Thirteen years after starting Stripe, chief executive Patrick Collison is raising his company’s largest ever slug of cash from venture capitalists. And he plans to alter employees’ stock plans so the company can delay a public offering. Is this a sign that more tech firms will once again try to delay going public?
Not necessarily. But Stripe is positioning itself to stay private for at least several more years. And in doing so, it joins a group of other aging highly valued private firms, including SpaceX, Cruise and Carta, that have arranged things to allow them to avoid the public market indefinitely. For one, Stripe plans to set up programs to allow more employees to regularly sell their stock to outside investors. It could prove to be a model for veteran companies trying to stay private while giving longtime shareholders ways to cash out.