Revolut aims for $200bn valuation in stock market listing
Source · Banking desk
— Summary
Revolut is aiming for a valuation of up to $200bn when it lists its shares, according to investors briefed by the fintech, a flotation that would make founder Nik Storonsky one of the world's richest people. Executives have discussed an internal target range of $150bn to $200bn, although no formal target has been set and the company has indicated it will not list before 2028.
Hitting the higher end would trigger an Elon Musk-style incentive award: Storonsky's stake rises sharply above $150bn and reaches around 40% of the company at $200bn, a package worth roughly $80bn. The London-based group has just secured a full UK banking licence after a four-year wait, allowing it to offer loans, and has applied for a US licence. Its November 2025 funding round valued it at $75bn, up from $45bn in 2024, with Nvidia joining as a backer.
In the near term Revolut is preparing a secondary share sale in the second half of 2026 to let early backers - including Balderton Capital and Index Ventures - cash out part of their holdings at a valuation above $100bn. Pre-tax profits rose 57% to £1.7bn last year on £4.5bn of revenue, powered by a 67% jump in premium-subscription income. Source: Financial Times, 21 April 2026, Laith Al-Khalaf and Arash Massoudi.
The story in one line. Europe’s most valuable start-up is preparing investors for an IPO at up to $200bn, a valuation that would crown founder Nik Storonsky with a personal stake worth around $80bn.
Key numbers
$150bn to $200bn internal IPO valuation range discussed with backers
Not before 2028 according to Revolut’s public guidance
~40% of the company Storonsky would own at a $200bn valuation, worth about $80bn
$75bn valuation at the November 2025 funding round (up from $45bn in 2024)
>$100bn expected valuation for a secondary share sale planned for H2 2026
£1.7bn pre-tax profits in 2025 (up 57%) on £4.5bn of revenue
67% revenue jump from premium subscriptions
4-year wait before the UK banking licence was granted; US application filed last month
Why it matters
The jump from $75bn to a $150-200bn IPO target would have to be earned - it requires Revolut to keep compounding at the same pace through 2028. The new UK banking licence is the key unlock: it allows Revolut to offer loans and boosts its chances of winning banking licences in other jurisdictions, notably the US. If profits keep doubling, a $200bn listing is plausible; if growth slows, the secondary sale valuation (>$100bn) is probably a better anchor.
Takeaway
Revolut is the fintech that has made the successful jump from consumer app to regulated bank. The $200bn headline is partly a negotiating anchor for pre-IPO investors and partly a personal incentive for Storonsky, tied to a long-standing equity-ratchet agreement. Either way, the list of European tech businesses that could plausibly command such a valuation in a stock market listing remains very short.
Source: Financial Times, 21 April 2026, Laith Al-Khalaf and Arash Massoudi.