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Revolut remains private, with no announced IPO date or public registration filing. The London-based fintech launched its fully licensed U.K. bank in March and was most recently valued at about $115 billion in a secondary share sale.1 For investors tracking a Revolut IPO, the central questions are when a listing could happen, what the company may be worth and what access exists before public trading begins.
A financial advisor can help compare the fees, liquidity restrictions and concentration risk associated with pre-IPO Revolut exposure.
When Revolut Could Go Public
Revolut intends to become a public company, but management has not announced a firm timetable. In April 2026, co-founder and CEO Nik Storonsky told Bloomberg that an IPO was roughly two years away, depending on market conditions. 2
A search of SEC EDGAR and the U.K. Financial Conduct Authority’s National Storage Mechanism did not surface a public Revolut registration statement or approved prospectus as of Oct. 26. However, that doesn’t rule out a confidential U.S. submission, since the SEC permits nonpublic review of draft registration statements.
| IPO Step | What It Means | Revolut Status |
|---|---|---|
| Confidential filing | Regulators review a draft before public release | Not publicly announced or verifiable |
| Public registration or prospectus | Financials, risks and ownership details become public | No public U.S. filing or approved U.K. prospectus found |
| Roadshow | Management and underwriters market the offering | Not announced |
| Pricing | Share count, offer price and implied valuation are set | Not announced |
The venue is also not final. Storonsky said in September that Revolut was considering a dual listing on Nasdaq and the London Stock Exchange, while continuing to favor the deeper U.S. market. Revolut has not announced a primary venue, final structure or ticker. 3
Until then, secondary sales can give employees and early investors liquidity without requiring an IPO.
Revolut Valuation History
Revolut’s private valuation has risen sharply since its last primary funding round.
| Date | Transaction | Valuation |
|---|---|---|
| July 2021 | $800 million Series E | $33 billion |
| August 2024 | Employee secondary sale | $45 billion |
| November 2025 | Employee and investor share sale | $75 billion |
| July 2026 | Secondary share sale | About $115 billion |
The 2021, 2024 and 2025 figures were confirmed in company announcements. 4 Meanwhile, Reuters reported that the July 2026 sale priced shares at $2,017, implying a $115 billion valuation. 5 That represented an increase of about 53% from November 2025 [($115 billion − $75 billion) ÷ $75 billion].
But the figure is an implied private-market valuation, not a guaranteed IPO price. Secondary transactions involve a limited group of buyers and sellers and may cover only a small portion of a company’s shares.
Revolut’s operating results help explain the increase. Its 2025 annual report showed £4.5 billion of revenue, £1.7 billion of pretax profit and more than 68 million retail customers at year-end. Revenue rose 46%, while pretax profit increased 57%.
The company has reportedly discussed a possible IPO valuation of $150 billion to $200 billion with investors. But Revolut has not formally set a target, and public markets could ultimately value it above or below its latest private benchmark.
How to Invest in Revolut Before an IPO
Revolut shares are not available through a standard brokerage account. Investors seeking exposure before a listing may encounter three broad routes.
| Access Route | Eligibility | Typical Minimum | Fees | Liquidity |
|---|---|---|---|---|
| Forge direct secondary market | Generally accredited investors | $100,000 standard minimum | Typically 2%–4% on completed direct transactions | Limited; depends on sellers, demand and transfer approval |
| EquityZen single-company SPV | Accredited investors | As low as $5,000 for some deals | Generally 2.5% for most marketplace transactions | Usually held until an exit; resale is limited and not guaranteed |
| Molten Ventures plc | Investors with access to London-listed shares | One share or broker minimum; Fidelity lists £25 | Brokerage costs plus an estimated 2.55% ongoing charge with performance fee on Fidelity | Exchange-traded, but price can differ from portfolio value |
Forge lists Revolut on its private marketplace, but availability can change and transactions may require company approval. Forge says its standard direct-secondary minimum is $100,000 and fees commonly range from 2% to 4%.
EquityZen typically provides exposure through a special purpose vehicle, or SPV, that owns private-company shares. Investors buy an interest in the vehicle rather than holding Revolut stock directly. Most offerings require accredited-investor status, with minimums as low as $5,000 and a 2.5% transaction fee for many marketplace deals.
