Stripe, the fintech company once valued at $95 billion by private market investors, will make a decision on its plans to go public within the next year, CNBC has confirmed.
Co-founders and brothers John and Patrick Collison told employees on Thursday that they will set a goal of taking the company public or letting staffers sell shares through a secondary offering, The Information first reported.
The tech IPO market has been frozen since late 2021 after two record-breaking years during the Covid pandemic. Late-stage private companies were forced to delay their plans and, in many cases, raise cash at reduced valuations in 2022, as higher interest rates, recessionary concerns and a plummeting stock market altered the tech landscape.
In July, Stripe cut its internal valuation by 28%, from $95 billion to $74 billion. Earlier this month, The Information reported that Stripe again lowered its valuation to $63 billion.