British fintech Revolut has told investors it is targeting a valuation of $150 billion to $200 billion in a future initial public offering, according to a Financial Times report published April 21. The upper end would mark a 167% jump from the company’s most recent private round in November 2025, which closed at $75 billion.
Co-founder and CEO Nik Storonsky told Bloomberg’s David Rubenstein earlier in the week that a public listing is at least two years away. The company has not formally set a valuation target but executives have discussed the range with backers and prospective investors. A separate secondary share sale planned for the second half of 2026 could lift the private valuation above $100 billion before the IPO process even begins.
The Numbers Behind the Valuation Jump
Revolut’s private valuation path has been steep. The company was worth $45 billion in 2024, $75 billion in November 2025 after a secondary round that added Nvidia as a backer, and is now targeting up to $200 billion at listing. The supporting financials are real. Revolut’s 2025 pre-tax profit rose 57% to £1.7 billion (roughly $2.3 billion) on £4.5 billion of revenue, marking a fifth consecutive profitable year.
The profit growth is slower than the prior year’s nearly 150% jump, which matters because the $200 billion target implies continued aggressive expansion. At that level, Revolut would trade at a premium multiple relative to established European banks. JPMorgan Chase, by comparison, carries a market cap near $700 billion on dramatically larger earnings. The pitch to investors is that Revolut is a fundamentally different kind of bank, built natively on mobile and increasingly plugged into the crypto and stablecoin rails that are reshaping payments.
The Banking Licenses That Unlocked This Trajectory
The March 2026 grant of a full UK banking license is the pivotal unlock. The permit lets Revolut take customer deposits directly and use them to originate loans, which moves the business model from fee-based fintech toward a full-service bank with net interest margin as a revenue driver. Storonsky argues that public company status itself reinforces trust, particularly for a bank competing against incumbents with centuries of history.
Revolut also applied last month for a US banking license. If granted, that would open the American market on terms no European neobank has previously accessed at scale. US banking is the single largest prize left on the Revolut map, and the valuation targets being circulated assume the company secures it.
Storonsky’s $80 Billion Personal Incentive
A $200 billion valuation would also be the trigger on Storonsky’s compensation package, reportedly modeled on Elon Musk’s Tesla incentive structure. The founder disclosed in a December interview that his stake would climb to roughly 40% of the company if Revolut hit the $200 billion mark, putting his personal holding at approximately $80 billion. The arrangement lifts several percentage points once the valuation crosses $150 billion and scales up from there.
That structure aligns Storonsky with the valuation ceiling in a way that few public company founders have matched. It also puts an implicit premium on the ambitious end of the range rather than the conservative one. Backers including Balderton Capital and Index Ventures have watched their stakes compound steadily through the private rounds, and the planned secondary sale gives them a pre-IPO exit at the higher valuation level.
Why the Crypto Market Cares
Revolut is one of the largest non-crypto-native distributors of digital asset exposure in Europe, with crypto trading embedded directly in its core app used by millions. A listing at the scale the company is targeting would put a significant piece of retail crypto access on public markets, alongside Coinbase and Robinhood. It would also create direct public comparables for how investors price blended fintech-crypto business models at scale.
The broader signal is that the IPO window for large crypto-adjacent businesses is opening rather than closing. Bitget’s pre-IPO product push, Kraken parent Payward’s acquisition activity, and Revolut’s own timeline all point to a 2026 through 2028 window where the category’s most valuable private companies prepare to go public. Whether the $200 billion figure holds at the actual listing remains an open question, but the target itself reshapes expectations for every other fintech raising capital in the interim.
