Revolut, one of the world’s leading fintech unicorns, has declined a proposed secondary share sale that would have valued the company at $65 billion. The decision underlines Revolut’s long-term strategy to carefully manage its valuation and cap table ahead of a potential initial public offering (IPO).
This bold move signals Revolut’s intent to maintain control over its growth story, while also highlighting a key question for investors: what ticket size best aligns with its future plans?
Rising Valuation and Market Pressure
In the past year, Revolut’s valuation has seen remarkable growth. A 2024 secondary share sale valued the company at $45 billion, and by early 2025, investors were pushing for a follow-up sale at a $60 billion valuation. The latest proposal — an unapproved secondary transaction — would have pushed that figure to $65 billion, placing Revolut ahead of notable tech giants like xAI ($50B) and Anthropic ($60B).
Despite mounting investor appetite and the potential optics of a massive valuation milestone, Revolut’s leadership declined to authorize the transaction. According to Axios, the company turned down an investor offer to purchase hundreds of millions in stock from early backers. This decision preceded the company’s strong 2024 financial results, indicating that Revolut is playing a long game rather than chasing headline valuations.
CEO Nikolay Storonsky, who recently increased his personal stake to 25%, is taking a conservative and calculated approach. The focus appears to be on maintaining equity control and only approving liquidity events that align with long-term goals.
Why $500 Million Is the Magic Number
Looking at Revolut’s track record, it’s clear that the company has adopted a consistent strategy for secondary share sales: a $500 million ticket size. This was the structure used during the last major secondary round in mid-2023, where early investors and employees offloaded stock to institutional giants like Coatue, D1 Capital Partners, and Tiger Global.
That round was oversubscribed, demonstrating robust investor demand. Still, Revolut stuck to its strategy, capping the deal at $500 million. This approach strikes a balance — it gives liquidity to long-time shareholders while ensuring the market isn’t flooded with excess shares, which could dilute value or damage future fundraising prospects.
At a $65 billion valuation, $500 million accounts for less than 1.1% of Revolut’s total equity, making it an efficient and non-disruptive way to test market demand and validate valuation without undermining future growth or public market debut plans.
Revolut’s strategy reflects a broader trend among fintech and tech unicorns. In 2024, Stripe adopted a similar model during its $65 billion secondary sale, using $500 million tranches to structure liquidity for early stakeholders while maintaining valuation integrity.
This method offers several benefits:
- Price discovery: Enables companies to gauge market valuation under real-world conditions.
- Cap table discipline: Prevents over-distribution and protects against excessive dilution.
- Institutional alignment: Attracts high-quality long-term investors instead of short-term speculators.
By adopting this structure, Revolut not only aligns with industry best practices but also builds a solid foundation for a potential IPO — which sources indicate may take place in the U.S. post-2026.
What It Means for Employees and Early Backers
With over 5,000 employees and a large pool of early investors, a $500 million secondary sale can deliver meaningful returns. At the current scale, it could offer liquidity of over $100,000 per employee, helping reward team members and retain top talent. At the same time, early crowdfunding investors from platforms like Crowdcube gain a chance to partially exit at significant returns — without undermining the company’s financial future.
Revolut’s consistent approach to ticket size ensures these stakeholders receive benefits without compromising the company’s capital structure. It also keeps Revolut well-positioned to raise further capital at premium valuations when needed.
By rejecting a share sale at a $65 billion valuation, Revolut is sending a clear message: it is not chasing inflated figures or hasty liquidity. Instead, the fintech giant is managing its valuation narrative meticulously, with a focus on sustainable growth and investor alignment.
The $500 million target per sale functions as a strategic tool, allowing the company to manage expectations, test the market, and retain equity flexibility as it moves toward public listing.
In the high-stakes world of tech and fintech, where timing and optics are everything, Revolut’s careful planning reflects a commitment to long-term success — not just short-term headlines.
