As an ex-Stripe, I understand the sentiment, and the tender offers are a nice middle ground for now, but I still would like to see them go public eventually.
I can't really see a net-positive benefit to having public shareholders and reporting requirements. Do we think Stripe's leadership needs feedback from random investment advisors or analysts? Do employees need the distraction of daily-updating stock prices? Would quarterly reporting incentivize better decision making?
In my opinion: ehhhhhhhhhhhh
I see the benefit, but if you're joining Stripe you know the trade-off of RSUs in a company that doesn't provide daily liquidity. They provide it on a regular basis, so you're not locked in forever (a la my 2014 Gusto shares).
Of course, if you quit, the windows are no longer in force, although if you have material non-public information, you're still not allowed to trade. Maybe there'a a share price where you'd rather quit and sell than hold on until the window opens.
They get to _choose_ who they let in if they are private (by definition).
They don’t need the public’s money and don’t want the headache of dealing with the public. I’d completely agree if I were them.
Disclaimer: ex-stripe who is still an investor.
IMO, the best reason to avoid an IPO is to stay out of the media.
(not ex-Stripe, but own startup equity and have no problem with them never going public if that is the choice; optimize for the enterprise and existing stakeholders, not the public market mechanics broadly speaking)
The only way to kick out the Collison's would be for the VC's to do it. They currently own 80%. It's easier for the VC's to do that if Stripe stays private than if Stripe IPO's.
If it neither needs money nor guidance, then why IPO? The owners already have enough of both.
Also, not sure what you mean by "tiny". It's been billions of dollars.
One advantage is that whales can't play around with the stock price, say VCs dumping stocks at an unfortunate moment and putting pressure on the price. But it's also just wall street folks doing price manipulation for options schemes that can be an issue (it's illegal but has low enforcement if you are rich and well connected). Also lower chance of activist investors, and less of a quarterly pressure to show nice numbers, etc.
The advantage is also a disadvantage: minority shareholders of non-public companies have much less rights than those of public ones, and that includes employees. That's part of why you are dependent on the founder's goodwill on whether a startup exit can screw over rank and file employees or not. I'm not sure how much that danger is still out there if the company is doing tender offers, but it might still exist actually. Similarly, you can structure tender offers in a way that say former employees are disadvantaged, and many other arbitrary criteria.
Note that this depends greatly on the jurisdiction, e.g. in Germany there is legislation that's unfriendly to minority shareholders even for public companies, e.g. visible in the Varta takeover, imo part of why the idea of adding stocks to pensions will be ripe for money grabbing schemes of whales against the smaller owners.
Also employee of private company with tender offers, but not Stripe. Opinions my own.
The important part is that the Collison's control Stripe now. When that changes things may go down hill. It won't matter if it is public or not.
Raising money as a private entity is trivial these days if you're in the league that Stripe is. See: the comical AI private funding levels.
Major investors and insiders. Stay the hell away from IPOs if you're not an institution getting access to shares at a reasonable price.
This is an incredibly odd sentiment, imo. What’s the desire to see them go public unless you personally are profiting from it? Going public would quickly set Stripe on a pathway to potential enshittification and at minimum starting to squeeze the consumers and businesses it provides services to more.