The secondary ticket marketplace giant StubHub launched its highly anticipated initial public offering roadshow on September 8, 2025, seeking to raise approximately $851 million at a valuation that could reach up to $9.2 billion. The company plans to sell roughly 34 million shares priced between $22 and $25 per share, listing on the New York Stock Exchange under the ticker symbol “STUB” with J.P. Morgan and Goldman Sachs serving as lead underwriters.
StubHub’s financial performance leading into the IPO shows mixed results, with the first half of 2025 generating $827.9 million in revenue—a modest 3% increase year-over-year. Despite this growth, the company reported a concerning $111.8 million net loss during the same period, more than doubling its losses from the previous year.
StubHub’s mixed financial picture shows modest revenue growth alongside alarming losses that have more than doubled year-over-year.
Second quarter revenue specifically declined by 2.9% compared to 2024, highlighting ongoing challenges despite the company’s significant market position. This decline represents a notable shift from the company’s previous revenue growth of 10.4% that had been indicated for the potential public offering.
The IPO comes at a strategic time as consumers increasingly prioritize experiences over material possessions, though regulatory scrutiny of secondary ticketing markets continues to intensify globally. Many musicians are exploring alternative revenue streams through streaming platforms as ticket sales become more complex and competitive. StubHub’s decision to go public follows a series of postponements and extended preparations, suggesting confidence in current market conditions that have been favorable for established companies seeking public listings. Recent successful debuts from companies like Circle and Bullish indicate a recovering IPO market environment.
Founder Eric Baker will maintain substantial control post-IPO, retaining approximately 88% of voting power—a governance structure that may raise questions among potential investors about corporate decision-making.
Remarkably absent from the IPO prospectus is any mention of co-founder Jeff Fluhr, despite his significant role in the company’s early development.
The timing of StubHub’s market debut coincides with several other major IPOs, reflecting robust investor appetite for well-established businesses. Many artists are exploring sync deals as a lucrative alternative to traditional ticket sales, particularly as the secondary market faces increasing regulatory challenges.
Industry analysts will closely monitor how investors respond to the company’s substantial losses alongside its dominant market position, particularly as regulators continue to examine practices within the ticket resale industry that forms the core of StubHub’s business model.
