Revolut targets $200bn valuation ahead of 2028 IPO
Revolut is targeting a valuation of up to $200 billion when it eventually lists on the public markets, according to reporting from the Financial Times and Bloomberg, with founder and chief executive Nik Storonsky indicating the London-based digital bank will not float before 2028.
The FT reported that Revolut has been briefing investors on a target valuation range of $150 billion to $200 billion for a future IPO. That is a striking step up from its most recent private benchmark: a November funding round valued the group at $75 billion, which itself was up from $45 billion in 2024. A person close to the company told the FT that no formal valuation target has yet been fixed.
Storonsky used a Bloomberg interview with David Rubenstein, taped for The David Rubenstein Show, to set expectations on timing. Asked when Revolut might go public, he said an IPO was "two years away" and explained why listing matters for the business.
"We're a bank, and for a bank, it's super important to have trust," Storonsky said. "Public companies are trusted more compared to private companies."
A 2028 listing would give Revolut time to push on several strategic fronts before it has to open its books to public-market scrutiny. The company is working to secure a US banking licence, is building out its business-to-business offering, and continues to expand into new geographies. Revolut already serves more than 60 million customers worldwide and is the largest digital bank in the UK by customer numbers, having overtaken most high-street incumbents for primary current-account status among younger demographics.
Before any IPO, investors will have another opportunity to take money off the table. Revolut is preparing a secondary share sale in the second half of 2026 that is expected to value the company at more than $100 billion, allowing early backers and employees to realise part of their holdings without waiting for a public listing.
The valuation arithmetic is also personal for Storonsky. Under a long-standing incentive agreement, his equity stake grows as the company hits higher valuation milestones. At a $200 billion valuation his holding would rise to roughly 40 per cent of the company, worth around $80 billion on paper.
If Revolut does reach that level, it would rank among the most valuable banks in Europe, sitting comfortably alongside the likes of HSBC and well above most of its neobank peers. It would also represent one of the largest fintech IPOs on record, whichever exchange Revolut ultimately chooses. The company has previously been linked to a US listing, though the final venue remains an open question.
