Scoop: Stripe says "the singularity" has begun
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Stripe on Wednesday told investors that January 1st marked the "beginning of the singularity," which it refers to as a major inflection point in longterm trends, according to a letter obtained by Axios.
Why it matters: The payments giant believes that being privately held is the best structure for such a consequential moment, which suggests that any IPO remains on indefinite hold.
By the numbers: The company said that first-half revenue rose 41% year-over-year and that free cashflow rose 43%.
- Stripe says 88% of the Forbes AI 50, including OpenAI and Anthropic, are building on its platform, while the share of its revenue from AI and crypto companies has more than doubled year over year.
Zoom in: Stripe today also confirmed its acquisition of OpenRouter. No sale price was disclosed, including in the investor letter, but Axios has learned that it was for more than $8 billion (mostly in stock).
Between the lines: Stripe told investors that remaining private enables it to fund acquisitions and long-term investments without diluting them.
- It said its share count is lower than it was three years ago, even after significant M&A.
- Stripe also said its share price has compounded at 31% since its Series D, versus 14% for the S&P 500 and 18% for the Nasdaq.
Context: Stripe last said businesses on its platform generated $1.9 trillion in payment volume in 2025, up 34% year over year.
- In February, the company was valued at $159 billion in an employee tender offer, up from $91.5 billion a year earlier.
- Stripe is also pursuing an acquisition of PayPal with Advent International, reportedly offering $53 billion for the payments company.
Below is the full investor letter:
