Revolut Tells Investors It Wants Up to $200 Billion in US-Centered IPO

Revolut is privately telling investors it wants an IPO valuation of $150 billion to $200 billion, according to people briefed by the company and cited by the Financial Times. A person close to Revolut cautioned that no formal target has been locked in. Either way, the top end is 2.7 times the $75 billion valuation the fintech carried after its November 2025 secondary share sale.

Where does Revolut want to list?

Co-founder and chief executive Nik Storonsky confirmed this fall that the eventual listing will center on the United States. A dual listing on Nasdaq and the London Stock Exchange is under serious consideration, with the US market getting clear priority. This is the first time Storonsky has publicly backed keeping a London listing, after previously suggesting Revolut might skip the UK entirely. The takeaway: London keeps a seat at the table, but Wall Street sets the menu.

His reasoning is blunt. The US offers a far deeper pool of buyers — institutional funds, hedge funds, and retail investors all bidding for the same shares — and that liquidity tends to translate into higher prices. Storonsky has also criticized the UK's 0.5% stamp duty on every share transaction as a tax that quietly throttles demand for London-listed stock. The UK government has since carved out a three-year stamp duty exemption for newly listed companies starting November 27, 2025. It clearly hasn't fully changed his calculus.

What is Revolut already worth?

On July 22, 2026, Revolut confirmed a secondary share sale allowing employees to sell stock. Shares priced at $2,017 apiece, implying a $115 billion valuation, with earlier reports pointing to at least $750 million in sales. That marks a 53% jump from the $75 billion mark set just eight months earlier — roughly $40 billion of paper value added in under a year.

The $115 billion figure is not hypothetical. It puts Revolut ahead of Barclays, which trades at roughly $95 billion, and ahead of Société Générale as well. A neobank founded in 2015 is now worth more on paper than two banks that have been underwriting European business since the 19th century. The comparison flatters Revolut on price, not on earnings.

Do the profits justify it?

Partly. Revolut's 2025 revenue rose 46% to £4.5 billion, about $6.0 billion, while pre-tax profit climbed 57% to £1.7 billion, roughly $2.3 billion — its fifth straight profitable year. Its retail customer base grew 30% to 68.3 million people. Barclays still clears roughly £9 billion in pre-tax profit, about four times Revolut's. Investors are pricing growth, not parity with incumbent earnings.

Storonsky has personal skin in the math. He said in December 2025 that his own stake would be worth around $80 billion if Revolut hits the $200 billion ceiling — a number that would make him one of the richest people in Britain, built on a company that still cannot list on the exchange its own government would prefer it use.

When will the IPO actually happen?

Not soon. Storonsky has been consistent that an IPO is roughly two years out, landing around 2028, and he has ruled out going public before then. In the meantime, Revolut runs periodic secondary sales that let early backers and staff take money off the table without a public listing.

The company has also kept building its regulatory footprint. The Prudential Regulation Authority approved the launch of Revolut's UK bank in March 2026, and the Office of the Comptroller of the Currency conditionally approved its US national bank charter application in September.

The deeper question is London's. If a $200 billion fintech with British roots won't bet its IPO on the City, that is a harder problem for UK capital markets than any single stamp duty carve-out can fix.