billion. The Collison brothers — co-founders Patrick and John — would each retain stakes worth approximately $14 billion at the secondary-market valuation.
Comparable Multiples
Stripe processed $1.4 trillion of total payment volume in 2025, up 27% year-on-year, with revenue of $24.2 billion and EBITDA margin of 24.6%. At the $128 billion mark, the implied EV/Revenue multiple is 5.3x and EV/EBITDA is 21.5x — broadly in line with Adyen N.V. (ADYEN.AS) at 6.1x EV/Revenue but a premium to Block Inc. (XYZ) at 1.8x. Worldline (WLN.PA) trades at 1.2x. Comparable multiples suggest Stripe's pricing power and deeper enterprise penetration justify the premium.
Listed peers traded mixed on the news: Adyen N.V. ADRs added 1.4%, Block (XYZ) gained 0.8%, PayPal (PYPL) rose 1.7%, Fiserv (FI) added 1.1%, Marqeta (MQ