Stripe’s secondary-market trading has lifted implied valuations to around $184–196 billion as of early October 2026, driven by 41% year-over-year revenue growth in the first half, $1.9 trillion in 2025 payment volume, and strategic AI moves including the $7.5–8 billion OpenRouter acquisition. These developments, alongside expansion in agentic commerce, stablecoin infrastructure, and platform tools, underpin trader focus on near-term marks. With the next resolution window closing October 31 and no priced round or IPO filing imminent, sentiment hinges on whether fresh tender or secondary data emerges before month-end to confirm or exceed the prevailing private-market levels.