Revolut prepping $100B secondary

U.K.-based neobank Revolut is gearing up for a secondary share sale later this year that could value it over $100 billion, the Financial Times reports citing sources.

Why it's the BFD: Some companies are going public now, afraid SpaceX and other potential trillion-dollar listings will dry up the market, but Revolut CEO Nik Storonsky is eyeing 2028 or later.

Between the lines: The profitable company could be set up for annual secondary sales, similar to Stripe, until it goes public.

• Revolut hit a $75 billion valuation just last year, up 66% from its last round, in a secondary sale.

Between the lines: The step-ups in valuation are geared toward hitting a $150 billion to $200 billion valuation in a potential IPO, per the FT.