Revolut is in talks with investors to build a new staged incentive scheme for chief executive Nik Storonsky, one that would trigger at a $500 billion valuation, the Financial Times reported, citing people familiar with the matter.
The talks are underway while Revolut's most recent secondary round values the company at $115 billion, less than a quarter of the proposed new ceiling.
The new terms price in a valuation more than double what Revolut has told investors it is targeting for a potential IPO.
The New Proposal Follows the Existing Scheme's Structure
The proposed deal follows the blueprint of Storonsky's current package: share payouts triggered in stages as Revolut's valuation crosses pre-agreed thresholds. No agreement has been announced yet.
Storonsky, who co-founded Revolut in 2015, holds about 29% of the company. In an interview in December, he said his current package would raise his stake to about 40% once Revolut hits a $200 billion valuation.
This is the level Revolut has told investors it's targeting for a potential IPO. Reaching it would unlock an extra 10% of the company for Storonsky, valuing his stake at roughly $80 billion.
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The Valuation Has Climbed Fast, but Still Trails Both Thresholds
Revolut's valuation has moved quickly: from roughly $45 billion in 2024, to $75 billion after a November 2025 secondary sale, Finance Magnates reported, to $115 billion in the current round.
Even at that pace, the company remains well short of the $200 billion mark its existing incentive scheme is built around, let alone the $500 billion now under discussion.
Incentive structures tied to valuation milestones are common among US technology companies and rare in Europe. In November, Tesla agreed to a trillion-dollar package for Elon Musk contingent on a series of growth targets.
If Storonsky's new deal is finalised, it would be the largest incentive package of its kind in Europe.
One Revolut investor said they backed programmes combining "meaningful investment and risk-taking with very ambitious targets," adding that "more companies should apply incentive structures like these."
Revolut's Scale Has Grown Alongside the Talks
Revolut has 75 million customers across 40 countries. Pre-tax profit rose 57% last year to £1.7 billion on revenue of £4.5 billion, driven largely by premium subscription services.
The company holds a full UK banking licence, has secured approval for one in Australia, and is applying for one in the US. Its backers include Index Ventures, Balderton, DST Global, Ribbit, Mubadala, and Jared Kushner's Affinity.
Whether the $500 billion terms get finalised depends on Revolut first clearing the $200 billion threshold its current package, and its own IPO ambitions, are still built around.
