Revolut, the London-headquartered digital banking firm, is targeting a valuation of up to $200 billion when it eventually goes public, according to a Financial Times report citing investors briefed on the company's plans.
At that level, the valuation would represent a jump of more than 160% from November's share sale, which valued the firm at around $75 billion.
Executives have discussed a target range of $150 billion to $200 billion for a listing, according to people at the firm cited by the Financial Times.
However, co-founder and chief executive Nik Storonsky told Bloomberg earlier this week that an initial public offering remains roughly two years away.
A source close to Revolut told Decrypt that no formal valuation target has been set, and the company declined to comment.
The firm's financial performance has strengthened the case for a premium valuation, with revenues surging 46% year on year to a record $6 billion in 2025, while pre-tax profits reached $2.3 billion.
Revolut now holds banking licences in 30 of its 40 markets, including the United Kingdom, where it secured approval from the Prudential Regulation Authority (PRA) in March alongside a $4 billion investment commitment.
The company has also been expanding aggressively beyond its home market, launching full banking operations in Mexico and applying for a US bank charter.
Storonsky has described the US as "a key pillar" of the firm's global growth strategy, though it does not yet offer crypto services to American customers.
In eligible markets, users can access Revolut's cryptocurrency exchange and custody products.
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The firm was among four companies selected in February to join a UK regulatory sandbox exploring stablecoin oversight ahead of new rules expected later this year.
Sources told Decrypt last year that Revolut had been actively exploring the launch of its own stablecoin, though no product has materialised, and prediction markets place the odds of a launch before July at just 16%.
