Structured secondary-market access to Stripe — the world's leading programmable financial services platform, processing approximately 1.6% of global GDP. Exclusively for professional investors.
The bonds offered are an entrepreneurial investment with risks. In principle, a total loss of the invested capital cannot be ruled out.
Stripe processes approximately 1.6% of global GDP through its payment infrastructure. In 2025, businesses on Stripe generated USD 1.9 trillion in total payment volume (+34% YoY), and Stripe served more than 5 million customers — including 50% of the Fortune 100, 90% of the Dow Jones Industrial Average, 80% of the Nasdaq 100, and 78% of the Forbes AI 50, among them OpenAI, Anthropic, Microsoft, NVIDIA, Amazon, Shopify, and Apple.
Unlike most pre-IPO tech companies, Stripe is robustly profitable, with approximately USD 2.2 billion in free cash flow and ~USD 5.1 billion in net revenue in 2024 (+28% YoY). With four major acquisitions executed in twelve months (Bridge, Privy, Orum, Metronome), Stripe is rapidly expanding from payments into stablecoins, AI agentic commerce, and usage-based billing for the AI economy — on track for a USD 1 billion ARR Revenue Suite in 2026.
In the long term, Stripe aims to become the financial operating system of the internet, extending its core payments business into AI commerce, stablecoin payments, embedded finance, usage-based billing, and global treasury management. The company's valuation has scaled from USD 50 billion (Series I, March 2023) to USD 159 billion at its February 2026 tender offer, with current secondary-market activity reportedly showing trading between USD 170 and 210 billion.
Stripe's most recent tender offer (February 2026) valued the company at USD 159 billion — up 74% from USD 91.5 billion twelve months earlier. On the secondary market, activity reportedly shows trading between USD 170 and 210 billion; the secondary price as of June 2026 was at an implied valuation of USD 176 billion (without costs).
Solid line = primary funding rounds and tender offers (post-money / tender mark). Open point = secondary-market indication. Source: Cometum analysis based on public data and market research (CNBC, TechCrunch, Reuters, TSG Invest, Sacra, Forge Global, Stripe annual letters). All valuation figures are indicative. Secondary-market valuations represent observed tender-offer transactions and do not necessarily reflect Cometum's entry price.
Investors purchase the Cometum Bond — a German security with €1,000 denomination and €5,000 minimum subscription.
Cometum's SPV participates in one or more special purpose vehicles.
These special purpose vehicles are directly or indirectly holding the shares of Stripe Inc.
Subordinated bearer bond providing structured participation in the value development of Stripe — issued as a German security.
Lawyer specialized in banking and capital markets law. Previously Ashurst LLP and CACEIS Bank.
sascha.miller@cometum.comSpecialist in Wealth Management & B2B Sales. Previously Scalable Capital and Reimann Investors.
uwe.passmann@cometum.comAvailable exclusively to professional clients as defined by MiFID II. Contact our team to receive the offering documents, terms and conditions, and the full risk notice.
Only the information provided in the issuer's offering documents is decisive for the assessment of the bond.This product is intended exclusively for professional clients as defined by MiFID II. Buyers of a bond assume a significant risk, which can lead to the complete loss of the invested capital. The information provided here is non-binding promotional material and, in its nature and form, expressly does not constitute financial or any other investment advice. The information mentioned in no way replaces investment advice tailored to the investor's circumstances. The issuer expressly points out the following facts: Only the information provided in the issuer's offering documents (Cometum Direct Invest GmbH & Co. KG), i.e., the terms and conditions of the bond and the risk notice, are decisive for the assessment of the bond. None of the information constitutes an invitation to submit an offer to purchase, nor is it an offer to subscribe to or buy the issuer's bond. Cometum is not a bank, but solely an issuer and product provider for exclusive private markets products. This investment does not involve the direct acquisition of Stripe shares by the investor, but rather a structured participation that allows participation in the value development of Stripe. The information regarding the current valuation of Stripe serves informational purposes only. The valuation at which structured participation in Stripe takes place may differ from the current market valuation. It does not indicate an indicative entry price from Cometum. The company operates in a highly competitive market environment characterized by regulatory developments and geopolitical uncertainties. The strategic focus is on technology-oriented clients who require innovative solutions and high adaptability. Cometum participates directly or indirectly through one or more investments in special purpose vehicles, which in turn are directly involved with Stripe. The Stripe bond is therefore an entrepreneurial investment with risks. In principle, a total loss of the invested capital cannot be ruled out. The shares of Stripe Inc. are quoted in the foreign currency US Dollar ("USD"). Therefore, in addition to customary market price fluctuations, they are also subject to exchange rate risk. Changes in the exchange rate between the euro and the USD can affect the performance and the euro-denominated return of the investment both positively and negatively. An appreciation of the euro against the USD may lead to losses, even if the price of Stripe shares in their home currency, USD, has risen. Additional fees may apply at underlying participation levels (management fees, performance fees, exit fees, fees in connection with an IPO). The exact number of Stripe shares outstanding is not necessarily publicly known or fixed at the time of investment. Stripe may issue additional shares — for example in connection with its IPO, the financing of an acquisition, further financing rounds, or employee participation programmes. Such issuances dilute existing holders: the total number of shares increases, and the proportion of the company attributable to each existing share decreases accordingly. As a result, the valuation at which the structured participation was entered may, in retrospect, prove higher relative to the effective per-share basis and may change to the investor's disadvantage. In particular, the total valuation of the company may increase while the value attributable to an individual share — and therefore to the investor's participation — does not increase to the same extent, or may even decline. The headline valuation figures stated in this material are therefore not a reliable indicator of the value development of the investor's participation, which depends on the per-share value at the relevant point in time. This presentation is a non-binding offer (invitatio ad offerendum) and is for informational purposes only.