Revolut

Reported $115B 2028 or later Private · no public filing Fintech

A $115B reported secondary. A $200B ambition. Neither is an IPO.

Evidence record · 23 September 2026
July 2026 secondary-sale valuation; $200B is a potential IPO target · Revolut 2025 annual report ↗ Forge secondary-market summary ↗ Founder stake and dilution report ↗

Overview

Revolut remains private. Its 2025 annual report records a $75 billion valuation from a financing process. A July 2026 secondary share sale was subsequently reported at approximately $115 billion. Secondary transactions provide liquidity for existing holders; they are not IPOs.

The $200 billion figure belongs in a different column: it is a reported aspiration for a future listing, not the latest completed valuation. Founder equity awards and potential dilution can make headline valuations difficult to compare directly; the share count and transaction basis matter.

Nik Storonsky has indicated that a listing is at least two years away from April 2026. The FreeMalta read: Revolut is a serious fintech IPO candidate, but 2028 or later is a more honest window than a near-term countdown.

Catalysts

Large customer base, profitable operations and secondary-sale liquidity without the immediate need for a public listing.

Risks

No public filing. The $200 billion figure is a target, not an executed valuation. Founder incentives and dilution complicate comparisons.

FreeMalta Verdict

Keep the $115B transaction and $200B ambition in separate columns.

Frequently Asked Questions

When will Revolut IPO?

No date has been announced. Nik Storonsky has indicated a listing is unlikely before 2028.

What is Revolut's valuation?

A July 2026 employee secondary sale reportedly valued Revolut at about $115 billion. The often-cited $200 billion is a possible future IPO target, not that sale price.

Is a secondary share sale an IPO?

No. A secondary sale transfers existing private shares; an IPO lists shares on a public exchange.

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Method & disclaimer: This is an editorial watchlist, not investment advice. Company-announced financing values, reported secondary prices, targets and public-market prices are different measurements. A confidential filing is not a confirmed offer date. Every company file has a dated evidence record; some figures are explicitly reported estimates rather than company disclosures. FreeMalta's OpenAI partnership does not imply access to non-public IPO information. Do your own research before making any investment decision.