Molten Ventures offers indirect exposure through a publicly traded portfolio of private technology companies. Molten reported another partial realization of its Revolut investment in 2026 while retaining further exposure. Its stock reflects the full portfolio, expenses and any discount or premium to net asset value, not just Revolut.
None of these routes guarantees access to Revolut at a $115 billion valuation.
Risks of Pre-IPO Investing
Private valuations can change sharply before a company goes public. In 2023, an investment trust managed by Schroders marked down its Revolut stake by about 46%, implying a valuation near $17.7 billion rather than the $33 billion established in 2021. 6
Later secondary transactions moved the implied value much higher. The swing shows how different investors can assign very different prices when there is no continuous public-market trading.
Liquidity is another risk. Private shares and SPV interests may be subject to company approval, rights of first refusal or fund-manager restrictions. Investors may have to hold for years, and Revolut could delay an IPO beyond 2028 or never complete one.
Fees can also reduce returns. Brokerage commissions, SPV charges and layered fund expenses may apply before an investor realizes any gain. Limited public disclosure can also make it harder to compare a private asking price with the company’s financial performance.
For a related look at secondary markets, tender offers and IPO timing, see SmartAsset’s Stripe IPO coverage.
What to Watch if Revolut Files
A public filing would be a stronger IPO signal than another secondary sale or management interview.
| Signal | Where to Find It | What It Indicates |
|---|---|---|
| U.S. registration statement | SEC EDGAR | A public U.S. offering process is underway |
| U.K. prospectus | FCA National Storage Mechanism and company announcements | The FCA has approved a prospectus for a U.K. offering |
| Price range | Filing amendment or prospectus | Proposed offer price and implied valuation |
| Exchange and ticker | Filing and exchange notices | Where and under what symbol shares would trade |
| Lock-up terms | Prospectus and underwriting documents | When insiders may become eligible to sell |
| Index eligibility | FTSE Russell, Nasdaq or another index provider | Whether shares could later qualify for index inclusion |
For a U.S. IPO, the SEC says lock-ups commonly prevent insiders from selling for about 180 days, although terms vary. A London listing could potentially qualify for fast entry into the FTSE U.K. Index Series if it meets market-value, free-float and other requirements.
A dual listing would add another consideration because access, trading currency, market hours and index treatment could differ between the two venues. Watch for the public registration statement or approved prospectus. Until one appears, valuation reports and executive comments show intent, not a completed path to public trading.
Bottom Line
Revolut remains private, and management’s comments suggest a listing is unlikely before 2028. Its latest secondary sale implied a valuation of about $115 billion, but no final IPO valuation, structure or date has been announced. A financial advisor may help compare private-market fees and liquidity limits with waiting for public shares, while reviewing how much fintech and single-company exposure fits your portfolio.
Investing Tips
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Photo credit: ©iStock.com/fadfebrian, ©iStock.com/oatawa
Article Sources
All articles are reviewed and updated by SmartAsset’s fact-checkers for accuracy. Visit our Editorial Policy for more details on our overall journalistic standards.
- “Revolut Launches UK Bank.” Revolut, https://www.revolut.com/news/revolut_launches_uk_bank/.
- Stanciuc, Ana-Maria. “Revolut’s IPO Is Two Years Away and It’ll Be in the US.” TNW | Business, Apr. 20, 2026, https://thenextweb.com/news/revolut-ipo-two-years-storonsky.
- “Revolut Considers Dual New York and London Listing for IPO.” Euronews, Sept. 18, 2026, https://www.euronews.com/2026/09/18/revolut-weighs-dual-listing-in-new-york-and-london-for-its-long-awaited-ipo.
- “Revolut.” Revolut Raises $800m Series E Funding from Softbank Vision Fund 2 and Tiger Global, https://www.revolut.com/en-US/news/revolut_raises_800m_series_e_funding_from_softbank_vision_fund_2_and_tiger_global/.
- “Revolut Starts Share Sale at $115 Billion Valuation, Source Says.” Reuters, https://www.reuters.com/legal/transactional/uk-finance-app-revolut-says-secondary-share-sale-is-underway-2026-07-22/.
- “Revolut’s Valuation Cut by Schroders as Fintech Funding Wanes.” Investing, https://www.investing.com/news/stock-market-news/revoluts-valuation-cut-by-schroders-as-fintech-funding-wanes-3062406.