Stripe’s secondary-market valuations have climbed to the $180–196 billion range as of early October 2026, up from the $159 billion February tender offer, driven by robust 2025 total payment volume of $1.9 trillion (34% YoY growth) and positioning for AI-agent commerce. Recent acquisitions, including OpenRouter for roughly $7.5 billion and earlier crypto infrastructure deals, underscore expansion into agentic payments, stablecoins, and usage-based billing. Secondary platforms such as Forge and PrivateMarketView reflect this repricing, while founders emphasize remaining private to maintain agility amid rapid technological shifts. Key near-term catalysts include any additional tender activity, regulatory developments on digital assets, and continued revenue growth from the software suite now approaching a $1 billion annualized run rate.