On September 17, 2025, StubHub, a leading ticket resale platform, made its debut on the public market. Despite shares closing 6% below the initial public offering (IPO) price of $23.50, the company’s valuation stood at over $7 billion. This milestone underscores the unwavering dedication of co-founder and CEO Eric Baker, whose journey with StubHub has been marked by resilience and strategic vision.
The Genesis of StubHub
In 2000, while attending Stanford Graduate School of Business, Eric Baker and Jeff Fluhr co-founded StubHub. The inception of the company coincided with the aftermath of the dot-com bubble burst and a significant NASDAQ downturn. However, Baker and Fluhr remained steadfast in their mission. Reflecting on this period, Baker noted in a 2022 Bessemer Venture Partners podcast, Stupid competitors went away and many of us got a real opportunity to build a lasting business after getting through that dip.
Diverging Paths and New Ventures
As StubHub began to gain traction, differences in vision between Baker and Fluhr emerged. By 2004, these differences culminated in Baker’s departure from the company. Undeterred, Baker relocated to London in 2005 and established Viagogo, a ticket marketplace tailored for the European audience. Despite facing numerous challenges, Baker harbored aspirations of one day merging Viagogo with StubHub.
Reacquiring StubHub
In 2007, eBay acquired StubHub for approximately $310 million. Over a decade later, in 2019, eBay decided to divest StubHub. Seizing this opportunity, Baker, with financial backing from investors such as WestCap, Madrone Capital Partners, and Bessemer Venture Partners, reacquired StubHub for $4.05 billion. This strategic move aimed to consolidate the strengths of both Viagogo and StubHub under Baker’s leadership.
Navigating the Pandemic
Shortly after the merger, the COVID-19 pandemic brought the live events industry to a standstill. With events canceled globally and strict quarantine measures in place, StubHub faced a significant decline in revenue. The company endured this challenging period, and as live events resumed, StubHub experienced a resurgence. High-profile events like Taylor Swift’s Eras Tour, Beyoncé’s Renaissance Tour, and the Super Bowl played pivotal roles in driving revenue growth. In the first quarter of 2025, StubHub reported a 10% increase in revenue, reaching $397.6 million compared to the same period the previous year.
The Road to IPO
The journey to taking StubHub public was not without its hurdles. In April 2025, amidst market volatility spurred by new tariffs, StubHub, along with other companies like Klarna, postponed its IPO plans. However, by August 2025, StubHub signaled a renewed commitment to its public offering by filing an updated S-1, incorporating its first-quarter results. This move indicated a potential IPO debut in the near future.
Ownership and Future Outlook
According to the S-1 filing, Eric Baker holds a 4.7% stake in StubHub. The company’s major investors include Madrone Partners with 24.5%, WestCap at 12.3%, and Bessemer Venture Partners holding 8.8%. Reflecting on the company’s journey, Baker expressed in his founder’s letter, We have successfully navigated numerous challenges, including the unprecedented impact of COVID-19, which brought a halt to live events in 2020.
StubHub’s public debut marks a significant chapter in its history, highlighting the resilience and strategic foresight of its leadership. As the company embarks on this new phase, it stands as a testament to the enduring vision of Eric Baker and the collective efforts of its team and investors.
