Private markets · Stripe
How do investors get exposure to Stripe before an IPO?
How investors get exposure to Stripe: its annual company-run tender offers, the $159bn February 2026 valuation, and the ROFR that voids unapproved sales and forwards.
Facts checked 7 Oct 2026 · By Dipankar Sarkar · Education only — not an offer
Status
Private · no IPO filing
Stripe has not filed for an IPO. In February 2026 co-founder John Collison told CNBC that an IPO would be "a solution in search of a problem". [1]
- Legal name
- Stripe, Inc.
- Founded
- 2010
- Headquarters
- San Francisco and Dublin
- Sector
- Payments and financial infrastructure
- Last primary round
- Series I, 15 Mar 2023 · $6.5bn raised
Stripe enforces a right of first refusal
Stripe says employee stock is subject to a right of first refusal and transfer restrictions, that sales bypassing them are void, and that forwards and tokens are covered too. Company-run tender offers are the sanctioned route for existing holders.
- Stripe says almost all stock held by current and former employees is subject to a right of first refusal, that sales which bypass it are void, and that most employee stock also needs board authorisation to transfer. [2]
- Stripe says forward contracts and attempts to tokenise its equity are subject to the same ROFR and transfer restrictions, and that it intends to enforce its right to repurchase shares at the buyer's original price when such contracts close. [2]
Stripe valuation and liquidity events
Primary rounds and company-run secondary events, newest first. These are reference points from public reports, not prices at which anyone can transact today.
| Date | Event | Valuation | Detail | Src |
|---|---|---|---|---|
| 24 Feb 2026 | Tender offer | $159bn | Tender for current and former employees, mostly funded by investors including Thrive Capital, Coatue and Andreessen Horowitz, with Stripe also repurchasing shares. | [3] |
| 27 Feb 2025 | Tender offer | $91.5bn | Tender for current and former employees, funded by investors, with Stripe also repurchasing shares. | [4] |
| 15 Mar 2023 | Series I$6.5bn | — | [5] |
How exposure to Stripe has existed
- Company-organised tender offers, usually each February, where invited investors buy from employees and former employees.
- Funds and investment firms that already hold Stripe shares, where the exposure is to the fund.
What an investor actually owns
- Stripe has not raised a priced primary round since its 2023 Series I at a $50bn valuation, which funded employee liquidity and withholding taxes. Since then it has run company-organised tender offers alongside its annual letter each February. [3]
Questions to ask about any Stripe offer
- Who is the seller, and is the person offering you Stripe exposure authorised to represent them?
- Does the vehicle already hold the shares, or is it still raising? Which share class sits underneath?
- How many vehicles sit between you and Stripe's cap table, and what does each charge (upfront, annual, carry)?
- Is the transfer subject to a right of first refusal or company approval, and has either been cleared?
- What happens at an IPO or sale: distribution in kind, sale by the manager, lock-up treatment?
Already have terms? Compare the offer against a direct purchase, or tell us what you're looking for.
Frequently asked questions
- Does Stripe plan to go public?
- Stripe has not filed for an IPO, and its leadership said in February 2026 that going public is not a near-term priority and the company does not need the capital.
- What is the most recent Stripe valuation?
- $159bn, set in the February 2026 tender offer. Its last priced primary round was the March 2023 Series I at $50bn, used mainly for employee liquidity.
- Are forward contracts on Stripe shares recognised?
- Stripe says forwards and tokenised interests are subject to its right of first refusal and transfer restrictions, that non-compliant transfers are void, and that it intends to enforce its repurchase rights.
Sources
- CNBC — Stripe valuation rises in tender offer (24 Feb 2026)
- Stripe Support — Forward contracts, tokens and other unauthorized liquidity transactions
- Stripe — Stripe 2025 annual letter (24 Feb 2026)
- Stripe — Employee liquidity, February 2025 (27 Feb 2025)
- Stripe — Stripe raises Series I at a $50bn valuation (15 Mar 2023)
Tell us what you're trying to acquire
Describe the exposure you want — or the offer you already have.
We keep a register of investor interest to understand where private-market demand is and on what terms. It is not an order and we do not arrange transactions. Or run an offer you've received through the calculator first.