Revolut rejects $65B valuation in secondary share sale. What is the target ticket size for the company?

Revolut recently made headlines by declining a proposed secondary share sale that would have valued the firm at $65 billion. This decision demonstrates the company’s confidence in its trajectory and represents a strategic move to control its valuation narrative ahead of a potential public offering.
The key question remains: what ticket size aligns with the unicorn’s strategy?
Over the past year, Revolut’s valuation has climbed dramatically. In late 2024, a secondary share sale valued the company at $45 billion. By early 2025, investors were pushing for another sale at a$60 billion valuation.
The most recent proposal would have set a new benchmark at $65 billion — a 45% jump from the previous sale. This valuation would have placed Revolut’s market cap above notable tech companies, includingElon Musk’s xAI($50 billion) and AI pioneerAnthropic($60 billion).
Despite mounting investor interest, Revolut has remained steadfast in not approving new secondary offerings at these elevated valuations. The company’s leadership, spearheaded by CEONikolay Storonsky(who recently increased his stake to 25%), appears focused on maintaining tight control over equity and timing major liquidity events strategically to maximise long-term value.
According toAxios reports, an investor has recently offered to purchase hundreds of millions worth of secondary shares from early Revolut backers at this higher valuation. The company declined to approve the transaction — a decision that preceded Revolut’s announcement of strong financial results for 2024.
Examining Revolut’s past secondary transactions reveals a consistent pattern: the company typically targets ticket sizes of $500 million. The last major sale in mid-2023 exemplifies this, with early investors and employees selling approximately $500 million in stock. The round was oversubscribed and attracted leading institutional investors includingCoatue,D1 Capital Partners, andTiger Global. This $500 million target has become standard for Revolut’s secondary market activities, even as investor demand and company valuation have grown.
Given strong investor interest and Revolut’s substantial base of employees and early investors, future authorised secondary sales will likely maintain this $500 million target. This size provides meaningful liquidity to longstanding shareholders while establishing a valuation benchmark in preparation for a potential IPO.
The $500 million figure is a strategic choice. It balances providing liquidity to employees and early investors while maintaining the scarcity and value of the shares. At a $45–65 billion valuation, a $500 million offering represents less than 1.1% of the company’s equity, small enough to prevent market saturation and value depreciation. This size also attracts committed institutional investors rather than speculative traders.
This strategy mirrors broader fintech and tech unicorn practices. Stripe’s 2024 secondary sale, valued at $65 billion, wasstructuredin $500 million tranches to manage liquidity and facilitate price discovery, while minimising excessive dilution. For Revolut, this approach serves as a controlled price discovery mechanism, establishing valuation benchmarks for future fundraising or public market entry.
With its workforce exceeding 5,000 and numerous early backers, a $500 million funding round size offers substantial liquidity, potentially yielding over $100,000 per employee, while preserving capacity for future rounds and IPO allocations. Early crowdfunding investors from platforms like Crowdcube benefit too, gaining partial exit opportunities at significant multiples without compromising future capital raises.
Revolut’s rejection of the $65 billion secondary sale sends a clear message: the company won’t pursue liquidity at any cost and intends to maintain control over its cap table and valuation narrative. This positions Revolut for a stronger IPO, likely in the U.S. after 2026, while sustaining investor interest and its growth trajectory.
While Revolut hasn’t set a formal limit, its consistent target of $500 million for secondary sales reflects a balanced approach between meeting liquidity needs and fostering long-term value as the company prepares for its next growth phase.