StubHub Debuts on Stock Market Following Eric Baker’s Saga
Ticket marketplace StubHub officially entered the public markets this Wednesday, achieving a valuation exceeding $7 billion. Despite the milestone, the company’s shares experienced a slight dip, closing 6% below their initial public offering price of $23.50.
From Stanford Roots to a Public Listing
The company’s path to the stock exchange began in 2000, when Eric Baker co-founded the platform alongside Jeff Fluhr while studying at the Stanford Graduate School of Business. Their launch occurred during the turbulent aftermath of the dot-com bubble burst.
Reflecting on that era in a 2022 Bessemer Venture Partners podcast, Baker noted, “Stupid competitors went away and many of us got a real opportunity to build a lasting business after getting through that dip.”
Internal friction eventually led to Baker’s departure from the firm in 2004. He subsequently moved to London to establish Viagogo, a European counterpart to his original venture. Even while scaling Viagogo, Baker maintained the ambition of one day reuniting the two entities.
Strategic Acquisitions and Pandemic Hurdles
The opportunity to reclaim his initial project arrived in 2019, when eBay decided to divest StubHub, which it had acquired in 2007. Baker successfully led a buyout valued at $4.05 billion, backed by:
- WestCap
- Madrone Capital Partners
- Bessemer Venture Partners
The acquisition was immediately tested by the global COVID-19 pandemic, which brought the live events industry to a standstill in 2020. Revenue plummeted, forcing the company to weather a period of extreme uncertainty.
Growth and Current Financial Standing
As live entertainment returned, demand surged, fueled by high-profile events such as the Super Bowl and major tours by artists like Taylor Swift and Beyoncé. This resurgence contributed to a steady financial recovery.
Recent performance data highlights the company’s momentum:
- Q1 2025 revenue reached $397.6 million.
- This figure represents a 10% increase compared to the same period in 2024.
In his S-1 founder’s letter, Baker acknowledged the volatility of the past years, stating, “Reflecting on our journey, I am amazed at how far we’ve come. 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 stakes are distributed among key stakeholders. According to the S-1 filing, Eric Baker holds 4.7% of the company, while Madrone Partners, WestCap, and Bessemer Venture Partners retain 24.5%, 12.3%, and 8.8% respectively.