Revolut’s latest secondary share sale, closed November 4 at a $115 billion valuation, supplies the dominant near-term driver for any threshold test by November 30. The transaction, led by Glade Brook, Coatue, Durable Capital, T. Rowe Price, and Baillie Gifford, marked a 53 percent step-up from the $75 billion level set a year earlier and rested on audited 2025 results showing $6.0 billion revenue and $2.3 billion pre-tax profit. With only nineteen days remaining, the short resolution window leaves little scope for new primary capital raises or major regulatory milestones; the next material events—further U.S. bank approvals and potential IPO preparations—lie well beyond year-end. Private-market valuations of this type move primarily on liquidity events rather than daily trading, so any upward re-rating before month-end would require an additional share sale or material positive disclosure that has not yet surfaced.