Stripe’s secondary-market marks have advanced to the $180–196 billion range in October 2026, driven by strong payment-volume growth, multiple AI-focused acquisitions including the $7.5 billion OpenRouter deal, and continued expansion into agentic commerce and stablecoin infrastructure. These developments have lifted implied valuations well above the $159 billion February tender level and narrowed the gap with American Express, whose public market capitalization currently sits near $209–210 billion. Trader consensus at 64 percent for Stripe reflects expectations that its faster private-market momentum and fintech positioning will sustain a valuation edge through year-end, though Amex’s upcoming earnings and broader equity-market sensitivity remain key swing factors.