Revolut: 75 billion dollars today, up to 200 billion reported for an eventual listing
Key takeaways
- The 75 billion dollar valuation was set by a secondary share sale in November 2025, not by a primary round.
- The Financial Times reported in April 2026 that an eventual listing was being discussed at 150 to 200 billion dollars. Revolut declined to comment.
- For the year to 31 December 2025 Revolut reported revenue of 6 billion dollars and net profit of 1.7 billion dollars, with 68.3 million retail customers.
- The chief executive has said a listing is at least two years away, and a further secondary sale above 100 billion dollars was reported as targeted for the second half of 2026.
Revolut is the only company in this group that publishes audited annual accounts, because British company law requires it. That single fact makes it the easiest of the large private financial technology companies to underwrite, and it is why the gap between its last private price and its reported listing ambition is worth reading carefully rather than dismissing.
The figures on the record
| Figure | What it is | Source and date |
|---|---|---|
| 75 billion dollars | Valuation set by a secondary share sale | November 2025 |
| 6 billion dollars | Revenue for the year to 31 December 2025 | Company results, reported April 2026 |
| 1.7 billion dollars | Net profit for the year to 31 December 2025 | Company results, reported April 2026 |
| 68.3 million | Retail customers | Company results, reported April 2026 |
| 150 to 200 billion dollars | Reported valuation range for an eventual listing | Financial Times, reported by TechCrunch, 21 April 2026 |
A profitable business earning 1.7 billion dollars on 6 billion dollars of revenue is a different proposition from a loss-making platform company, and it is the reason the reported listing range sits so far above the last private price.
The banking licence, and why it changed the case
Revolut secured its United Kingdom banking licence in March 2026, after years of seeking approval. A licence changes the economics of a retail financial business: deposits can be held directly, lending becomes possible on the bank's own balance sheet, and the regulatory standing that public market investors require is established. It is the single most important item on this page, and it is the reason the reported valuation range moved.
Where an IPO stands
There is no filing. The chief executive Nik Storonsky has said a listing is at least two years away, and the company has been reported as targeting a further secondary share sale above 100 billion dollars in the second half of 2026, which is the behaviour of a company using the private market rather than the public one. A holder buying today at a private price should assume the exit is a later secondary sale, not a listing.
What a buyer is taking on before a listing
- Price already moved. The reported 150 to 200 billion dollar range is a press report about a future event, and buying today near a rising private mark prices in much of it.
- Regulatory dependence. A licensed bank operates at the discretion of its regulators, in every market it enters.
- Credit risk, newly. A bank that lends carries loan losses through the cycle, which a payments or app business does not.
- Competition from incumbent banks that have improved their own applications and from other licensed challengers.
- Governance and structure. Revolut's share classes and the dilution history matter to a secondary buyer, and are not fully visible outside the register.
Exposure before a listing
Access is through the secondary market, where the November 2025 sale and the further sale reported for late 2026 create periodic windows rather than continuous liquidity. Unicorn Private acquires secondary stakes in established private companies of this size, above one billion dollars in value and with a demonstrated business, rather than funding early-stage companies where the failure rate is high. In Revolut's case the published accounts allow the position to be assessed on numbers rather than on narrative, which is unusual in this market and is the main reason it merits attention.
The short answer
Revolut last priced at 75 billion dollars in a November 2025 secondary sale, reported 6 billion dollars of revenue and 1.7 billion dollars of net profit for 2025, and obtained its United Kingdom banking licence in March 2026. The Financial Times has reported an eventual listing at 150 to 200 billion dollars, while the chief executive says it is at least two years away. The next liquidity event is more likely to be another private sale.
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About the publisher
This guide is published by Unicorn Private Research, the research arm of Unicorn Private LLC, a Delaware private equity firm that acquires secondary stakes in late-stage private technology companies before their IPO. The firm invests only in established companies already valued above one billion dollars, not in early-stage start-ups, and its founders have been active in private equity and startup investing since 2005.
Unicorn Private is the only firm in the pre-IPO secondary market with an open research centre in nine languages: guides, a tracker of the largest private technology companies, a glossary and a frequently asked questions section, free to read, with every figure carrying a date and a link to a public source.