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Stripe’s Secondary-Market Valuation Reaches $185.96B, 16.96% Above Its Latest Tender Offer Valuation
Weekly Edition & Stock Spotlight
October 26, 2026
This report examines Stripe’s business performance, competitive positioning and market developments following its announced collaboration with FedEx Dataworks and its agreement to acquire embedded finance platform Parafin. The report considers these developments in the context of digital payment infrastructure, embedded financial services and businesses’ use of integrated solutions for payments, financing and global commerce using publicly available information and MSCI Private Company Insights data.
Key takeaways
- 90-day most active: Stripe ranked first among the 10 most active private-market companies by the number of contributions (bids, asks, and trades) observed within MSCI’s broker consortium over the 90 days to Oct. 12, 2026.
- Revenue expansion: Stripe's revenue grew 33.33% year-over-year (YoY) to $6.8 billion in 2025.
- Largest bid-side volume: As of Oct. 12, 2026, Stripe recorded its highest level of bid volume in a single quarter in Q3 of 2026, with bid-side volume coming at $2.56 billion, representing 30.2% of total bid-ask volume.
- Largest ask-side volume: As of Oct. 12, 2026, Stripe recorded its highest level of ask volume in a single quarter in Q3 of 2026, with ask-side volume coming at $5.93 billion, representing 69.8% of the total bid-ask volume.
Before examining Stripe in detail, the report first provides a broader view of the private growth market through the year-to-date (YTD) performance of the PM50 Growth versus selected public market indexes and the performance of the 10 most active private companies across sectors. This context helps frame the market environment in which Stripe has traded.
Data as of Oct. 12, 2026. Past performance, whether actual, backtested or simulated, is no indication or guarantee of future performance. Source: MSCI Private Company Insights secondary market data. Unless otherwise stated, all analysis and statistics in this report are derived from MSCI Private Company Insights observations of secondary market activity and all amounts are in U.S. dollars (USD).
MSCI Private Company Insights (formerly PM Insights) provides independent, market-driven data on private growth and pre-IPO companies, designed to provide greater visibility into secondary-market activity and help asset managers, banks, consultants, investors, and regulators better understand trading conditions and risk in this dynamic market.
PM50 Growth vs. selected public indexes year to date
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The PM50 Growth tracks the performance of the 50 most active private names observed in the secondary market. It is an equal-weighted aggregation, rebalanced on a monthly basis.
This rebalancing of constituents over time gives way for more active names to participate in what we observe as "market performance," and allows more active names to be reflected in the observed market performance, rather than relying on static constituent selections and weighting criteria.
Most active names performance across all sectors
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Stock Spotlight - Stripe
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Sectors
Financial Payments
Headquarters
San Francisco, California, U.S.
CEO
Patrick Collison
“Flexible solutions for every business model”
Stripe is a financial services platform that provides payments, billing, and money movement infrastructure for businesses of all sizes. Founded in 2010 and headquartered in San Francisco and Dublin, it has moved well beyond its original payments API into a broad suite that includes subscriptions, invoicing, card issuing, banking-as-a-service, tax, and stablecoin-based financial accounts. The company’s recent product expansion spans revenue and finance automation, stablecoin infrastructure, and AI-driven commerce, and it serves both large enterprises and fast-growing AI startups.
Business model
Stripe offers a core payment acceptance API and layers additional products on top, including Billing, Connect, Issuing, Treasury, Capital, Terminal, Radar, and Tax. Its customers range from early-stage startups to large enterprises and marketplaces, such as Amazon, Shopify, Uber, and Instacart. Stripe earns revenue through transaction-based fees on payments processed, plus fees on its software and financial services products.
Scale and growth
- Payment volume: $1.9T processed in 2025, up 34% from $1.4T in 2024
- Revenue: Estimated $6.8B in 2025, up 33% from $5.1B in 2024
- Profitability: Estimated $1.2B EBITDA in 2025, Stripe reported profitability in 2024
- Customer base: Used by 50% of the Fortune 100 and 88% of the Forbes AI 50
- Global reach: Available to businesses in 50+ countries, with 135+ currencies and payment methods supported
Stripe's timeline
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Revenue
The graph below displays the revenue and revenue growth of Stripe from 2017 to 2025.
- Stripe's revenue grew 33.33% YoY to $6.8 billion in 2025
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Valuation
- Latest company valuation: On Feb. 24, 2026, Stripe was valued at $159 billion (€135 billion) in a transaction providing liquidity to current and former employees.
- Participating investors: Thrive Capital Management, LLC., Coatue Management, L.L.C., AH Capital Management, L.L.C. and others provided the majority of the capital, with Stripe also repurchasing shares.
- Secondary market valuation: As of Oct. 12, 2026, Stripe’s secondary market valuation was $185.96 billion, according to MSCI Private Company Insights.
<row>
<card>
Latest valuation
<span class="date">2026-02-24</span>
<span class="value">$159B</span>
</card>
<card>
Secondary market valuation
<span class="date">2026-10-12</span>
<span class="value">$185.96B</span>
</card>
<card>
Valuation change
<span class="date">Primary → secondary</span>
<span class="value green">+16.96%<span>
</card>
</row>
Quarterly bid-to-ask volume ratio
MSCI Private Company Insights presents the quarterly bid-to-ask volume ratio of Stripe from 2021 Q1 to 2026 Q3.
- Largest bid-side volume: $2.56 billion representing 30.2% of the total bid-ask volume in 2026 Q3
- Largest ask-side volume: $5.93 billion representing 69.8% of the total bid-ask volume in 2026 Q3
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Stripe’s comparable private companies
MSCI Private Company Insights highlights two private companies, all active as of Oct. 12, 2026, that are close competitors of Stripe. These companies provide digital payment solutions and financial technology platforms that enable businesses and consumers to manage transactions and access financial services. Collectively, they support global commerce through payment processing, cross-border transactions, embedded finance, digital banking solutions and financial infrastructure services.
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