Stripe is payments infrastructure: low capital intensity, high operating leverage. Revolut is a consumer financial institution with regulatory capital obligations. Treating them as fungible mis-sizes both.
Kraken is closer to Revolut in shape than to Stripe — regulated, capital-intensive, end-user-facing — but in a higher-volatility revenue sector. Anthropic is not a fintech comparable at all.
Stripe as core low-volatility infrastructure; Revolut and Kraken as cyclically sensitive positions sized smaller. Listing venue (US, LSE, dual) materially affects post-IPO liquidity and Australian tax treatment.
Stripe Pre-IPO Revolut Pre-IPO Kraken Pre-IPO Anthropic Pre-IPO IPO Index Investor Platform Fintech Secondary Liquidity Valuing Fintech Secondaries