Revolut IPO 2026: Valuation Marks and the Listing Timeline

Revolut is still a private company. It has not listed its shares on any exchange, so there is not a live Revolut stock price or ticker. Its most recent valuation is a reported $115bn, from a secondary share sale that Revolut confirmed on 22 July 2026. Revolut confirmed the sale but did not confirm the figure, according to Tech.eu.

On the timing, chief executive Nik Storonsky has said a listing is about two years away. A US primary listing is the stated preference, as US News, citing Bloomberg reported on 8 October 2026. That points to 2028 at the earliest. Admirals does not offer a CFD on Revolut shares, and this article treats Revolut as a research subject only.

The information in this article is provided for educational purposes only and does not constitute financial advice. Consult a financial advisor before making investment decisions.

Revolut IPO at a Glance: The Key Answers

The table below collects the main facts about Revolut Ltd and its parent, Revolut Group Holdings. Each line links to the page it comes from.

Source: Revolut and the news reports linked in each row, accessed 15 October 2026.

Revolut itself cannot be shown on a chart because it does not trade on an exchange. One listed comparison is Nu Holdings, the Latin American digital bank. The chart below shows Nu for context only. It does not track Revolut's value.

Is Revolut a Public Company?

Revolut is not a public company. Its shares change hands only through private funding rounds and secondary sales. Those deals are usually open to employees and early investors. Large funds also take part.

Is Revolut publicly traded?

It is not. There is not a Revolut stock symbol on the London Stock Exchange or on Nasdaq. Any price quoted online is a private-market estimate. It does not come from a public order book.

Can you buy Revolut stock?

Retail investors generally cannot buy Revolut shares today. Some private-market platforms list pre-IPO shares, but access is usually limited to accredited or professional investors. Minimum sizes tend to be large, and resale can be slow. Pre-IPO shares are high risk, and investors can lose the whole amount invested.

Admirals does not offer any product linked to Revolut shares. Readers interested in how listings work can find background in this guide to direct listings and IPOs.

What Is Revolut Ltd?

Revolut was founded in London in 2015 by Nik Storonsky and Vlad Yatsenko. It began as a travel card with cheap currency exchange. Today it offers current accounts and cards in about 40 markets. Its range also covers savings and trading. Crypto and business accounts are offered too.

The group reported 68.3 million retail customers at the end of 2025, according to its 2025 annual results release. By 15 September 2026 it said it had more than 80 million customers, in its Colombia licence announcement.

Revolut Valuation History

Revolut's value has been set by a series of private deals. Some raised new money. Others only let existing holders sell. The table shows each priced deal since 2021.

Revolut Funding Rounds and Secondary Sales

Source: Forge Global, with Sharecast, Revolut and Tech.eu linked in each row. Per-share prices for 2021 and 2025 are Forge records. Percentage changes are calculated here. Past performance is not a reliable indicator of future results.

The path was far from smooth. During 2022 and 2023, some investors cut the value of their Revolut stakes sharply. Molten Ventures cut the value of its Revolut stake by about 40% in results reported in June 2023, as reported by FinTech Global. Schroders had cut its own mark by roughly 46% in April.

Revolut Share Price: What the Forge Price Shows

Forge Global publishes an indicative "Forge Price" for many private companies. For Revolut it showed $2,125 per share, updated on 15 October 2026. Forge does not give a time of day for the figure. Based on the $115bn sale at $2,017, that mark implies about $121.2bn.

This is an estimate built from private trades and indications. It is not a tradable quote. The Forge Revolut page also lists a six-month change of about +61.5%, a figure that compares two private estimates.

Source: Forge Global, accessed 15 October 2026. Past performance is not a reliable indicator of future results.

Five-Year Record of Results and Valuation, 2021 to 2025

Compliance rules ask for a five-year view whenever past performance is shown. Revolut has never had a year-end share close. The table therefore gives annual results and the valuation in force at each year-end.

Source: Revolut annual results releases and Sharecast (links in each row), full calendar years 2021 to 2025. Investor markdowns are from FinTech Global. Growth rates are in GBP. Past performance is not a reliable indicator of future results.

Two points stand out. Revenue grew in every year of the period. Profit did not, and 2022 ended with a pre-tax loss. The auditor BDO had warned that 2021 revenues "may be materially misstated", which delayed the 2022 filing. Revolut later said those issues were resolved, as Sharecast reported.

Revolut 2025 Results in Detail

Revolut published its 2025 annual report on 24 March 2026. The headline numbers were the strongest in its history. Storonsky said in the release that Revolut had "built a diversified, resilient business that is profitable at scale", according to the company's results release.

