StubHub is giving a strong indication that its IPO is back on again. It filed a public S-1 in late March, then paused in April after the Trump administration’s tariffs spooked Wall Street. On Monday, it filed an updated S-1 that now includes Q1 2025 results.

IPO experts Renaissance Capital estimated in March that the IPO could raise $1 billion, and says this fresh S-1 could mean a debut next month. StubHub declined to comment on its IPO plans, citing its quiet period.

In 2024, it generated nearly $1.8 billion in revenue and recorded a net loss of $2.8 million. Its biggest shareholder is Madrone Partners (27.1%), followed by WestCap Management (10.8%) and Bessemer (9.6%). Founder CEO Eric Baker holds only 5.2% of the Class A shares, but he holds all of the super-voting rights Class B shares (4.95 million), which puts him in control with 90% of the vote.