StubHub Pursues IPO, Targets $9bn Valuation

Secondary ticketing platform StubHub is moving ahead with its initial public offering, despite posting weak H1 2025 results.

The numbers:

• As per its filing with the Securities and Exchange Commission (SEC), StubHub Holdings plans to sell just over 34 million Class A shares. Underwriters, including J.P. Morgan and Goldman Sachs, will have a 30-day option to purchase up to an additional 5.1 million shares at the initial public offering price, less underwriting discounts and commissions.

• StubHub expects the shares to be valued at USD $22-25 each.

• It is expecting to raise between $748 million and $975 million from the IPO.

• In light of the number of outstanding shares listed in the SEC filing, that would give StubHub a valuation between $8.1 billion and $9.3 billion.

• As per Music Business Worldwide, Founder and CEO Eric Baker will remain in control of StubHub – his holdings of Class B shares (which come with 100 votes each; Class A shares have one vote each) will leave him with 87.8% of voting power on the board.

Long road:

• StubHub has been aiming for an IPO since at least 2022.

• As recently as last year reports surfaced that the company was aiming for a valuation of $16.5 billion.

• Shares are expected to list as STUB on the New York Stock Exchange.

H1 Financials:

• As per Music Business Worldwide, StubHub’s H1 2025 financials reported only 3% YoY revenue growth to $828 million, while its net loss more than doubled to $111.8 million.