Another major IPO debuts in the US stock market! Could ticketing platform StubHub become the market's new favorite?

Year-to-date, the US IPO market has been highly active. Following last week's listings, $Klarna Group(KLAR.US)$ 、 $Figure Technology Solutions(FIGR.US)$ 、 $Gemini Space Station(GEMI.US)$ this week the US market is set to welcome another high-profile company — StubHub, the American ticketing platform. $Stubhub Holdings(STUB.US)$ 。

The company is expected to go public on the New York Stock Exchange on September 17, 2025, with a price range of $22 to $25 per share, aiming to raise up to $851 million. StubHub’s IPO is seen as a key indicator of investor interest in consumer-focused companies, which are more sensitive to macroeconomic fluctuations.

By now, many fellow investors may be curious: what exactly does this company do, and how strong is it? Let’s uncover these details one by one.

StubHub — One of the largest ticket resale platforms in the US entertainment industry

Founded by Erik Baker and Jeff Fluhr in 2000, StubHub primarily engages in ticket sales, offering fans and concert enthusiasts a convenient and secure trading platform. Over time, it has grown into a leading player in the secondary market for concert tickets.

StubHub’s core business involves facilitating transactions between buyers and sellers of tickets for live entertainment events such as sports games, concerts, and theatrical performances, charging fees or commissions on each transaction. Its ticketing services span concerts, stage plays, and other live performances, particularly excelling in sports events, including MLB, NBA, NFL, MLS, tennis, golf, and Formula 1 races.

In recent years, driven by consumer demand for out-of-home experiences and entertainment, the US offline entertainment and events industry has experienced significant growth. Last year saw Taylor Swift's phenomenal world tour, and this summer Beyoncé's "Cowboy Carter" tour also broke ticket sales records.

Notably, CEO Eric Baker is one of the co-founders of StubHub, having left the company before it was sold to eBay in 2007 for $310 million. Baker subsequently founded Viagogo in Europe. In 2019, Viagogo agreed to acquire StubHub for $4.05 billion. The deal was completed the following year, with the combined company continuing to operate under both major brands.

The company operates the world’s largest secondary ticketing marketplace for live events. Its global scale and core platform capabilities have enabled it to establish a leadership position in the secondary ticketing space, creating durable competitive barriers. The platform is transforming how tickets are discovered, accessed, priced, and sold.

According to the prospectus, in 2024, StubHub’s Gross Merchandise Sales (GMS), which refers to the total amount paid by ticket buyers including fees and payments to sellers, reached $8.7 billion, a 27% year-over-year increase. Last year, the company processed ticket sales for over 1 million independent sellers for events such as concerts held across more than 90 countries and regions, completing over 40 million ticket transactions.

According to the filing, StubHub’s revenues for 2022, 2023, and 2024 were $1.037 billion, $1.368 billion, and $1.77 billion respectively; net profits were -$260 million, $400 million, and -$2.8 million respectively.

StubHub’s revenue in the first half of 2025 amounted to $830 million, representing a 3.74% year-over-year increase; net losses were $76.01 million, compared to a net loss of $23.98 million in the same period last year.

With the launch of its IPO process, StubHub plans to raise funds through a public offering to accelerate business expansion, enhance operational efficiency, and strengthen its competitiveness in the fiercely contested ticketing market. At the same time, investors will continue to closely monitor the company’s financial performance post-IPO, with particular emphasis on its ability to achieve sustainable profit growth and optimize its financial structure.