Despite mounting financial losses and multiple postponements spanning over a year, StubHub has signaled renewed determination to proceed with its initial public offering this September 2025. The ticket marketplace, which initially filed for its IPO in March 2025 under the ticker “STUB,” has faced repeated setbacks due to market volatility, particularly following the April 2025 U.S. tariff announcement that froze overall IPO activity.
StubHub’s financial picture remains challenging as it approaches public markets. The company reported nearly $1.8 billion in revenue for 2024 but posted a net loss of $2.8 million, with losses continuing to widen in the first half of 2025 despite strong concert ticket sales boosted by major events like Taylor Swift’s The Eras Tour. The company’s path to going public has been particularly complicated by the limited pre-IPO opportunities available to potential investors.
The company intends to use IPO proceeds primarily to address its substantial debt burden, including $2.4 billion outstanding on term loan credit facilities with interest rates around 9.07%. Updated financial reports show that StubHub’s first quarter ended with a net loss of $35.9 million on revenue of $397.6 million.
The ownership structure reveals significant concentration of control, with CEO Eric Baker holding 5.2% of Class A shares but commanding 90% of voting power through super-voting Class B shares that carry 100-to-1 voting rights. Madrone Partners remains the largest shareholder with 27.1%, followed by WestCap (10.8%) and Bessemer (9.6%). The company’s reliance on event ticket sales mirrors the music industry’s increasing dependence on live performances as a primary revenue stream. Music industry experts note that artists facing diminished royalties from streaming platforms are increasingly focused on ticket sales as their primary income source.
Valuation expectations have fluctuated, with early estimates suggesting up to $16.5 billion, though previous reports indicated attempts at a $13 billion valuation. Renaissance Capital projects the offering might raise approximately $1 billion in capital. Market analysts question whether such ambitious valuations are justified given the company’s persistent unprofitability.
The IPO process, led by underwriters J.P. Morgan Securities LLC and Goldman Sachs & Co. LLC, has included multiple updated prospectuses, indicating a cautious approach. StubHub’s August 2025 updated S-1 filing with Q1 2025 financials has set the stage for a post-Labor Day roadshow, potentially culminating in a late September market debut that would mark StubHub’s return to public markets after several delayed attempts.
