Stripe

Stripe is the defining infrastructure company of the internet economy. The Feb 24, 2026 tender offer at $159B valuation — up from $91.5B just a year prior — reflects $1.9 trillion in total payment volume processed in 2025, a 34% year-over-year jump.

Co-founder John Collison has been explicit: an IPO is not on the near-term agenda. "We have a self-funding business that's growing very well with lots of new products that we want to go create and so we just don't need the extra capital right now." Going public isn't "one of our top five or ten or twenty priorities."

The more interesting play is the "Agentic Commerce" thesis. Stripe acquired crypto startup Bridge for $1.1B and built a blockchain for payments called Tempo. Stablecoin payments volume on its network doubled to ~$400B in 2025. AI agents are increasingly completing purchases through Stripe APIs — positioning the company as the settlement layer for autonomous AI commerce.

For retail investors, secondary market access via Forge Global ($72.45/share as of Mar 17, 2026) or Hiive is the only route. Accredited investor status required. Illiquidity premium applies — expect a 10-15% discount to fair value as the price to access private shares.

YD Take: Stripe is a generational business. The no-IPO stance means limited near-term liquidity but strong long-term positioning. If Stripe eventually lists at $200B+, early secondary buyers will look prescient. Dividend potential post-IPO is high given FCF profile and founder-controlled governance.