StubHub, the prominent online ticket resale platform, is embarking on its third attempt to launch an initial public offering (IPO) in the United States, targeting a valuation that could surpass $9.3 billion. This renewed effort serves as a significant indicator for the broader IPO landscape, evaluating if the current robust listing environment, previously dominated by technology and cryptocurrency companies, can accommodate more established online enterprises.
The company's renewed bid for a public listing is particularly noteworthy given its previous deferrals. In April, StubHub, similar to the \"Buy Now, Pay Later\" firm Klarna, paused its listing plans. This delay was reportedly influenced by market disruptions following a tariff announcement by then-President Donald Trump. Furthermore, StubHub had reportedly abandoned an earlier attempt last summer, citing unfavorable market conditions that would have valued the company at a significantly higher $16.5 billion, according to reports. Both Klarna and Gemini, the cryptocurrency exchange co-founded by Cameron and Tyler Winklevoss, are also expected to debut publicly this week.
StubHub officially declared its intention to list on the New York Stock Exchange under the ticker symbol “STUB.” The company plans to offer over 34 million shares, with a price range between $22 and $25 per share, aiming to raise up to $850 million. Regulatory filings indicate that upon the IPO's completion, and assuming the full exercise of an overallotment option, StubHub will have close to 373 million shares in circulation, supporting the projected market capitalization of over $9.3 billion if priced at the upper end of the range.
The current market has shown considerable strength for tech-centric and crypto-related IPOs. Examples include the design software platform Figma, whose shares more than tripled on their debut in late July, and the Peter Thiel-backed crypto exchange Bullish, which experienced a significant surge in its initial trading. Data from Dealogic reveals that U.S. IPOs have collectively raised more than $40 billion year-to-date, marking the highest volume since the record-setting period in 2021, when total proceeds reached $229.51 billion.
Despite its ambitious IPO plans, StubHub reported a net loss of $76 million on revenues of $872.9 million for the first six months of 2025. This loss widened from $24 million during the same period last year, despite an increase in revenue from $803.5 million. Established in 2000 by CEO Erik Baker and Jeff Fluhr, StubHub was acquired by eBay in 2007 before being repurchased by Baker in 2019. The company acknowledges intense competition as a key risk factor, particularly from industry giants such as Ticketmaster operator Live Nation Entertainment, which boasts a market capitalization of nearly $38 billion.
StubHub's journey to going public underscores the dynamic nature of the financial markets. After previous attempts faced headwinds, the company is re-engaging with investors at a time when the IPO market shows renewed vigor, especially in the tech and crypto sectors. Its success will not only benefit the company but also provide insights into the broader appetite for public listings across different industries.