There is a particular kind of frustration that attaches to following Revolut. Every six months a headline emerges suggesting the IPO is imminent. Every six months it turns out to be a secondary share sale, not a filing.

The most recent secondary — November 2025 — valued the company at $75 billion. The 2026 secondary in progress is targeting $100 billion. Internal IPO discussions reference $150-200 billion. CEO Nik Storonsky, asked directly in April 2026, said the listing is two years away.

Two years from April 2026 is April 2028. That is the honest answer, and it is probably the right answer. Revolut is profitable. It has no urgency to face the quarterly earnings scrutiny of public markets. The secondary sales provide employee liquidity without the disclosure burden. The company is building — US banking licence application in progress, new markets in Latin America and Asia — and a premature IPO would distract from that.

The Malta connection is real and not incidental. Revolut holds an MFSA licence and operates significant European functions through Malta. The iGaming and fintech infrastructure that Malta has built over two decades is, in part, why Revolut and companies like it chose this jurisdiction. When Revolut lists, Malta will appear in the prospectus.

The FreeMalta read: 2027 at the earliest. 2028 base case. The most defensible fintech business outside of the US. When it does list, it will be one of the largest European tech IPOs in history.