Revolut confirmed a $115B valuation in a secondary share sale that closed July 22, 2026 — up 53% from the $75B mark it set in a similar sale just eight months earlier, in November 2025. The deal cements Revolut's position as Europe's most valuable private company, and at $115B it now exceeds the market capitalization of Barclays, one of the UK's largest banks.
The numbers
Shares changed hands at $2,017 each in this round. As a secondary sale, no new capital went onto Revolut's balance sheet — existing shareholders sold stock they already held to other investors, meaning the transaction is purely about setting a price and providing liquidity rather than funding growth. For anyone holding options, though, the effect on paper value is the same as a primary round: the reference valuation for your equity just moved up 53% in under a year.
What changed
The step-up follows a stretch of strong results — Revolut reported $2.3B in pre-tax profit for 2025, up 57% year on year, on $6B of revenue, alongside regulatory milestones including a full UK banking license granted in March 2026 and a pending US banking charter application. A profitable fintech clearing regulatory hurdles toward full banking status in its two largest markets is a meaningfully different story than a typical pre-profit startup re-rating on growth alone, and it's likely part of why investors were willing to pay a premium in a secondary rather than waiting for a primary round or IPO.
What this means for employees
If Revolut runs periodic secondary sales like this one, employees may get windows to sell vested shares for cash well before any eventual IPO — worth watching for going forward, since eligibility and participation rules vary sale to sale. For anyone holding unexercised options, the new $115B mark raises the AMT-relevant spread on an ISO exercise; if you've been sitting on options waiting for a liquidity signal, a company doing back-to-back secondaries at rising prices is a stronger one than most.
If you're holding Revolut options and wondering whether to exercise ahead of a possible future liquidity window, run the calculator at the new $115B mark and talk to a tax advisor about the AMT impact before the next sale opens.