Revolut Is Building a Valuation Staircase to a $150 Billion IPO — Here’s the Blueprint

From $45 billion to $75 billion to a targeted $100 billion secondary sale this year, Europe’s most valuable startup is engineering a series of pre-IPO steps designed to make a $150 billion public listing feel inevitable rather than ambitious.

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Revolut is considering a new share sale in the second half of 2026 that could value the London-based fintech at more than $100 billion, according to Bloomberg. The move would follow a series of secondary transactions that lifted the company’s valuation from $45 billion in mid-2024 to $75 billion in November 2025. The ultimate target is a public listing at a valuation of at least $150 billion, according to people familiar with the matter — a figure that would make Revolut more valuable than Barclays, Deutsche Bank and Société Générale combined. Separately, the FCA confirmed this week that Revolut will enter its regulatory sandbox to pilot a pound-denominated stablecoin, adding a digital payments dimension to the company’s already expansive product suite. CEO Nik Storonsky has indicated that a US listing remains the preferred route, with a timeline of two to three years.

How has Revolut’s valuation doubled in 18 months?

The numbers tell the story. Revolut generated $4 billion in revenue and $1.4 billion in pre-tax profit in 2024, with revenue growing 72 per cent year-on-year. The company is projecting $9 billion in revenue and $3.5 billion in profit for 2026. It now serves more than 65 million customers across 100 countries and holds banking licences in multiple jurisdictions, including a restricted UK licence granted in 2024.

Rather than rushing to the public markets, Revolut has used a deliberate sequence of secondary share sales to ratchet its valuation upward while providing liquidity to employees and early investors. Each round has been oversubscribed. The November 2025 sale was led by Coatue, Greenoaks, Dragoneer and Fidelity, with Andreessen Horowitz, Franklin Templeton and Nvidia’s venture arm NVentures also participating. Early investors have reportedly realised a 24-times return on their original stakes since the company’s founding in 2015.

This strategy — incremental valuation steps supported by heavyweight institutional capital — is designed to make the eventual IPO price look like a natural continuation rather than a leap of faith. As we explored in our analysis of why European capital markets are being reshaped by structural shifts, the private-to-public transition is becoming more engineered and less event-driven than at any point in the last decade.

Why is Revolut piloting a stablecoin?

The timing is deliberate. On the same day Bloomberg reported the $150 billion IPO ambition, the FCA confirmed that Revolut will enter its Digital Securities Sandbox to test a sterling-denominated stablecoin alongside three other firms. Use cases being explored include payments, wholesale settlement and crypto trading.

Stablecoins are one of the fastest-growing segments of digital finance, with Tether alone reporting more than $180 billion in circulation. But European stablecoins — pegged to the pound, euro or Swiss franc — account for less than 0.2 per cent of the global market, according to AFME data. A Revolut-issued pound stablecoin would position the company at the intersection of two massive trends: the regulatory formalisation of digital currencies in Europe and the broader shift toward programmable money in cross-border payments.

For the IPO narrative, the stablecoin trial serves a dual purpose. It demonstrates regulatory credibility — Revolut is building under supervision, not in spite of it — and it opens a new revenue category that could expand the company’s addressable market well beyond traditional consumer banking. As we reported in our coverage of the EU’s evolving financial rules, the regulatory framework around stablecoin issuance is accelerating across Europe, and first movers with credible licences will have a significant advantage.

Where will Revolut list — and why does it matter?

Storonsky has been blunt: a US listing is “clearly more beneficial” than London. He has cited greater market liquidity, higher valuations and the UK’s 0.5 per cent stamp duty reserve tax on share dealings as reasons to favour Nasdaq over the London Stock Exchange. The prospect of losing Britain’s most valuable fintech to New York is a significant blow to government efforts to revive London as a technology listing destination.

At $150 billion, Revolut would be worth more than Barclays (approximately £45 billion), Deutsche Bank (approximately €30 billion) and Société Générale (approximately €25 billion) combined. It would rival UBS in market capitalisation and would be the most valuable European financial institution to have been built entirely in the digital era. As we examined in our analysis of Europe’s top corporate gateways, the competition between London, Frankfurt and Amsterdam for global capital flows has intensified — and losing a flagship IPO of this magnitude would reshape the scorecard.

What should European investors watch?

The valuation staircase strategy carries both advantages and risks. On the upside, each successive round creates a higher floor price, reduces IPO uncertainty and demonstrates sustained institutional demand. The investor base reads like a who’s who of global growth capital: Coatue, Andreessen Horowitz, Fidelity, Franklin Templeton, T. Rowe Price and NVentures all have positions.

On the downside, a $150 billion valuation implies a price-to-revenue multiple of roughly 17 times projected 2026 revenue — ambitious for a company that still holds only a restricted UK banking licence and is expanding into complex new product categories including mortgages, commercial lending and stablecoins. Any regulatory setback, slowdown in customer growth or deterioration in macro conditions could make the next step on the staircase harder to reach.

Revolut is also sponsoring the Audi F1 team from 2026, a brand-building move that signals confidence in sustained global visibility. The company launched full banking operations in Mexico in January and has applied for a banking licence in Peru, extending its reach across Latin America.

A decade-old company founded by two immigrants in a London flat is now targeting a valuation that would place it among the twenty most valuable financial institutions on earth. Whether the public markets agree with that ambition will depend on the next twelve to eighteen months of execution. But the staircase is being built — one round at a time.

Frequently Asked Questions

What is Revolut’s current valuation and IPO target?

Revolut’s most recent secondary share sale in November 2025 valued the company at $75 billion, up from $45 billion in mid-2024. The company is now considering a further share sale in the second half of 2026 that could push the valuation above $100 billion. According to Bloomberg, Revolut is targeting a valuation of at least $150 billion for its eventual public listing. CEO Nik Storonsky has indicated that a US listing on Nasdaq is the preferred option, with a potential timeline of two to three years.

How profitable is Revolut?

Revolut generated $4 billion in revenue and $1.4 billion in pre-tax profit in 2024, representing year-on-year revenue growth of 72 per cent and profit growth of 149 per cent. The company is projecting $9 billion in revenue and $3.5 billion in profit for 2026. It serves more than 65 million customers across 100 countries and holds banking licences in multiple jurisdictions. Early investors have reportedly achieved a 24-times return on their original stakes since the company was founded in 2015.

What is Revolut’s stablecoin and why does it matter?

Revolut has entered the FCA’s Digital Securities Sandbox to pilot a pound-denominated stablecoin. The trial, which began in Q1 2026, is exploring use cases including payments, wholesale settlement and crypto trading. European stablecoins currently account for less than 0.2 per cent of the global stablecoin market, which is dominated by US dollar-pegged tokens like Tether. A successful stablecoin product would expand Revolut’s addressable market into digital payments infrastructure and strengthen its regulatory credibility ahead of a public listing.

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