StubHub appears to be moving forward with its long-anticipated IPO. After filing a public S-1 in March and pausing plans in April due to Wall Street jitters over new U.S. tariffs, the ticketing platform submitted an updated S-1 on Monday that includes its Q1 2025 financial results.
IPO tracker Renaissance Capital, which estimated in March that the offering could raise $1 billion, says the new filing may signal a launch as soon as next month. StubHub declined to comment, citing its SEC-mandated quiet period.
In 2024, StubHub generated $1.8 billion in revenue and recorded a net loss of $2.8 million. Its largest shareholder is Madrone Partners (27.1%), followed by WestCap Management (10.8%) and Bessemer (9.6%). CEO and founder Eric Baker owns just 5.2% of Class A shares, but holds 100% of the Class B super-voting shares (4.95 million), giving him 90% control of the company’s voting power.
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If market conditions hold, StubHub’s IPO would be one of the largest in 2025, marking a major test of investor appetite in the live event sector.
