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Stripe now valued at $65 billion, but it isn't going public

Illustration of the Stripe logo with the S as a dollar sign.

Illustration: Aïda Amer/Axios

Payments giant Stripe will let current and former employees cash out more of their stock through a $1 billion-plus tender offer announced Wednesday.

Why it matters: Stripe is no longer a 2024 IPO candidate.

Zoom in: The offer values Stripe at $65 billion, up from $50 billion last year but down from the $95 billion valuation it garnered in a 2021 fundraise.

  • Investors in the tender offer reportedly include Sequoia Capital and Goldman Sachs' growth equity fund.
  • Also investing is Stripe itself. A source says that the company became cash-flow positive last year, thanks in part to a growing enterprise SaaS business, and expects to be cash-flow positive for all of calendar 2024.

Flashback: Stripe offered a similar deal to employees last year, buying more than $6.5 billion worth of stock — although around half of that transaction was used to cover various tax obligations.

  • Andreessen Horowitz and Temasek were the key investors involved in that deal.

The bottom line: Stripe has long said it's in no hurry to go public, and keeps putting its money where its mouth is.

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