StubHub has signaled that its initial public offering (IPO) may be moving forward once again. The company filed a public S-1 in late March but paused the process in April after Wall Street reacted nervously to tariffs imposed by the Trump administration. On Monday, StubHub submitted an updated S-1 filing that now includes its first-quarter 2025 financial results.
In March, IPO analysts estimated that the offering could raise as much as $1 billion. The latest filing suggests the IPO could take place as early as next month. StubHub has declined to comment on its plans, citing the standard quiet period before a public listing.
In 2024, the company reported revenue of nearly $1.8 billion but recorded a net loss of $2.8 million. Its largest shareholder is Madrone Partners, which holds a 27.1% stake, followed by WestCap Management with 10.8% and Bessemer with 9.6%. Founder and CEO Eric Baker owns just 5.2% of the Class A shares but retains full control through his ownership of all Class B shares, which carry super-voting rights. With 4.95 million Class B shares, Baker holds 90% of the voting power.