Stripe raising at up to 100B valuation

Stripe is the ultimate purveyor of proverbial shovels in the SaaS economy. To me the question is, why do they need more investor money?

So much capital is flowing through their servers that it kind of shocks me they'd need to give up any more equity rather than raising or altering price structures for their users to hit their financial targets.

It’s paywalled - here’s the TLDR:

They are starting to raise at a reported valuation of $70-$100B, but no one has paid this yet, reporting is preliminary. Their last private valuation was $36B in April.

Saved you reading 500 words..

So assuming IPO price > last valuation, this would make it by far the largest IPO of all time?

It looks like the largest IPO may have been Alibaba's, and they were valued at $230B at the time [0]

IPO sizes are about the amount raised, and I'm not sure what the typical ratios are between amount raised & total valuation, or how much variance there is. I would be curious to know what an amount raised might be expected for a $100B company.

[0]https://en.wikipedia.org/wiki/Alibaba_Group