Ticket reseller StubHub Holdings is gearing up for an initial public offering sometime this month. And at least one hedge fund firm has a sizeable stake in the outcome. PointState Capital, headed by Zachary Schreiber, owns more than 3.1 million shares, or 5.6 percent of the total outstanding before the public sale, according to an updated preliminary prospectus.
It is one of five owners that owns 5 percent of the shares. Madrone Partners owns 27.1 percent; WestCap Management, 10.8 percent; Bessemer Venture Partners, 9.6 percent; and Declaration Partners owns 5.3 percent. PointState became a 5 percent owner in March 2024 when it purchased 133,333 shares from an unnamed employee through a secondary sale, according to the filing.
StubHub filed plans to go public back in March but chose not to move forward after the global stock markets tanked in response to President Trump’s tariff plans. At the time, the company targeted a valuation of about $16.5 billion, according to CNBC. It revived the plans in August and filed an amended prospectus. It has not yet set terms for the IPO.
It is unclear if PointState made an early venture capital investment in the company.
According to StubHub’s filing, on March 8, 2024, and August 15, 2025, two PointState entities — PointSeason Master Fund III and PointSeason Master Fund IV — purchased 266,666 shares from Nayaab Islam, StubHub’s president and chief product officer.
StubHub is one of a number of ticket resellers. In 2024, it sold more than 40 million tickets and enjoyed $8.7 billion in what it calls gross membership sales, an increase of 27 percent from the previous year. In the first half of 2025, it had about $51 million in income from operations, roughly in line with 2024. Its net loss nearly tripled, to $76.6 million, from the same period a year earlier. Revenue rose slightly, from $803 million to $828 million.
“Even as StubHub makes a renewed push to go public, its business isn’t expanding as quickly as it had hoped,” The Information asserts in a recent article. “In the first half of this year, the ticketing app fell short of revenue and profit projections it shared with lenders earlier this year, in part due to new U.S. ticket pricing rules. The shortfall highlights the volatile nature of the ticketing industry, which is heavily dependent on the flow of major concerts, something outside of StubHub’s control.”
A successful offering would be a huge boost to the recovering IPO market. Nineteen IPOs raised a combined $3 billion in the busiest August for new issuance since 2020, according to Renaissance Capital. Altogether, 142 IPOs have been priced this year, up 57.8 percent from 2024. There have been 178 IPOs filed this year, a 30.9 percent increase from last year, Renaissance says.
“The fall IPO market is on the horizon, and it looks like the long-awaited IPO pickup is finally here, bolstered by solid market conditions, filing activity and movement in the private backlog, and stronger optimism for a near-term rate cut,” Renaissance noted in a commentary. “As long as demand for new issues holds and the next wave of IPOs hold up, we expect to see a busy calendar in the coming months."