Revenue by Product Line

Source: Revolut 2025 results release, accessed 15 October 2026. Group growth is calculated in GBP. The lines shown are the main business lines and do not sum to the group total. Past performance is not a reliable indicator of future results.

The spread matters. Eleven product lines each earned more than about $135m. Interest income made up about 22% of revenue, which links the business to central bank rates.

Customers and Balances

Source: Revolut 2025 results release, accessed 15 October 2026. Past performance is not a reliable indicator of future results.

Revolut Bank UAB: First Half of 2026

Revolut's European bank is based in Lithuania and files its own quarterly reports. These filings are the main primary financial figures published for 2026 so far.

Source: Revolut Bank UAB Quarterly Financial Report Q2 2026, accessed 15 October 2026. Past performance is not a reliable indicator of future results.

How Does Revolut Make Money?

Revolut earns money in five main ways. Each one reacts to a different part of the economy.

• Card fees rise with consumer spending and travel.
• Interest income depends on central bank rates and on customer balances.
• Subscriptions come from paid plans such as Premium and Metal.
• Wealth revenue follows trading and crypto activity, which can swing sharply.
• Foreign exchange fees come from currency conversion and international transfers.

Brazilian bank BTG Pactual estimated that about 76% of Revolut's revenue comes from fees and services, against about 15% at Nubank. The analysis was cited by Seu Dinheiro on 22 July 2026. The same article noted that fee income ties up less regulatory capital than lending. Analysts quoted there saw this as one support for Revolut's premium.

Revolut Banking Licences in 2026

Banking licences let Revolut hold insured deposits and lend more. Both can lower funding costs over time. In March 2026 Revolut said it operated as a licensed bank in over 30 of its 40 markets, according to its 2025 results release. It holds six full banking licences directly, as its Colombia licence announcement states.

Source: Revolut and the other announcements linked in each row, accessed 15 October 2026.

Revolut Bank UK Migration

The Prudential Regulation Authority lifted the restrictions on Revolut's UK bank on 11 March 2026. Revolut Bank UK is rolling out banking services to its 13 million UK customers. Eligible deposits are protected by the FSCS, according to Revolut. The company said the licence paves the way for credit products in the UK.

The US Charter and Its Limits

The Office of the Comptroller of the Currency granted preliminary conditional approval for Revolut Bank US in early September 2026. The approval came with conditions. Revolut must hold at least $95m of paid-in capital. It must also keep a Tier 1 leverage ratio of at least 10% for three years, as reported by American Banker.

Four products are held back for now. These include leveraged FX and merchant acquiring. FDIC deposit insurance and a Federal Reserve decision on the holding company are still pending. Revolut has said it aims to open the US bank in 2027.

When Will Revolut Go Public?

Based on public comments so far, 2028 looks like the earliest date. Storonsky told Bloomberg in April 2026 that an IPO was about two years away, as reported by The Next Web. In October, Reuters reported that any listing was likely to be at least a year away and subject to market conditions, as carried by US News.

US Primary Listing or London?

On 8 October 2026, Storonsky told Bloomberg TV that Revolut would favour a US primary listing if it goes public, according to US News, citing Bloomberg. Storonsky had earlier told Les Echos that Revolut was looking at a dual listing in New York and London, the same report said. The company has not confirmed a venue.

The choice is sensitive in the UK. Revolut is one of Britain's largest private technology companies. Wise, another UK fintech, added a Nasdaq listing in May 2026 and kept its London line, according to The Paypers. Admirals covered that company in a note on Wise after its FY26 earnings.

Revolut IPO Valuation Target

Source: CoinDesk / FT and the other reports linked in each row. The 2026 revenue and profit figures come from media reports. They are not a company release. Forecasts are not a reliable indicator of future performance.

A $150bn to $200bn range would sit about 30% to 74% above the $115bn July mark. It would also sit about 24% to 65% above the Forge estimate of about $121.2bn. These are reported targets. They may change, and an IPO could price below them.

A private valuation is only as solid as the next willing buyer. Revolut's marks have risen quickly since 2024, and in 2023 some investors cut their marks by 40% or more.

Is Revolut Overvalued? Multiples Compared

Valuation multiples help put the $115bn figure in context. They use the 2025 results and the reported 2026 projections.

Source: Revolut, The Next Web and ts2.tech. Multiples are calculated here. Forecasts are not a reliable indicator of future performance.

On trailing numbers, Revolut costs about four times as much per unit of profit as Nu. On the 2026 projections, the gap narrows to about two times. Supporters point to faster growth and a fee-heavy model. Critics point out that the projections are unaudited media reports.

