Revolut Targets US Listing and $200 Billion Valuation for Its IPO

Revolut is skipping the deference London usually gets from British companies going public. Nik Storonsky wants Wall Street’s money instead, and he’s not shy about why.

Revolut’s co-founder and chief executive has confirmed what insiders have whispered for months: when the fintech eventually goes public, it wants the United States at the center of that listing. Storonsky told reporters this fall that a dual listing on Nasdaq and the London Stock Exchange is now under serious consideration, not just a token UK presence, with the US market getting clear priority. This marks the first time Storonsky has publicly backed keeping a London listing, after previously suggesting Revolut might skip the UK entirely.

His reasoning is blunt. The US offers a far deeper pool of buyers, institutional funds, hedge funds, and retail investors all bidding for the same shares, and that liquidity tends to translate into higher prices. Storonsky has also pointed to the UK’s stamp duty on share trading, 0.5% on every transaction, as a tax that quietly throttles demand for London-listed stock. The UK government has since carved out a three-year stamp duty exemption for newly listed companies starting November 27, 2025, but Storonsky was making this argument well before that concession existed, and it clearly hasn’t fully changed his calculus.

Here’s the number that makes this more than an executive’s pet theory: Revolut is privately telling investors it wants an IPO valuation of $150 billion to $200 billion. The Financial Times reported that figure after speaking with people briefed by the company, though a person close to Revolut cautioned no formal target has been locked in yet. Either way, that’s as much as 2.7 times the $75 billion valuation Revolut carried after its November 2025 secondary share sale.

Revolut didn’t wait for an IPO to test the market’s appetite. On July 22, 2026, the company confirmed that a secondary share sale allowing employees to sell stock was underway. The sale priced shares at $2,017 apiece, implying a $115 billion valuation, while earlier reports said Revolut was targeting sales of at least $750 million. That’s a 53% jump from the $75 billion mark set just eight months earlier.

$115 billion is not a hypothetical number sitting in a pitch deck. It puts Revolut ahead of Barclays, which trades at roughly $95 billion, and ahead of Société Générale too. A neobank founded in 2015 is now worth more on paper than two banks that have been underwriting European business since the 19th century.

The profits underneath that number are real, even if they’re nowhere near bank-sized yet. Revolut’s 2025 pre-tax profit hit £1.7 billion, about $2.3 billion, up 57% year over year, while revenue climbed 46% to £4.5 billion. Its retail customer base grew 30% to 68.3 million people. Barclays still clears roughly £9 billion in pre-tax profit, so Revolut is being priced on growth, not on catching up to Barclays’ earnings anytime soon.

Storonsky has personal skin in this valuation math. He said in December 2025 that his own stake would be worth around $80 billion if Revolut hits that $200 billion ceiling. That’s not a rounding error. That’s a number that would make him one of the richest people in Britain, built on a company that still can’t list on the exchange its own government would prefer it use.

None of this happens soon. Storonsky has been consistent that an IPO is roughly two years out, landing around 2028, and he’s ruled out going public before then in favor of these periodic secondary sales that let early backers and staff take some money off the table without forcing a public listing before the company’s ready. In the meantime, Revolut has been building its regulatory footprint: it received approval from the Prudential Regulation Authority to launch its UK bank in March 2026, and the Office of the Comptroller of the Currency conditionally approved its US national bank charter application in September.

Frankly, the UK should be worried about what this says. Revolut is a British company, built in London, and its chief executive is actively planning to make Wall Street, not the City, the main stage for its biggest moment. If a $200 billion fintech with British roots won’t bet its IPO on London, that’s a harder problem for UK capital markets than any single stamp duty carve-out can fix.

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