Ticket resale giant StubHub went public on Wednesday, closing its first day of trading 6% below its IPO price of $23.50 but still earning the company a valuation of more than $7 billion.
For CEO Eric Baker, the IPO marks the culmination of a decades-long journey. Baker co-founded StubHub in 2000 with Jeff Fluhr while studying at Stanford Graduate School of Business. Despite the challenges of the dotcom crash, the startup gained traction.
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But in 2004, a clash over the company’s direction forced Baker out. The following year, he moved to London and founded Viagogo, a European ticket marketplace, with the hope of one day reuniting the two businesses.
That chance came in 2019, when eBay spun off StubHub, which it had acquired in 2007. Baker, backed by WestCap, Madrone Capital Partners, and Bessemer Venture Partners, acquired the company for $4.05 billion.
Just as the deal closed, the COVID-19 pandemic devastated the live events industry, wiping out revenue. StubHub survived the downturn, and when concerts and sports returned, demand for tickets surged. The platform benefited from blockbuster events such as Taylor Swift’s Eras Tour, Beyoncé’s Renaissance Tour, and the Super Bowl.
In the first quarter of 2025, StubHub reported $397.6 million in revenue, up 10% year-over-year.
“Reflecting on our journey, I am amazed at how far we’ve come,” Baker wrote in his IPO letter. “We have successfully navigated numerous challenges, including the unprecedented impact of COVID-19, which brought a halt to live events in 2020.”
According to StubHub’s S-1 filing, Baker owns 4.7% of the company, while major investors hold significant stakes: Madrone Partners (24.5%), WestCap (12.3%), and Bessemer Venture Partners (8.8%).
