Stripe’s secondary-market valuation has climbed from the $159 billion level set in its February 2026 tender offer to implied marks near $180–196 billion by mid-October, fueled by sustained payment-volume expansion, rising software revenue run-rate, and strategic moves into AI-agent payments and stablecoin infrastructure. Recent acquisitions such as Parafin and the OpenRouter deal have broadened its addressable market while secondary trading on platforms like Forge reflects strong institutional demand. With roughly 80 days remaining until year-end, key variables include fourth-quarter gross payment volume trends, any additional tender activity, and broader risk appetite in private fintech markets that could push the company past or keep it below common resolution thresholds.