• Revolut's valuation rose 53% to $115bn in a July 2026 employee share sale, per Bloomberg, without raising new capital.
• The repricing follows Revolut's March 2026 full UK banking licence and a $2.3bn 2025 pretax profit on $6bn revenue.
• Sifted counts 11 European decacorns as of August 2026, roughly double the cohort a year earlier.
• Mistral AI's €1.7bn Series C in September 2025, led by ASML at an 11% stake, valued it at €11.7bn ($13.7bn) and set the pace for Europe's AI decacorns.
• Revolut has discussed an IPO valuation as high as $200bn — a bet the current private share price has not yet been tested against in public markets.

Revolut's valuation rose from $75bn to $115bn between November 2025 and July 2026 — a 53% jump — through two employee share sales, not new funding rounds, per Bloomberg and the company's own announcement. The July 2026 sale priced shares at $2,017 each; neither transaction disclosed its size or its buyers, and no fresh capital reached Revolut's balance sheet in either round. The mechanism was existing and departing shareholders repricing their stakes at what new buyers were willing to pay, not the company raising a dollar.

The licence that changed the math

Revolut secured a full UK banking licence in March 2026, four months before the $115bn valuation, letting it move deposits, credit and lending products out of its e-money wrapper and onto a regulated bank balance sheet. Paired with 2025 results of $6bn revenue and $2.3bn pretax profit, reported by the company, the licence gives buyers a credit-and-lending growth line a payments-only fintech doesn't have. That combination, not a product launch or acquisition, is the mechanism cited for the 53% repricing in under eight months.

Europe's decacorn bench is filling in

Sifted counts 11 European private companies now valued above $10bn, per its August 2026 tally — roughly double the cohort it counted in November 2025, when the list ran about half as long. Mistral AI set the pace on the AI side: a €1.7bn Series C in September 2025, led by ASML's €1.3bn stake for an 11% fully diluted share, valued the Paris lab at €11.7bn ($13.7bn), per CNBC and Mistral's own announcement. Revolut remains the UK's sole entry and, at $115bn, Europe's single most valuable private company.

The bet

Revolut has discussed an IPO valuation of as much as $200bn, per Bloomberg — a target requiring a further 74% premium over the July secondary price, this time from a public market with none of the private round's hand-picked buyers. The $75bn-to-$115bn move happened among investors who already know the company; a listing prices it against everyone. Until Revolut files, $115bn is a private-market signal, not a market-tested one — worth watching against the next disclosed revenue print, not the next headline.