On April 21, 2026, the Financial Times reported that Revolut is preparing a new secondary share sale (tender offer) for the second half of 2026. The expected valuation exceeds $100 billion — a 33% step-up from the November 2025 round, which valued the company at $75 billion.
Simultaneously, the FT revealed an even more ambitious detail: internally and in conversations with investors, Revolut has discussed a target IPO valuation in the range of $150–200 billion. No formal target has been set, but this is the corridor being discussed as the benchmark for an eventual public listing.
Over two years, Revolut's valuation will have more than doubled — from $45 billion in 2024 to $100+ billion in 2026. If the IPO scenario plays out at the upper end, that represents a roughly 4x increase within three years.
What a Tender Offer Is and Why It Matters
A tender offer is a secondary transaction in which employees and early investors can sell their shares to new funds on the secondary market. The critical distinction from a standard funding round: the company does not issue new shares, meaning existing shareholders are not diluted.
For investors, a tender offer serves as both a signal of maturity (the company does not need to raise new capital for operations) and a pricing mechanism (each tender establishes a market valuation backed by real transactions).
Revolut appears to be building a model of annual secondary sales — similar to Stripe's approach — providing liquidity for employees and early investors ahead of an eventual IPO.
Valuation Trajectory: From $45B to $200B in Three Years
Revolut's valuation history is among the most impressive in global fintech.
2024: valuation of $45 billion in a secondary share sale.
November 2025: tender at $75 billion — a 67% increase. Nvidia joined as an investor, sending a strong market signal.
H2 2026 (expected): new tender at $100+ billion — another 33% step-up.
IPO (no earlier than 2028): internal target range of $150–200 billion. Co-founder Nik Storonsky noted in December that at a $200 billion valuation, his personal stake would be worth approximately $80 billion.
For pre-IPO investors, this means the entry window narrows with each tender — but the growth potential toward the IPO valuation remains substantial.
Financial Foundation: Why the Valuation Is Justified
Unlike many high-valuation technology companies, Revolut backs its price with strong fundamentals.
2025 revenue: $6.0 billion (£4.5B) — up 46% YoY. Eleven product lines each exceeded $135 million in annual revenue.
Profit before tax: $2.3 billion (£1.7B) — up 57%. PBT margin: 38%. Fifth consecutive year of net profitability.
Net profit: $1.7 billion — up 70% from 2024.
Customer base: 68.3 million retail users, 767,000 business customers. One in five working-age adults in Europe uses Revolut.
Subscriptions: up 67% to $936 million — the fastest-growing revenue segment and the key profitability driver.
Customer balances: $67.5 billion — up 66%. Transaction volume: $1.7 trillion.
At the current $75 billion valuation, the P/Revenue multiple is approximately 12.5x, comparable to publicly traded fintech leaders. At $100 billion, it rises to about 17x — implying continued revenue growth of 40%+.
Regulatory Transformation: From Fintech to Global Bank
For investors, Revolut's regulatory progress is no less important than its financial metrics. Licensing determines the valuation category the company will occupy at IPO.
March 2026: Revolut received a full UK banking license, completing a multi-year mobilization process. This allows direct deposit-taking and lending to 13 million UK customers. For valuation purposes, this is a fundamental shift: a licensed bank commands different multiples than a fintech startup.
March 2026: application filed for a U.S. banking license through the Office of the Comptroller of the Currency (OCC). Approval would unlock the world's largest financial market — with the ability to take dollar deposits, issue loans, and compete with traditional banks.
30+ markets: Revolut operates as a licensed bank in more than 30 of its 40 markets. January 2026 saw the launch of full banking in Mexico.
CEO Storonsky has directly linked public status to trust: "We're a bank. For a bank, it's super important to have trust. Public companies are trusted more compared to private companies."
Why IPO Is Not Before 2028
Despite strong financials, Revolut is in no rush to list. Storonsky confirmed last week that the IPO will happen no earlier than 2028.
The logic behind this patient approach is clear. First, the 2026 IPO market is crowded: SpaceX ($2+ trillion), OpenAI ($852 billion), Anthropic ($380 billion) are all planning listings. Revolut prefers not to compete for investor attention in an overcrowded market.
Second, each year in private status at current growth rates increases the fundamental valuation. If revenue continues growing at 40%+ annually, it could reach $12–15 billion by 2028 — justifying a $150–200 billion valuation.
Third, securing a U.S. banking license before IPO is a strategic priority. A company going public with licenses in both the UK and the U.S. commands a fundamentally different valuation than a fintech without banking status.
Annual Tender Model: The Stripe Playbook
Revolut is building a framework where shareholder liquidity is provided through regular secondary sales — without the pressure to rush into an IPO. Stripe has employed a similar strategy.
This creates an interesting dynamic for pre-IPO investors: each tender establishes a new valuation confirmed by real buyers and provides entry and exit windows. Meanwhile, the growth potential toward the IPO valuation ($150–200 billion) remains intact.
What This Means for Investors
The entry window is narrowing. Each successive tender raises the price. Entry at $75 billion (November 2025) offers 2–2.7x potential to IPO. Entry at $100 billion offers 1.5–2x. The later the entry, the smaller the upside.
The foundation is concrete. Unlike many AI companies running losses, Revolut has been profitable for five consecutive years with a 38% PBT margin. This combination of growth and profitability is rare.
Regulatory catalysts ahead. U.S. license approval could trigger the next valuation step-up. Each new license expands the addressable market and lifts the valuation multiple.
Risks remain. Pre-IPO positions are illiquid until the listing (or the next tender). The IPO could be delayed. Market conditions in 2028 cannot be predicted today.
Revolut is part of the AMCH portfolio. Platform investors have access to a pre-IPO position in Revolut through structured lots. Current terms and details are available at: amcapital.app
AMCH is not a broker or a trust management service. The company operates as an investment fund. Investments carry risks. Past performance does not guarantee future returns.