Stripe’s secondary-market marks have climbed steadily to the $180–196 billion range as of early October 2026, up from the $159 billion February tender offer, reflecting sustained trader demand for shares on platforms such as Forge and Clarity. Growth in payment volume, now exceeding 1.6 percent of global GDP, combined with recent acquisitions including OpenRouter for roughly $7.5–8 billion and Parafin, plus expansions in stablecoin infrastructure and agentic-commerce tools, underpin the re-rating. With the company remaining profitable and founders signaling a preference to stay private amid rapid AI shifts, implied probabilities for near-term valuation milestones by year-end hinge on continued secondary liquidity and any additional tender activity before December 31.