Revolut vs Nubank and Other Fintech Peers

Listed fintech peers can give a rough read on sentiment. Each has a different business mix, so the comparison has limits.

Source: 24/7 Wall St and Tech.eu. Prices are intraday snapshots from a report published at 10:08 ET. The report does not state the exact time of each quote, and prices may have changed since. Past performance is not a reliable indicator of future results.

Nu said on 30 September 2026 that it was not pursuing a deal with Monzo, as 24/7 Wall St reported. Nu shares rose about 3% after the statement. Moves like that show how quickly sentiment toward digital banks can shift.

Macro Drivers: Interest Rates and the Pound

Interest income was about $1.3bn of Revolut's $6.0bn revenue in 2025. Rate decisions in the US and the UK therefore matter for its earnings.

Source: Admirals and MTS Insights, accessed 15 October 2026.

Higher rates have supported the yield on Revolut's customer balances. They also raise competition for savers. Lower rates would ease that competition, though they would also reduce interest income. The Fed's September move is covered in this Admirals note on the Fed rate rise.

Why GBP/USD Matters for Revolut

Revolut reports in pounds. Its valuation and IPO plans are quoted in dollars. A stronger pound lifts the dollar value of its sterling results. A weaker pound does the opposite. Traders who follow the theme often watch the pair around UK data and Fed meetings.

Revolut Valuation Levels

A private company lacks chart support or resistance in the usual sense. The private market does anchor to a few reference points, listed below.

Source: Forge Global and the other reports linked in each row. Past performance is not a reliable indicator of future results. Forecasts are not a reliable indicator of future performance.

Revolut Scenarios: Revolut Bull Case and Revolut Bear Case

The scenarios below are illustrative. They show how the valuation could respond to different outcomes. They are not predictions.

Illustrative scenarios based on the reports cited in this article. Forecasts are not a reliable indicator of future performance.

Revolut IPO Risks

Every strength in the story has a matching risk. The main ones are set out below.

Regulatory Fines and Conduct

Italy's competition authority, the AGCM, fined Revolut €11.5m on 7 April 2026. The case concerned "zero commission" trading claims and account-blocking practices, according to FinTech Global. The Bank of Lithuania had earlier fined Revolut €3.5m over anti-money-laundering failings, as AML Watcher reported.

Governance: Project Shasta and the Founder Award

Storonsky holds about 29% of Revolut. The FT reported talks on a new share award tied to a valuation of about $500bn, as carried by the Irish Times.

A separate proposal, known as "Project Shasta", would raise the cap on his borrowing against his shares from $50m to $250m. Revolut said the change reflects its current scale and that it has not planned any borrowing, according to The Next Web.

Strengths and Weaknesses

Source: Revolut, American Banker, Revolut Colombia release, Sharecast, Revolut Bank UAB Q2 2026 report, AML Watcher, The Next Web and FinTech Global.

Key Dates to Watch

The calendar is busy in late October. The UK Budget and the Fed decision fall on the same Wednesday, which may make it one of the more crowded days of the autumn. UK times move from BST to GMT on 25 October.

Source: Admirals calendar and the other pages linked in each row. Dates may change.

The Admirals economic calendar lists release times for UK and US data.

How Traders Often Approach a Pre-IPO Theme

Revolut cannot be traded at Admirals. Some traders still follow the story through related markets. The points below describe common approaches. They are not recommendations.

• Some traders watch listed digital banks for read-across from Revolut news.
• Others follow GBP/USD around UK data, since Revolut reports in pounds.
• Many track rate decisions, because interest income is a large revenue line.
• Some study past tech listings, such as this Admirals guide to the Anthropic IPO.

Admirals offers CFDs on Forex and indices. It also offers CFDs on shares and commodities. Details are on the Forex CFDs and share CFDs pages. The share CFD range covers a selection of listed companies, which readers can check on that page. Trading is available on MetaTrader 5.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

A demo account uses virtual funds, and results may differ from live trading. The guide to how CFDs work explains leverage and margin in more detail.

Conclusion

Reuters described Revolut as Europe's most valuable start-up, as carried by US News. Its $115bn valuation reflects strong 2025 results and a growing set of banking licences. A US listing is the stated aim, though not before 2028.

The risks are just as real. The valuation sits well above listed peers, and private marks have fallen sharply before. Regulatory fines and governance questions remain open. Until an IPO happens, any Revolut share price remains a private-market estimate.

Frequently Asked Questions

Is Revolut going public?

Reports in April 2026 put a listing about two years away, with a US primary listing preferred.

