Revolut Eyes $200B IPO, Plans No Listing Until 2028

Revolut is pursuing a target valuation of $200 billion for a future initial public offering, while its chief executive says the company does not expect to list until 2028.

People briefed on Revolut’s plans say executives discussed a target range of $150 billion to $200 billion. That would be a large increase from the roughly $75 billion valuation set in a November share sale. A person close to the company confirmed no formal valuation target has been set. Revolut declined to comment.

CEO Nik Storonsky told an audience the firm expects the IPO “in two years’ time,” indicating a 2028 timetable.

Revolut reported record revenues of $6 billion for its most recent year, a 46% jump from the prior year, and pre-tax profits of $2.3 billion.

The company operates licensed banks in 30 of its 40 markets, including approval to operate as a bank in the United Kingdom after committing roughly $4 billion of investment there.

Revolut has launched full banking operations in Mexico and has applied for a U.S. bank charter. Company leadership has described the U.S. as a key pillar of its global growth strategy.

The firm does not offer crypto services to U.S. customers. Users in eligible jurisdictions can access Revolut’s crypto exchange and custody services. Revolut was selected to take part in a U.K. regulatory sandbox to test stablecoin projects, and executives have explored creating a proprietary stablecoin, but no product has been launched.

If the company achieves a $200 billion public valuation, it would represent a more than 160% increase over the November valuation.