Ticket resale giant StubHub officially went public on Wednesday. Despite shares closing 6% below their initial public offering (IPO) price of $23.50—resulting in a valuation exceeding $7 billion—the debut marks the culmination of a multi-decade saga of perseverance led by co-founder Eric Baker.
From Stanford Dorms to Market Debut
The company’s origins trace back to 2000, when Eric Baker and Jeff Fluhr launched StubHub while studying at the Stanford Graduate School of Business. The pair navigated the volatile aftermath of the dot-com bubble and the Nasdaq crash to build the foundation of the business.
Reflecting on that era in a 2022 Bessemer Venture Partners podcast, Baker noted that the market downturn actually provided a competitive advantage. “Stupid competitors went away and many of us got a real opportunity to build a lasting business after getting through that dip,” he stated.
A Rocky Road to Ownership
The path to the IPO was far from linear. In 2004, internal friction regarding the company’s strategic direction led to Baker’s departure. Undeterred, he moved to London a year later to launch Viagogo, effectively creating a European version of StubHub. According to Baker, his long-term ambition remained to eventually merge the two entities.
That opportunity materialized in 2019 when eBay, which had acquired StubHub in 2007, decided to spin off the platform. Baker seized the moment, securing backing from heavyweights such as WestCap, Madrone Capital Partners, and Bessemer Venture Partners to acquire the company for $4.05 billion.
Surviving the Pandemic and Returning to Growth
The acquisition was immediately tested by the COVID-19 pandemic, which forced a global shutdown of live events and caused company revenue to plummet. StubHub managed to weather the storm, eventually benefiting from a massive resurgence in live entertainment demand.
The post-pandemic recovery was fueled by record-breaking interest in high-profile events, including Taylor Swift’s Eras Tour, Beyoncé’s Renaissance World Tour, and the Super Bowl. This momentum has translated into financial growth; in the first quarter of 2025, StubHub reported a 10% revenue increase to $397.6 million compared to the same period in 2024.
The Current Ownership Landscape
In his S-1 founder’s letter, Baker acknowledged the arduous path to the public markets. “Reflecting on our journey, I am amazed at how far we’ve come,” he wrote. “We have successfully navigated numerous challenges, including the unprecedented impact of COVID-19, which brought a halt to live events in 2020.”
Following the IPO, ownership of the company is distributed among key stakeholders. According to the official S-1 filing, Eric Baker holds a 4.7% stake. Major investors maintain significant influence: Madrone Partners holds 24.5%, WestCap holds 12.3%, and Bessemer Venture Partners retains 8.8% of the company.