When is the Revolut IPO?

A date has not been set. Current reports point to 2028 at the earliest, with a US primary listing preferred.

How much is Revolut worth?

Its latest share sale reportedly valued Revolut at $115bn in July 2026. Forge estimated about $121.2bn in October.

Can I buy Revolut shares?

Most retail investors cannot buy them today. Pre-IPO platforms usually limit access to accredited or professional investors.

Is Revolut profitable?

Revolut reported 2025 profit before tax of $2.3bn and says it was its fifth consecutive year of net profit.

Who owns Revolut?

Co-founder Nik Storonsky holds about 29%. Investment funds such as Coatue and Fidelity also hold stakes.

Is Revolut a bank?

Yes. Revolut holds six full banking licences, including one in the UK. It also has conditional US charter approval.

Can Revolut be traded at Admirals?

Admirals does not offer any instrument on Revolut shares, because Revolut remains a private, unlisted company.

Some of the content on this page was created with the help of automated tools. All final text has been reviewed by Admirals and is under its editorial responsibility.

Sources

• Revolut reports record profit of $2.3bn for 2025 as revenue surges to $6bn, Revolut, accessed 15 October 2026.
• Revolut Launches UK Bank, Revolut, accessed 15 October 2026.
• Revolut confirms fresh secondary share sale, at reported $115BN valuation, Tech.eu, accessed 15 October 2026.
• Revolut stock, Forge Global, accessed 15 October 2026.
• Revolut targets a $200 billion valuation in upcoming IPO, CoinDesk, accessed 15 October 2026.
• Revolut CEO wants US primary listing if it goes public, US News, accessed 15 October 2026.
• Revolut's IPO is two years away and it'll be in the US, The Next Web, accessed 15 October 2026.
• Revolut Secures Bank Licence in Colombia, Revolut, accessed 15 October 2026.
• Revolut valued at $45bn after secondary share sale, Sharecast, accessed 15 October 2026.
• Revolut Completes Fundraising Process Establishing $75 Billion Valuation, Revolut, accessed 15 October 2026.
• Molten Ventures reduces Revolut valuation by 40%, FinTech Global, accessed 15 October 2026.
• Revolut posts over £100m adjusted EBITDA with £26.3m profit in first full year of profitability, Revolut, accessed 15 October 2026.
• Revolut releases delayed 2022 results, says audit issues resolved, Sharecast, accessed 15 October 2026.
• Revolut's revenues surpass $2.2bn, with record profits of $545m in 2023, Revolut, accessed 15 October 2026.
• Record growth and diverse product offering drive Revolut to $1.4bn profit in 2024, Revolut, accessed 15 October 2026.
• Revolut Bank UAB Quarterly Financial Report Q2 2026, Revolut, accessed 15 October 2026.
• A fintech que vale quase dois Nubanks, Seu Dinheiro, accessed 15 October 2026.
• Revolut launches Revolut Bank Australia, Revolut, accessed 15 October 2026.
• Revolut receives French banking licence, Revolut, accessed 15 October 2026.
• Revolut wins US charter with limits on four products, American Banker, accessed 15 October 2026.
• Revolut applies for Swiss banking licence and commits CHF 150 million investment, Revolut, accessed 15 October 2026.
• Revolut Wins Approval to Acquire Argentine Bank, Targets 2027 Launch, Finance Magnates, accessed 15 October 2026.
• Revolut unveils global HQ and timeline for 100 million customers, Revolut, accessed 15 October 2026.
• Nu Holdings stock falls 3.9% as 6.9% bad-loan rate tests record profit, ts2.tech, accessed 15 October 2026.
• Nu Holdings Jumps 3% After Ruling Out Monzo Deal, 24/7 Wall St, accessed 15 October 2026.
• Bank of England Monetary Policy Decision: September 2026, MTS Insights, accessed 15 October 2026.
• Revolut faces €11.5m penalty over fee claims, FinTech Global, accessed 15 October 2026.
• Revolut chief in talks over new share award if company hits $500bn valuation, Irish Times, accessed 15 October 2026.
• Revolut wants to let Nik Storonsky borrow $250mn against his own shares, The Next Web, accessed 15 October 2026.
• Wise lists on Nasdaq alongside existing LSE presence, The Paypers, accessed 15 October 2026.
• Lithuania fines Revolut a record €3.5 million for AML failings, AML Watcher, accessed 15 October 2026.
• Autumn Budget 2026: the key dates, NatWest, accessed 15 October 2026.
• FOMC Meeting Schedule October 2026, FedRateCalc, accessed 15 October 2026.