God forbid a company that loses $76 million in six months not have a $9 billion IPO.

Well, your other favorite Hub (read:Stubhub) is finally set to hit the tape this week under the ticker $STUB. And quite simply it’s looking like one for the degenerate books as the line that’s getting fed to reporters about this long-delayed IPO is “20x oversubscribed”. Translation: The resale shop for nosebleed Coldplay tickets is looking to raise up to $851M at a valuation that tops out around $9.2B.

(Source: Giphy) 

In short, the hype is humming as the company claims orders are 20x the shares available. Meaning bankers are doing laps on CNBC while quietly begging allocations don’t crater post-pricing. The price range for the IPO is between $22–$25 per share for 34M shares. If it prices high, they bag the $851M. However, let’s all keep in mind that this valuation is a far cry from StubHub’s pipe-dream $16.5B target in 2024. Live Nation ($22.7B) still eats their lunch, while smaller players like Vivid Seats have already face-planted as public companies.

(Source: Reuters) 

But, Y tho? Well, there’s a P&L problem. StubHub lost $76M in the first half of 2025, compared to $24M in the same stretch of 2024. All those marketing blitzes and direct ticket “investments” aren’t cheap. Which again, is reason numero uno why Stubhub’s IPO has been punted more times than a Jets season. First in 2024 (soft IPO market), then again this April (Trump’s tariffs spooked everyone). Now the window’s open thanks to a broader IPO rebound… Klarna, Figure, even a coffee chain squeezed through last week.

What’s wild is that this is still technically the largest global secondary ticketing platform. CEO Eric Baker, who literally co-founded StubHub, sold it, built a rival (viagogo), then bought it back from eBay for $4B…now gets his full-circle Wall Street redemption arc. 

(Source: Giphy) 

With that said, WTF does this mean for investors on the big day? Simple: StubHub will probably pop on debut because “oversubscribed” is catnip, but longer-term investors have to grapple with a business model that bleeds cash, faces antitrust heat, and competes with the monopoly hydra that is Ticketmaster (read: the final boss, with  ~50% share of primary ticketing and ~25% of the secondary market). 

Spoiler: What we’ll find is that over time, Stubhub is still a cash-bleeding business trying to justify its existence in Ticketmaster’s shadow while regulators circle. Of course, we may all be surprised by Stubhub’s IPO, but for now think of the debut as more like an opening act… not the main headline. Until next time, friends… 

At the time of publishing, Stocks.News does not hold positions in companies mentioned in the article.